# Pensio B

Pensio B is a Pension Fund based in Brussels, Belgium.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Brussels, Belgium
- **Region:** Europe
- **Address:** Koningsstraat 132 bus 3, 1000 Brussel, Belgium
- **Founded:** 2007
- **Assets under management:** Undisclosed
- **Website:** pensiob.be
- **LinkedIn:** https://www.linkedin.com/company/pensio-b

## Regulatory record

- **Reports private funds:** No

## About

Pensio B launched in January 2007 as an institution for occupational retirement provision (OFP), purpose-built for Belgium's construction industry. It administers two sectoral plans: the Construo Plan for blue-collar workers and SAP Bouwbedienden for white-collar employees. CEO Tom Mergaerts heads the Brussels-based fund, working alongside Investment Manager Bernard Caroyez, Chairman Patrick Vandenberghe, and Financial Committee member Marc Tinant. The fund's deployment extends across three main asset classes — direct real estate, infrastructure and private credit. Confirmed real-estate positions include a healthcare portfolio held via Care Property Invest, with assets across Belgium, the Netherlands, Spain and Ireland, and a student-housing portfolio through Xior with properties in Belgium, the Netherlands, Spain and Portugal. Infrastructure and public-private partnership projects sit within the Benelux footprint, supported by a co-investor relationship with PMV, the Flemish government's participation company. The pension fund also holds direct exposure to affordable-housing projects on its domestic Belgian balance sheet. Pensio B was recognized in 2025 as joint winner of Best Managed Pension Fund in Belgium, an accolade that coincided with peer acknowledgment of its emphasis on innovation and AI readiness. The institution participates in PensioPlus, the Belgian Association of Pension Institutions, which anchors its regulatory and network engagement across the national pension landscape. Team size is not publicly reported. Pensio B departs from the plain-vanilla pension model by holding property assets directly rather than exclusively through external funds or ETFs. This direct-property posture — combining specialist operator stakes like Care Property Invest and Xior with in-country affordable-housing exposure — gives the fund an unusual degree of physical-asset control, a structural choice more common among Dutch pension vehicles than Belgian OFPs.

## Sectors

- Real Estate
- Infrastructure
- Private Credit

## People

- Tom Mergaerts — CEO
- Bernard Caroyez — Investment Manager
- Patrick Vandenberghe — Chairman of the Board
- Marc Tinant — Member of the Financial Committee

## Questions

### Who runs investment decisions at Pensio B?

CEO Tom Mergaerts leads the fund, with Bernard Caroyez serving as Investment Manager. Oversight is provided by Chairman Patrick Vandenberghe and Financial Committee member Marc Tinant. Specific delegation authority — whether the full board, investment committee or CEO approves individual transactions — has not been publicly detailed.

### How does Pensio B source its direct real estate deals?

The pension fund acquires direct property exposure through specialist listed and unlisted vehicles. Healthcare real estate is held via Care Property Invest, whose portfolio spans Belgium, the Netherlands, Spain and Ireland, while student housing is accessed through Xior in Belgium, the Netherlands, Spain and Portugal. Domestic affordable housing projects sit directly on Pensio B's balance sheet.

### What kind of infrastructure investments does Pensio B make?

Pensio B invests in infrastructure and public-private partnership projects within the Benelux region. The fund co-operates with PMV, the Flemish participation company, on regional infrastructure and investment initiatives. The specific subsectors — transport, energy, social infrastructure — have not been disclosed.

### How is Pensio B regulated?

Pensio B is supervised by the National Bank of Belgium as an institution for occupational retirement provision. It is a member of PensioPlus, the Belgian Association of Pension Institutions, which represents the country's second-pillar pension funds.

### What distinguishes Pensio B's portfolio from other Belgian pension funds?

Most Belgian OFPs rely on external fund mandates. Pensio B holds property directly via Care Property Invest and Xior alongside affordable-housing balance-sheet assets, a structure that gives it physical-asset control more typical of Dutch pension funds than peer Belgian vehicles. The fund was recognized as joint winner of Best Managed Pension Fund in Belgium for 2025.

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Last updated: 2026-06-03T20:00:00.000Z

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