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Previva
Previva, the Fonds de Prévoyance des Professionnels du Travail Social, operates as the mandatory occupational pension scheme for the social work industry...
Previva
Previva, the Fonds de Prévoyance des Professionnels du Travail Social, operates as the mandatory occupational pension scheme for the social work industry in the Swiss canton of Vaud. The foundation is a paritarian institution, governed jointly by the employer association AVOP and the employee association AVTES, ensuring equal representation for the roughly 15,000 insured professionals it serves. This structure grounds the fund in a specific, localized mandate rather than a broadly commercial remit. The fund's investment strategy is built on a diversified multi-asset framework standard for Swiss pension funds, encompassing Swiss and global equities, fixed income, and a significant allocation to real estate. Its direct real estate portfolio includes mixed-use properties across Switzerland and a concentrated residential position through its wholly-owned vehicle, bonainvest Holding, based in Solothurn. The fund is a signatory to climate-focused investor initiatives, participating in the Ethos Engagement Pool since 2021 and aligning with IIGCC principles to apply ESG criteria across its manager selection and direct holdings. Previva's governance integrates sustainable investment directly through its membership in the Ethos Foundation, a prominent Swiss proxy advisor and engagement platform, which it uses for active ownership dialogues with portfolio companies. The fund is led by Managing Director Sébastien Cottreau and overseen by a board that includes Jean-Marc Wuarin. With an estimated CHF 1.3 billion in assets, the fund remains below the threshold of Switzerland's largest public pension schemes but is a material, if quiet, institutional owner in the Swiss real estate market. Previva's architecture as a closed, paritarian fund for a single profession creates a structurally distinct model: its liability profile and liquidity needs are defined by binding collective agreements within a canton-specific social work ecosystem. This insulates it from the open-market competition for members that shapes the strategies of larger Swiss collective foundations, allowing for a long-duration focus on direct property and illiquid private assets that match its predictable liability stream.
General information
Firm type
Pension Fund
Year founded
—
AUM
Undisclosed
Location
Region
Europe
Country
Switzerland
City
Paudex
Corporate office
Paudex, Switzerland
Principals
Sébastien Cottreau
Managing Director
Jean-Marc Wuarin
Member of the Board of Directors
Sector focus
Frequently asked questions
What is Previva's governance structure?
Previva is a paritarian foundation, meaning its board is composed equally of representatives from employer and employee associations in the Vaud social work sector. The founding associations are AVOP, representing private organizations for children, adolescents, and adults in difficulty, and AVTES, representing specialized education workers. This structure gives both sides of the employment relationship equal say in the fund's investment and benefits policies.
How does Previva incorporate sustainability into its investments?
Previva is a member of the Ethos Foundation and participates in its Ethos Engagement Pool (EEP) Switzerland, which conducts active ownership dialogues with Swiss listed companies on governance and environmental issues. Since 2021, the fund has also been a signatory to the Institutional Investors Group on Climate Change (IIGCC), formalizing its commitment to addressing climate risk across its portfolio. ESG criteria are integrated into both manager selection and the monitoring of external mandates.
What role does direct real estate play in Previva's portfolio?
Direct real estate constitutes a significant strategic allocation for Previva, consistent with many Swiss pension funds that hold property for its stable income and inflation-hedging characteristics. The fund holds a controlling interest in bonainvest Holding, a residential real estate company based in Solothurn, alongside a diversified portfolio of mixed-use properties across Switzerland.
Who is responsible for Previva's day-to-day operations?
Sébastien Cottreau serves as the Managing Director of Previva, responsible for executing the investment strategy and administrative operations under the board's supervision. The Board of Directors, which includes Jean-Marc Wuarin, provides governance oversight. For specific asset classes, Previva works through external mandates and fund commitments rather than an entirely in-house investment team.
Is Previva open to members outside the social work profession in Vaud?
No, Previva is a closed pension fund established under Swiss occupational benefits law specifically for professionals within the social work sector in the canton of Vaud. Membership is tied to employment with an affiliated institution that falls under the collective bargaining agreements governing the profession, meaning external individuals or entities cannot join.
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