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Pensionskasse des Staates Wallis (PKWAL/CPWAL)
Daniel Stürzinger directs the public pension fund for the Canton of Valais, deploying capital into regional real estate and public loans.
Pensionskasse des Staates Wallis (PKWAL/CPWAL)
Pensionskasse des Staates Wallis (PKWAL/CPWAL) serves as the primary retirement fund for public-sector employees of the Canton of Valais, based in Sion. The plan operates on a defined-contribution basis, with the Canton acting as the sponsoring employer and guarantor. Daniel Stürzinger has held the post of Director (Geschäftsführer) since 2020, overseeing the fund's dual mission of securing pension obligations while supporting regional economic development. The fund's investment strategy is anchored in direct ownership of local real estate, with a specific focus on mixed-use healthcare facilities and residential projects across Valais. Confirmed regional developments include a healthcare-focused complex in Sion in partnership with Spital Wallis, a residential project in Sierre (Sierre-Platanes), and a neighborhood plan in Monthey alongside Fondation Prisma. Beyond local property, the fund diversifies through the CSA 2 Multi-Manager Real Estate Global program for international real estate exposure and maintains a dedicated commodity exposure portfolio. A separate allocation loans funds directly back to the Canton of Valais, effectively financing public infrastructure. Since 2020, the fund has sharpened its focus on sustainable governance and climate alignment. PKWAL is a member of the Ethos Foundation, the Swiss platform for sustainable development and proxy voting, and participates in the Climate Alliance (Klima-Allianz) compatibility ratings for Swiss pension funds. These memberships signal a governance posture that integrates ESG monitoring and climate-risk assessment into the fund's long-term asset management framework. Structurally, PKWAL distinguishes itself by closing the loop between public pension capital and regional development. The fund's direct loan book to the Canton of Valais and its co-investments with local public entities like Spital Wallis create a tightly integrated financing ecosystem — a model where retiree capital simultaneously funds public infrastructure and hospital capacity. This architecture makes the fund's performance uniquely sensitive to the Canton's fiscal health and demographic trajectory.
General information
Firm type
Pension Fund
Year founded
—
AUM
Undisclosed
Location
Region
Europe
Country
Switzerland
City
Sion
Corporate office
Sion, Valais, Switzerland
Principals
Daniel Stürzinger
Geschäftsführer (Director)
Sector focus
Frequently asked questions
Who runs investment decisions at PKWAL?
Daniel Stürzinger has served as the Director (Geschäftsführer) of PKWAL since 2020, per the fund's annual reporting. He oversees the executive management of the entire pension scheme, including its investment strategy and asset allocation. Investment decisions are executed by the internal management team under the oversight of a board representing the Canton of Valais.
What is PKWAL's primary investment strategy?
PKWAL emphasizes direct investments in real estate within the Canton of Valais, including healthcare and residential projects. The fund also allocates to global real estate through a multi-manager program, maintains a commodity exposure portfolio, and extends loans back to its sponsoring public employer, the Canton of Valais. This configuration reflects a strategy that balances local economic development with diversified global exposure.
Does PKWAL co-invest with other local public entities?
Yes. PKWAL has partnered directly with Spital Wallis, the regional hospital network, to develop a mixed-use healthcare facility in Sion. It has also co-invested with Fondation Prisma on a residential neighborhood development in Monthey. These partnerships align the pension fund's capital deployment with the Canton's broader public infrastructure and housing goals.
How is the Canton of Valais involved with PKWAL?
The Canton of Valais is the primary public employer and sponsoring entity for PKWAL, guaranteeing the fund's defined-contribution pension obligations for its employees. Beyond this sponsor role, the Canton is also a direct counterparty — PKWAL holds a loan extended to the Canton itself, effectively recycling pension contributions into public-sector financing.
What is PKWAL's approach to ESG and sustainability?
PKWAL is a member of the Ethos Foundation, which provides guidance on sustainable development and exercises proxy voting on behalf of Swiss pension funds. The fund also participates in the Climate Alliance (Klima-Allianz) climate-compatibility ratings for Swiss pension schemes. These affiliations indicate a commitment to integrating ESG criteria and climate-risk monitoring into its governance process.
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