# Pensioenfonds Zorg & Welzijn (PFZW) Pensioenfonds Zorg & Welzijn (PFZW) is a Pension Fund based in Zeist, Netherlands. ## Overview - **Organization type:** Pension Fund - **Headquarters:** Zeist, Netherlands - **Region:** Europe - **Address:** Zeist, Netherlands - **Founded:** 1969 - **Assets under management:** Undisclosed - **Website:** pfzw.nl - **LinkedIn:** https://linkedin.com/company/pensioenfonds-zorg-en-welzijn ## Regulatory record - **Reports private funds:** No ## About PFZW traces its roots to 1969, formed to serve the Dutch healthcare and social work sectors. Chair Joanne Kellermann, a former executive board member of De Nederlandsche Bank, leads the fund alongside Investment Committee chair Dirk Schoenmaker and asset management policy lead Jan Willem Van Oostveen. The fund represents pension assets for over 3.2 million active and retired participants in the care and welfare system — making it one of Europe's largest institutional allocators. The fund's assets are managed exclusively by PGGM, a cooperative asset manager based in Zeist, with Piet Klop overseeing its responsible investment mandate. PFZW's strategy spans private equity buyouts, real estate across the Netherlands, insurance-linked securities globally, and a dedicated residential mortgage portfolio through Attens Hypotheken. Confirmed platform positions include Amvest Vastgoed B.V. for mixed-use property and a.s.r. Real Estate non-listed funds. The fund targets co-investments and direct stakes across Europe and North America, with growing exposure to Asia-Pacific infrastructure. PFZW banned new fossil-fuel extraction investments entirely by February 2024, extending a years-long exclusion policy on thermal coal and tar sands. PFZW staffs its governance and oversight functions directly while PGGM executes day-to-day management for the entire portfolio. The fund participates in climate-focused investor networks including Climate Action 100+, the Net Zero Asset Owner Alliance, and the Paris Aligned Asset Owners Initiative. PFZW also engages with European pension advocacy group PensionsEurope on regulatory matters. Philanthropic work flows separately through Aflatoun International, a social and financial education charity. In 2023, the fund publicly debated and adopted its strictest fossil-fuel exclusion framework to date, phasing out all upstream and midstream oil and gas holdings by early 2024. PFZW operates a fully delegated investment model through PGGM, a structure rare among top-20 European pension funds. The delegation gives PFZW permanent staff focus purely on governance, policy-setting, and beneficiary alignment — rather than building an in-house asset management division. This architecture creates a distinct dual-layer accountability: PGGM absorbs performance and execution risk, while PFZW's board retains strategic control, particularly over the ESG roadmap that now bans nearly all hydrocarbon-linked direct investments. ## Sectors - Real Estate - Infrastructure - Private Credit - Energy Transition & Renewables - Hedge Funds ## People - 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 ## Questions ### Who runs investment decisions at PFZW? PFZW's board sets the strategic investment policy, with Investment Committee chair Dirk Schoenmaker guiding asset allocation. Day-to-day portfolio management is fully delegated to PGGM, the cooperative asset manager that executes across all asset classes. Piet Klop leads the responsible investment team at PGGM that implements PFZW's sustainability directives. ### How does PFZW source proprietary deal flow? As a fully delegated investor, PFZW does not source deals directly. PGGM deploys capital into private equity buyouts, real estate platforms, and infrastructure projects through its own origination networks and fund relationships. The arrangement gives PFZW scaled access to co-investments and direct stakes without maintaining an in-house sourcing team. ### What investment stages does PFZW typically target? PFZW's private-market exposure concentrates on buyout-stage investments across Europe and North America, supplemented by direct real estate platforms and infrastructure partnerships. The fund also maintains a global insurance-linked securities portfolio and a dedicated Dutch residential mortgage vehicle. Early-stage venture does not appear in disclosed allocations. ### Which sectors does PFZW explicitly avoid? PFZW completed a binding fossil-fuel exclusion program in February 2024, divesting all upstream and midstream oil and gas holdings. The policy extends prior bans on thermal coal and tar sands investments. The fund does not invest in tobacco or companies violating UN Global Compact principles. ### How is PFZW related to PGGM? PFZW is the pension fund; PGGM is the cooperative asset manager contracted to execute PFZW's entire investment mandate. PFZW sets policy and governance; PGGM handles manager selection, direct deal execution, and reporting. The two entities share origins — PGGM was created to serve PFZW — but operate with separate boards and regulatory identities. ## Related profiles - [Pensioenfonds Medewerkers Apotheken (PMA)](https://altss.com/profile/pensioenfonds-medewerkers-apotheken-pma) - [Pension Benefit Guaranty Corporation](https://altss.com/profile/pension-benefit-guaranty-corporation) --- Last updated: 2026-06-03T20:00:00.000Z Canonical page: https://altss.com/profile/pensioenfonds-zorg-welzijn-pfzw Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology