PGGM Investments


Total assets under management

€268 billion

Rise assets under management

€ 16 billion

Return on investments


The direct value we have created

Our primary task is to provide a good pension. We invest the contributions paid by employers and employees sustainably and in such a way as to ensure a high and responsible return. We do this with a long-term time frame in mind and at acceptable risks and costs. In this way we ensure a pension that contributes to sustainable financial value creation for society.


Stable financial results

A stable financial result is a highly material topic for us. The pension assets of our clients’ participants are invested in various asset classes, such as property, shares and bonds. The pension assets are managed on the basis of mandates issued to us by our clients.


The assets under management in 2020 rose by €16 billion compared to 2019, bringing this to €268 billion. The return on the investments was positive and came to 5.6% in 2020 (2019: 18.7%).

Key figures

Weighted net return for all of PGGM Investments’ clients
5-year return including interest rate hedging

PGGM Investments

Investment category


31-12-2020 (in mln)   

Public markets€ 208,329
Listed shares€ 84,292
Government bonds€ 93,827
Corporate bonds€ 15,351
Listed real estate€ 14,859
Private markets€ 55,787
Private Equity€ 15,188
Private real estate€ 15,062
Infrastructure€ 10,637
Credit risk sharing transactions€ 5,114
Insurance linked investments€ 6,144
Mortgages€ 3,642
Cash & other€ 4,178
Other€ 2,531
Treasury (and overlays)€ 1,647
Total€ 268,294

PGGM Investments



(€ x 1 mln)



(x 1 mln)

Marketable securities€146,820   
PGGM Developed Markets Equity Fund€39,9367.90%3,6180.30%
PGGM Developed Markets Alternative Equity II Fund€15,8380.60%282-6.50%
PGGM Developed Markets Alternative Equity Fund€14,460-2.80%-108-9.60%
PGGM Listed Real Estate Fund€14,618-15.30%-2,1080.70%
PGGM Emerging Markets Equity Fund€9,2404.30%300-1.10%
PFZW Private Equity Mandate€15,0306.80%9862.40%
PGGM Private Real Estate Fund€14,191-2.80%-412-0.50%
PGGM Infrastructure Fund€10,1331.50%179-3.30%
PFZW Insurance€6,144-3.70%-231-6.90%
Other mandates marketable securities€7,230   
Fixed-interest securities€84,108   
PFZW Interest rate hedging mandate€80,22717.60%12,2630.00%
Other mandates fixed-interest securities and overlays€3,881   
PGGM Emerging Markets Debt Local Currency Fund€9,558-6.00%-705-0.10%
PGGM Credits Fund€6,5283.80%2410.90%
PFZW Credit Risk Sharing€5,114-3.30%-167-7.50%
PFZW Corporate bonds and High Yield emerging markets€4,711-2.20%-105-0.80%
PFZW Mortgages€3,2222.70%81-0.70%
PGGM High Yield Fund€2,856-0.50%-141.10%
Other mandates credit€5,376   
Total€ 268,294   

Market developments

The International Monetary Fund (IMF) estimates that the world economy contracted by 3.5% in 2020. Confronted with local COVID-19 outbreaks, governments introduced lockdowns or other far-reaching restrictions during the first and second quarters, which had significant adverse effects for the contact-intensive services sector. World trade was also hard hit. Governments and central banks responded fast and at an unprecedented scale to help the economy and financial markets. However, this drove government deficits and debt up strongly worldwide. The economic hit was concentrated in the second quarter for most. The third quarter then saw robust recovery. Especially after declining infection rates allowed the phasing out of economic restrictions and economies profited from relaxed tax and monetary policy. China was already well into that recovery. The country was the first major economy to shut down, but was also able to open earlier, and remain open, once COVID-19 was successfully under control. In the final quarter of 2020 we were unfortunately once again faced with escalating local outbreaks. Tight restrictions were again imposed in Europe, which again slowed the economic recovery. In the United States (US), renewed restrictions caused less economic damage.

What does the second wave of coronavirus mean for investors?

As a long-term investor, we adhere to our plan as much as possible. We have our rebalancing policy; if the market goes down, we buy in little by little, and that has worked well so far.

Navigating COVID-19 uncertainty in new transactions for the Credit Risk Sharing mandate

The COVID-19 pandemic has triggered an unprecedented contraction in economic activity across the globe. This will likely have a prolonged impact on many economic sectors and is expected to lead to an uptick in both corporate and consumer borrower defaults.


Brexit negotiations between the United Kingdom (UK) and EU dragged on throughout 2020. Leaving the EU on 31 January put the country in a transitional period for 2020, with EU regulations and law remaining in force in the UK. The deadline of 1 July passed, with no vote in favour of any extension of the transitional period. In the second half of 2020, all attention was focused on reaching agreement on the bilateral trade relationship for the future. The disagreement on guaranteeing a level playing field for British and European businesses and on access for EU fishers to British waters was finally settled at the end of December. A No-Deal Brexit was therefore avoided. The agreement limits greater economic damage in the short and long term, and eliminates a source of volatility for the new year, especially for European financial markets.

Private markets

PGGM Investments has built up a strong and broad private markets platform since 2008. This platform is distinctive with respect to peers both in size and quality. This is also due to the special asset classes included therein and to the relatively low cost of capital as the result of internalisations implemented.  


From the Private Real Estate Fund we invest worldwide in institutional property, where we look for investment opportunities for the long term. We respond to ‘structural trends’ that we have identified as drivers of return. With a floor area of 388,570 m2 and property value of €830 million, the Japanese Amagasaki is one of the biggest distribution centres in the world. We invested a 30% interest in 2020.

Investments in sustainable real estate in South Korea

Ping Ip and Ronald Bausch, Investment Managers Private Real Estate: Despite the fact that for many of us working from home became the new normal in 2020, Private Real Estate again achieved a great result with its office investment mandate in Seoul, South Korea. The mandate aims to (re)develop highly sustainable office buildings at good locations in the city.


Public markets

PGGM Investments has a long and successful track record with benchmark-aware implementation. Our strength does not lie in blindly implementing the purchased indices. We build better portfolios that might indeed remain close to the index, but which mitigate the risk of undesirable exposure and which integrate ESG factors.

Outperformance impact investments

The internal Investing in Solutions equity portfolio (BOA) had an extremely strong year with respect to the broader FTSE index (+18%) and the internal BOA Benchmark (+2.75%). During the first quarter of 2020, share markets experienced a significant correction as a result of the outbreak of COVID-19.

An Insurance-linked investments

PFZW’s mandate in insurance-linked investments has no relationship with the financial markets: the mandate invests in natural disasters such as hurricanes and earthquakes by taking over part of the risk from insurers in exchange for fixed compensation.

German green government bond

The PGGM Investments Rates team invests in government bonds in order to hedge interest-rate risks and for the liquidity that these bonds offer. Governments started issuing green bonds in 2017. This means we are also able to buy these for non-financial purposes, alongside the reasons set out above. 

Sustainability-linked bonds: an ethical dilemma

In September 2019, the Italian utility company Enel took an innovative step and issued a so-called Sustainability-Linked Bond (SLB). SLBs differ substantially from the usual Green bonds. The proceeds of a more regular Green bond can be used only for specific green projects,

Correspondence address


P.O. Box 117
3700 AC Zeist


Visiting address

Noordweg Noord 150
3704 JG Zeist


The original PGGM Investments annual report 2020 and its financial and non-financial statements were drafted in Dutch. This website is an English translation of the original Dutch document. In case of any discrepancies between the English and the Dutch text, the latter will prevail.


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