Key figures

Private markets

Despite the growing competition, most private market funds managed to make the desired investments in 2019. The market for infrastructure has become extremely competitive, which has made it a challenge to realise the desired allocation. Since no concessions are made on price or control, a number of transactions were not successfully concluded. Most conspicuously the sale of Eneco, for which PGGM made a bid together with partner Koninklijke Shell, but which was ultimately acquired by a Japanese consortium. Read more about our bid on Eneco

Public markets

In public markets, clients’ investment plans are implemented in accordance with the assignment. In an exceptional year of falling interest rates, extremely high returns and sometimes low liquidity, it was a challenge to keep up with the benchmark after costs. This was the case especially for those funds for which the investment target included a strong focus on quality and lower volatility than the benchmark. It is therefore satisfying that at the end of 2019, almost 60% of the funds managed within the public markets department since their start are still generating a return after costs equal to or in excess of the benchmark. Significant progress was also made in 2019 on sustainability in the funds and mandates, whereby the carbon footprint was further reduced and impact investments were further increased. Finally, a new investment team took up management of part of the allocation to Emerging Market Debt.

Allocation of assets under management