Horeca & Catering, the €6bn pension fund for the Dutch hospitality sector, has appointed AlpInvest to manage its private equity holdings.
The scheme has committed itself to investing €500m in private equity funds worldwide for the 2014-18 period.
It said it selected AlpInvest because of its tailor-made solutions and its track record.
Horeca & Catering said the investments were necessary to maintain its private equity allocation at 5%.
“Due to the maturation of current investments, as well as the economic recovery, a relatively large amount of private equity assets is flowing back, while our assets have increased considerably in recent years,” it said.
At the end of 2013, the scheme’s private equity holdings, managed by five different fund-of-funds managers, amounted to €188m.
In other news, the €334bn civil service scheme ABP has said it will reduce its pensions contribution by 2 percentage points to 19.6% in 2015.
It has ruled out granting indexation, however, as its current coverage ratio of 102.3% is almost 2 percentage points short of the level that allows for inflation compensation.
As a result, indexation in arrears has increased to almost 10%, it said.
ABP attributed the premium reduction chiefly to the phasing out of the temporary recovery levy, which it introduced in 2009.
The social partners at ABP have agreed to reduce the workers’ part of the contribution by 2.2 percentage points to 32%, while the stake for employers will be increased by an equal percentage to 68%.
Lastly, Bpf Meubel, the €2.3bn pension fund for the furnishing industry, has received a €20m payment for equity sales that went awry during the collapse of Lehman Brothers, which served as a transition manager for the scheme at the time.
Bpf Meubel said it did not lose any assets directly as a result of the bank’s liquidation but incurred additional expenses for administration and the appointment of a new transition manager.
It said it also incurred losses due to delays in the processing of the deals in question.
With the compensation, Bpf Meubel’s funding rose increased from 109.8% to 110.2%.