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Pensioenfonds Zorg en Welzijn
PFZW, the €238B Dutch healthcare pension fund, allocates to private markets via PGGM with a binding Paris-aligned mandate.
Pensioenfonds Zorg en Welzijn
PFZW was founded in 1969 as the mandatory pension fund for the Dutch healthcare and social work sectors, consolidating several smaller schemes. It serves over 3 million participants and is administered by PGGM, the cooperative asset manager that originated from PFZW's internal investment office. Joanne Kellermann chairs the board, bringing regulatory perspective from her prior role on the executive board of De Nederlandsche Bank. Dirk Schoenmaker leads the investment committee, overseeing allocation to a portfolio that remains one of Europe's largest single-pool pension assets. PFZW allocates across five core pillars: public equities, fixed income, private equity, infrastructure, and real estate. The private equity program, run via PGGM, targets buyout, growth, and venture strategies, with commitments to funds managed by firms including CVC Capital Partners and Blackstone (per public record). Real estate exposure flows through direct holdings like Amvest Vastgoed and a.s.r. Real Estate Non-listed Funds, both concentrated in Dutch mixed-use assets. The fund also holds an Insurance-Linked Securities portfolio, providing reinsurance-linked returns uncorrelated to broader markets. In 2023, PFZW formally exited private equity investments linked to fossil fuel expansion, reinforcing a climate strategy first codified in its 2021 Investment Mandate (per PFZW statement, December 2023). The fund employs Jan Willem Van Oostveen to manage financial policy, while Piet Klop leads responsible investment at PGGM, ensuring that carbon-intensity screens apply across all asset classes. PFZW is a founding member of the Net Zero Asset Owner Alliance and participates in Climate Action 100+, leveraging collective engagement to pressure portfolio companies. Through PGGM, PFZW also manages the Aflatoun International philanthropic initiative, focused on social and financial education. Total participants exceed 3 million across the Dutch healthcare and welfare workforce. PFZW's structural differentiator rests in its governance architecture: the fund separates the pension board (fiduciary duty, chaired by Kellermann) from the investment execution layer (PGGM, a cooperative with its own supervisory board). This dual-board structure allows PFZW to define a long-horizon sustainability mandate without being captured by short-term performance benchmarking — a governance buffer that most Northern European asset owners have adopted since 2020 but which PFZW implemented as early as the PGGM spin-out in 2008 (per public record).
General information
Firm type
Pension Fund
Year founded
1969
AUM
Undisclosed
Location
Region
Europe
Country
Netherlands
City
Zeist
Corporate office
Zeist, Netherlands
Principals
Joanne Kellermann
Chair of the Board
Dirk Schoenmaker
Chair of the Investment Committee
Jan Willem Van Oostveen
Manager of Asset Management and Financial Policy
Piet Klop
Head of Responsible Investment at PGGM
Sector focus
Frequently asked questions
Who makes investment decisions at PFZW, and how is PGGM involved?
PFZW's investment committee, chaired by Dirk Schoenmaker, sets the strategic asset allocation and risk framework. Day-to-day fund selection, direct investment underwriting, and manager monitoring are delegated entirely to PGGM, the cooperative that originated as PFZW's internal investment office. This delegation is governed by an investment mandate that PFZW's board reviews annually, with binding constraints on climate metrics and excluded sectors.
Does PFZW invest directly, or only through fund commitments?
PFZW invests both through fund commitments and direct co-investments. Its private equity exposure is primarily fund-of-funds style, committing to buyout managers like CVC Capital Partners. In real estate, it holds direct stakes in Amvest Vastgoed and a.s.r. Real Estate Non-listed Funds. The fund also maintains a direct Insurance-Linked Securities portfolio for catastrophe-bond exposure, bypassing intermediary structures.
How did PFZW's fossil-fuel divestment affect its private equity portfolio?
In December 2023, PFZW completed a multi-year process to exit private equity investments tied to fossil fuel expansion. The board applied a forward-looking carbon-trajectory test, severing relationships with managers where engagement failed to produce transition plans aligned with a 1.5°C scenario. Proceeds were reallocated to energy-transition infrastructure within the same asset-class bucket.
What is PFZW's relationship to the Net Zero Asset Owner Alliance?
PFZW is a founding member of the UN-convened Net Zero Asset Owner Alliance (NZAOA) and uses the Alliance's Target-Setting Protocol to benchmark its portfolio decarbonization pace. This membership commits PFZW to publishing an intermediate 2025 target and to advocating for standardized carbon accounting across the asset-owner community, particularly among European peer funds.
How is PFZW governed differently from a typical European pension fund?
PFZW separates fiduciary governance from investment execution via the PGGM cooperative structure. The PFZW board, chaired by Joanne Kellermann, represents social partners (employers and unions) and sets long-term sustainability criteria. PGGM operates independently as a regulated asset manager, with its own supervisory board and a client mandate from PFZW. This architecture prevents short-termism from overriding the fund's 40-year liability horizon.
Does PFZW run a philanthropic program?
Yes. Through PGGM, PFZW supports Aflatoun International, a foundation that delivers financial and social education programs in over 100 countries. The program is funded by PFZW's policy reserves and managed separately from pension assets, with an independent board. It reflects the fund's focus on social welfare beyond pure return-seeking allocation.
How does PFZW's sector exposure differ from a generic Dutch pension fund?
PFZW is heavily weighted toward healthcare real estate and residential mortgages via its Attens Hypotheken platform, reflecting its participant base of healthcare workers. The fund explicitly avoids tobacco, controversial weapons, and — since 2023 — private equity strategies tied to fossil fuel expansion. Its Insurance-Linked Securities allocation is uncharacteristic for a Northern European pension pool and signals a deliberate diversification into uncorrelated catastrophe risk.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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