PGGM is one of Europe’s largest pension investors, managing EUR 271 billion (US$ 310 billion) on behalf of 5.8 million participants as of June 30, 2026. The majority of assets belongs to PFZW, the pension fund for healthcare and welfare workers. Its strategy integrates returns, risk and sustainability (“3D approach”), and the organization is currently undergoing a significant transformation to implement the Dutch pension system reform and transitioning towards a more integrated model.

[GSWF] PGGM is among the world’s 20 largest and active Public Pension Managers. How do you compare the Dutch with other pension systems around the world?

[PGGM] A comparison is difficult since we are active in a highly regulated pension market. While investing for PFZW (Stichting Pensioenfonds Zorg en Welzijn), we must take into account the relatively new Dutch pension law but also the profile of PFZW’s participants (working in health and welfare sectors) whose risk preferences are relatively low because they expect their fund to pay out stable, predictable pensions.

[GSWF] You manage the pensions of four systems beyond PFZW – how do you ensure independent management?

[PGGM] There is no ownership relation between PGGM and PFZW. PGGM and PFZW have developed a joint strategy in which investment management is one important feature (where PGGM focuses on a single client, i.e. PFZW), next to pension administration (where we are multi-client). So, PGGM an d PFZW are aligned in pursuing their 3D investment approach where risk, return and sustainability are weighed equally on portfolio level. Conflicts of interest cannot occur with this kind of alignment.

[GSWF] PGGM holds a relatively liquid portfolio (25% in private markets). Do you expect the asset allocation to change?

[PGGM] That is not likely, as the target asset allocation is based on risk and liquidity preferences. Small changes can be made because of changes in long term risk, return expectations.

[GSWF] About 8% of the portfolio is in private equity, which you manage. Can you share the history and the strategy?

[PGGM] We have a broadly diversified portfolio in Private Equity. Private credit is managed through credit mandate. We have limited exposure to VC (3%). When we built our program in 1999 together with APG we founded Alpinvest as an external manager. From 2010 onward we took over and managed the program internally. Our exposure is in US, EU and RoW (mainly developed Asia).

[GSWF] The PE program has delivered a 12% annualized return in the past decade. How have you managed to do so?

[PGGM] We target market returns. We have a slight outperformance and realize that returns can vary significantly over the years.

[GSWF] Are ESG and/or AI factors now embedded into your investment decision process?

[PGGM] ESG is for all our investments (fund and co-investment we take ESG factors into account). More specifically, we aim for net zero, so we encourage our GPs to commit and set strategies. We use AI for Automation/data collection and preparation.

[GSWF] PGGM employs almost 2,000 staff – how many of them are in PE? Do you plan to open any office overseas?

[PGGM] We have quite a young team of 33 colleagues, consisting of eleven nationalities, one third female, and all based in Zeist. PGGM has concentrated all its activities in one office which will move from Zeist to Utrecht in 2028.

[GSWF] Personally, you have been at PGGM for the past four years. How do you compare it with your previous career at ABP, and what are your goals for the next four years?

[PGGM] I like to work in complex situations, with ambitious teams: to learn a lot and contribute a lot. Key for me is a professional environment where sustainability is integrated in the mission. Those circumstances were applicable both for ABP, and my current and previous roles. The program will go into a next phase, with more focus on Europe, co-investment, venture capital and portfolio steering.

Together with the ongoing drive for progress in sustainability, I feel energized to continue this role in the coming years. After, we will see. Can be in this role, another at PGGM, another at another company: as long as the combination leadership-complexity-sustainability is there.