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Pensionskasse des Bundes PUBLICA
Founded in 2008, Pensionskasse des Bundes PUBLICA is a self-governing public-law institution that operates as the second-pillar pension vehicle for...
Pensionskasse des Bundes PUBLICA
Founded in 2008, Pensionskasse des Bundes PUBLICA is a self-governing public-law institution that operates as the second-pillar pension vehicle for Switzerland's federal employees, the ETH Domain, and other public-task organizations. The fund is administratively attached to the Federal Department of Finance and was led by Director Doris Bianchi until April 2026. PUBLICA deploys capital across a multi-asset framework that includes Swiss real estate, global infrastructure, private credit, and precious metals. The Swiss real estate portfolio spans over 50 locations and includes direct holdings such as the Cèdres Park development in Chavannes-près-Renens and the Sky Residential Highrise in Dübendorf. In private credit, PUBLICA holds senior notes issued by US corporates including Dentsply International, Mettler-Toledo International, IDEXX Laboratories, and Paychex. Infrastructure equity investments are pursued in partnership with APG Asset Management. The fund's regulatory funded ratio stood at 106.9% as of 31 March 2026, following a net performance of -0.84% for the period. Emmanuel Vauclair assumed the role of Director effective 1 May 2026, succeeding Bianchi. The investment team, led by CIO Patrick Uelfeti, operates from a single office in Bern. PUBLICA is a founding member of the Swiss Association for Responsible Investments (SVVK-ASIR) and a signatory of the UN Principles for Responsible Investment since 2020. It participates in industry networks including INREV, Climate Action 100+, and the Institutional Investors Group on Climate Change. The fund's structural differentiator is its direct-ownership model in Swiss residential and commercial real estate, coupled with an in-house fixed-income portfolio that includes single-name credit selection. This internalized approach, rather than reliance on fund-of-funds structures, gives PUBLICA a cost and control profile distinct from many peer pension schemes. Its mandate anchors the portfolio in Switzerland while extending into North American and European private markets via co-investments and direct placements.
General information
Firm type
Pension Fund
Year founded
2008
Location
Region
Europe
Country
Switzerland
City
Bern
Corporate office
Eigerstrasse 57, 3007 Bern, Switzerland
Principals
Emmanuel Vauclair
Director
Altss tracks 2 additional named team members for this firm — including direct investment leads, IR, and operating principals not listed on the public website.
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Frequently asked questions
Who runs investment decisions at PUBLICA?
Chief Investment Officer Patrick Uelfeti leads the investment function, overseeing asset allocation, manager selection, and direct investments. He reports to the Board of Directors, chaired by Kaspar Müller. As of May 2026, the Director of the institution — responsible for overall leadership — is Emmanuel Vauclair.
How does PUBLICA source its direct real estate investments?
PUBLICA builds and manages a proprietary Swiss real estate portfolio spanning more than 50 locations, including development projects like Cèdres Park and the Stettbach Development Area. The in-house team handles acquisition, development, and asset management directly rather than through third-party fund managers, giving the fund full control over its real-asset exposure.
Does PUBLICA invest only in Switzerland?
No. While its real estate portfolio is concentrated in Switzerland, PUBLICA holds global private market exposures. It co-invests in infrastructure equity alongside APG Asset Management and owns senior corporate debt issued by US companies. Its responsible-investment memberships include the globally focused Institutional Investors Group on Climate Change and Climate Action 100+.
Is PUBLICA a single-family office or a traditional pension fund?
PUBLICA is a self-governing public-law collective institution and a traditional defined-benefit pension fund. It is not a family office. It serves as the second-pillar pension provider for Switzerland's federal government employees, the ETH Domain, and affiliated public-task organizations.
What is PUBLICA's approach to responsible investment?
PUBLICA integrates ESG considerations across its portfolio and is a founding member of the Swiss Association for Responsible Investments (SVVK-ASIR). It became a UN PRI signatory in 2020 and joined the Institutional Investors Group on Climate Change and Climate Action 100+ in the same year, signaling a systematic approach to climate risk and stewardship.
Does PUBLICA commit to external funds or invest directly?
PUBLICA uses a hybrid model. It invests directly in Swiss real estate, precious metals, and a portfolio of single-name corporate bonds. For infrastructure, it co-invests alongside external managers such as APG Asset Management. This blend of internal and external execution aims to balance cost efficiency with specialist access.
How is PUBLICA governed and to whom is it accountable?
PUBLICA is a public-law institution administratively attached to Switzerland's Federal Department of Finance. Its Board of Directors, chaired by Kaspar Müller, oversees strategy and risk. The day-to-day investment operations are run by CIO Patrick Uelfeti, with overall direction from Director Emmanuel Vauclair, who took over in May 2026.
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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