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.

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.