Stichting Pensioenfonds voor de Gezondheid, Geestelijke en Maatschappelijke Belangen

Three Dutch health insurers constitute the core participating employers: Coöperatie VGZ, CZ Groep, and ZLM Verzekeringen. The fund's mandate covers the entirety of the healthcare insurance industry workforce in the Netherlands, pooling pension contributions from these dominant market players into a single collective defined-contribution vehicle.

Dominique Dijkhuis holds the role of Executive Board Member for Asset Management and Communication, acting as the fund's chief investment officer. She oversees asset allocation strategy, manager selection, and the integration of environmental, social, and governance factors across the portfolio, and represents the fund in its VBDO and Climate Action 100+ commitments.

SBZ Pensioen has a documented co-investor relationship with Shell Nederland Pensioen Stichting (SNPS), focusing on collaborative pension plan design innovation and potential joint ventures. This partnership gives SBZ access to Shell's in-house pension design expertise and may provide scale advantages in certain infrastructure or real-asset co-investments.

SBZ is an active participant in Dutch and European sustainable finance networks. It is a member of the VBDO, participating in annual responsible investment benchmarking, and a signatory to Climate Action 100+ through the IIGCC. In September 2023, the fund formalized a stricter exclusion policy for fossil fuel producers lacking credible transition plans, a policy it reports through its VBDO disclosure cycle.

The fund's known investments span global infrastructure, Dutch mixed-use real estate, and liquid fixed-income instruments. Specific assets include NLV B.V., a Netherlands-based lease and real estate company, and a commitment to Partners Group Global Infrastructure 2012, indicating a developed-market infrastructure allocation executed through external managers.

SBZ uses a hybrid model. Its infrastructure exposure relies on external managers such as Partners Group, while its Dutch real estate holdings, including NLV B.V., suggest direct or semi-direct exposure to domestic property markets. The specific mix of funds-of-one, direct mandates, and co-investments is not publicly itemized in detail.

Unlike ABP, which covers government and education employees, or PFZW, which covers healthcare workers broadly, SBZ Pensioen serves exclusively corporate employees of the healthcare insurance industry. This narrow, specialized participant base allows the fund board to tailor its liability-driven hedging, risk-sharing formulas, and communication precisely to the career patterns and salary structures of health insurer staff.