Geroa Pentsioak EPSV

Virginia Oregui oversees the fund as Managing Director. The governance board includes ADEGI, the Gipuzkoa employers' association, and trade unions ELA, LAB, CCOO, and UGT, which jointly approve strategic asset allocation. For private-market investments, the fund also relies on the Orza AIE co-investment vehicle, operated in partnership with Elkarkidetza EPSV.

Geroa uses a parity-based co-governance model in which employer representatives and the region's four major trade unions share board-level control equally. This makes investment policy a negotiated outcome rather than a top-down management decision, a structure distinct from most Spanish corporate and individual pension plans.

Orza AIE is a joint investment vehicle Geroa created with Elkarkidetza EPSV, another large Basque multi-employer pension fund. It functions as a direct co-investment platform for private-equity and infrastructure deals, typically within the Basque Country and broader Spain, allowing both funds to access deal flow without building large internal private-market teams.

Yes, though limited in scale. Its real estate holdings include an interest in Poivre Real Estate 3 S.à r.l., a Luxembourg-based mixed-use vehicle. The fund's primary private-market exposure remains Iberian and pan-European, reflecting its mandate to serve Gipuzkoa-based employers and workers.

Geroa was the first Spanish EPSV to become a PRI signatory, and its Managing Director Virginia Oregui has publicly championed stewardship. The fund has endorsed the PRI's Spring initiative on nature and biodiversity and joined the Business Coalition for a Global Plastics Treaty, suggesting an active-ownership approach that goes beyond high-level policy statements.