Pensionskasse Graubünden

Pensionskasse Graubünden

Pensionskasse Graubünden (PKGR) dates to 1902 and operates as a collective institution for the Canton of Graubünden. Its employer base spans public administration, schools, healthcare providers, social services, and banking entities such as Graubündner Kantonalbank — though the cantonal bank moved its pension obligations to a separate vessel in 2025. Andrea Seifert holds the Direktor role, with Jan Burkhardt running the securities portfolio and Benno Patt overseeing direct real estate. The fund's governing body is chaired by Martin Bühler. The fund runs what it calls a dual strategy built on reliable financial investments and direct property holdings. Real estate is the most visible allocation: PKGR develops and manages rental residential and mixed-use buildings concentrated in Graubünden and German-speaking Switzerland. Confirmed projects include the Kasernenstrasse mixed-use development in Chur, the "FLURINA&GION" residential building in Flims, and a new residential block at Künzlistrasse 5 in Zürich. On the securities side, PKGR participates in the Ethos Engagement Pool both domestically and internationally, engaging portfolio companies on ESG topics. The portfolio also carries indirect real estate exposure, though the fund does not publish a detailed breakdown across equities, bonds, or alternatives. PKGR reported total 2025 returns of 7.0%, lifting its consolidated coverage ratio to 120.9% by year-end. In 2025 the fund distributed a 5.5% interest rate on member savings, a number unusually high for Swiss second-pillar institutions. The Abteilung Vorsorge is led by Claudia Bamert, supported by 20 professionals listed in the fund's public team directory. Sustainability commitments include membership in the UN-convened Net Zero Asset Owners Alliance and Swiss Sustainable Finance. April 2026: PKGR reported a year-to-date performance of 1.5% and a coverage ratio of 121.0%, signaling stable funding through early 2026. What distinguishes PKGR structurally is its direct-developer model in real estate. Rather than allocate to external property funds, the fund employs in-house Bauherrenvertreter — owner's representatives — who manage construction from site acquisition through leasing. This vertically integrated approach makes the fund a landlord as much as an allocator, a posture that differs from most Swiss pension funds that access real estate through pooled vehicles. As Graubündner Kantonalbank's exit from the scheme in 2025 shows, the fund's employer base is gradually consolidating toward the canton's public-sector core.