# Compenswiss

Compenswiss is a Pension Fund based in Geneva, Switzerland.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Geneva, Switzerland
- **Region:** Europe
- **Address:** Boulevard Georges-Favon 6, 1204 Geneva, Switzerland
- **Founded:** 1948
- **Assets under management:** 56000 (Altss estimate)
- **Website:** www.compenswiss.ch
- **LinkedIn:** https://www.linkedin.com/company/fonds-de-compensation-avs

## Regulatory record

- **Reports private funds:** No

## About

Compenswiss serves as the central administrator for Switzerland’s AHV, IV and EO social insurance programs. No founding date appears in public records. The Swiss Federal Council appoints its board. The fund deploys capital across real estate, infrastructure, private credit and public equities. Confirmed holdings include direct Swiss residential and mixed-use properties in Renens, Vernier and Nyon plus loans to municipalities and cantons valued at $2.8 billion. It also maintains an Evergreen Private Credit Mandate and a Swiss Infrastructure Portfolio. Geographic exposure centers on Switzerland and broader Europe. The firm employs external managers including BlackRock, UBS and Pictet Asset Management. It maintains a global custody relationship with State Street that began in 2024. In May 2024 Compenswiss participated as a speaker at the IPE Real Estate Global Conference in Madrid. Governance rests with a board appointed by the Swiss Federal Council, creating a direct statutory link to federal social policy rather than a conventional investment mandate.

## Sectors

- Real Estate
- Private Credit
- Infrastructure
- Hedge Funds

## People

- Manuel Leuthold — Chairman of the Board of Directors
- Eric Breval — Chief Executive Officer
- Gaëlle Barlet — Chief Investment Officer

## Questions

### Who makes investment decisions at Compenswiss?

Gaëlle Barlet serves as Chief Investment Officer, reporting to Chief Executive Officer Eric Breval. Governance is overseen by Chairman Manuel Leuthold and a Board of Directors directly appointed by the Swiss Federal Council. The Board sets the strategic investment framework, while the Executive Committee manages tactical deployment and manager selection.

### How is Compenswiss related to the Swiss government?

Compenswiss is an independent public-law institution, not a government department. It has its own legal personality, keeps its own accounts, and is entered in the Swiss commercial register. While its Board is appointed by the Federal Council, the institution operates with an arm's-length investment mandate and its liabilities are the three social insurance schemes, not the Confederation itself.

### What is the composition of Compenswiss' real estate portfolio?

The institution holds a direct portfolio of Swiss residential and mixed-use properties concentrated in the Lake Geneva region. Named assets include Résidence de la Poterie in Renens, Quartier de l'Etang in Vernier, and Les Jardins du Couchant in Nyon — all in the cantons of Vaud or Geneva. The portfolio functions as a long-duration, inflation-sensitive allocation rather than a tactical trading book (per Altss research).

### How does Compenswiss approach responsible investment?

Compenswiss was a founding member of SVVK-ASIR, the Swiss association for responsible investment. It became a PRI signatory in 2022 and is an active participant in both the Institutional Investors Group on Climate Change (IIGCC) and Climate Action 100+. These memberships signal systematic integration of ESG factors, particularly climate risk, into manager selection and monitoring.

### What is the liquidity requirement that shapes Compenswiss' mandate?

Compenswiss must maintain sufficient liquidity at all times to guarantee monthly benefit payments to three nationwide social insurance schemes covering old-age, disability, and income-loss compensation. This liquidity demand creates a perpetual short-term liability profile that shapes the institution's entire approach to duration, risk budgeting, and asset allocation — setting it apart from defined-benefit pension funds with multi-decade liability horizons.

## Related profiles

- [Illinois Municipal Retirement Fund](https://altss.com/profile/illinois-municipal-retirement-fund)
- [AFP Habitat](https://altss.com/profile/afp-habitat)

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Last updated: 2026-07-06T00:32:25.088Z

Canonical page: https://altss.com/profile/compenswiss-ahv-iv-eo-equalisation-funds

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology