# Pensionskasse des Staates Wallis (PKWAL/CPWAL)

Pensionskasse des Staates Wallis (PKWAL/CPWAL) is a Pension Fund based in Sion, Switzerland.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Sion, Switzerland
- **Region:** Europe
- **Address:** Sion, Switzerland
- **Assets under management:** Undisclosed

## Regulatory record

- **Reports private funds:** No

## About

PKWAL serves as the open, defined-contribution pension fund for employees of the Canton of Valais and affiliated public institutions, with its historic roots anchored in the Swiss occupational pension system established in 1985. Director Daniel Stürzinger, who assumed the role in 2020, oversees a strategy that reflects the conservative, liability-aware posture typical of Swiss public pension funds, blending income-generating local investments with globally diversified mandates. The fund's deployment mixes direct real estate development, private credit in the form of cantonal loans, and global multi-manager real estate vehicles such as the CSA 2 Multi-Manager Real Estate Global program. Direct projects include a mixed-use healthcare development in Sion co-invested with Spital Wallis, a residential project in Sierre, and a neighborhood plan in Monthey alongside Fondation Prisma. Geographic exposure concentrates heavily in Valais, Switzerland, with supplementary global real estate and commodity exposures providing diversification. Beyond real assets and credit, PKWAL participates in Swiss industry networks emphasizing sustainability, including the Ethos Foundation for proxy voting and the Climate Alliance (Klima-Allianz) for climate-compatibility ratings of its portfolio. Structurally, PKWAL's most distinctive feature is its dual role as both liquidity provider and long-term developer within a single alpine canton — lending directly to the Canton of Valais while simultaneously co-developing the healthcare and residential infrastructure that serves its own beneficiaries. This closed-loop regional mandate, with guaranteed employer backing from the state, creates a risk-return profile fundamentally different from pooled Swiss pension vehicles.

## Sectors

- Real Estate
- Infrastructure
- Private Credit

## People

- Daniel Stürzinger — Geschäftsführer (Director)

## Questions

### Who runs investment decisions at PKWAL?

Daniel Stürzinger has served as Geschäftsführer (Director) of PKWAL since 2020. He is responsible for executing the investment strategy set by the pension fund's board, which represents both employer and employee interests as required by Swiss pension law. Day-to-day asset management is handled through a combination of direct oversight and external mandates.

### Does PKWAL invest in private equity or venture capital?

Based on its publicly visible portfolio composition, PKWAL focuses on real estate, infrastructure-like developments, commodities, and direct loans to the Canton of Valais, with no disclosed allocations to venture capital or traditional private equity. Its risk appetite aligns with the conservative liability profile expected of a cantonal pension fund.

### What is PKWAL's relationship with the Canton of Valais?

The Canton of Valais is the primary employer and guarantor for the closed pension fund, and PKWAL in turn extends direct loans to the canton, creating a reciprocal financial relationship. This sovereign-backed credit exposure is a core portfolio pillar and a structural feature of how Swiss cantonal pension funds manage their matching portfolios.

### How does PKWAL approach sustainability?

PKWAL is a member of the Ethos Foundation, a prominent Swiss organization focused on corporate governance and sustainable development, and participates in the Climate Alliance's climate-compatibility ratings. These memberships indicate formal integration of ESG proxy voting and carbon-footprint assessment into its listed-equity and real-asset portfolios.

## Related profiles

- [Pensionskasse des Staates Wallis (PKWAL/CPWAL)](https://altss.com/profile/pensionskasse-des-staates-wallis-closed-pkwal-cpwal)
- [Pensionskasse Gemeinde Männedorf](https://altss.com/profile/pensionskasse-gemeinde-m-nnedorf)

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Last updated: 2026-08-11T02:43:31.692Z

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