Valora Pensionskasse

Andreas Bühlmann serves as Managing Director (Geschäftsführer) and oversees the fund's operations and investment execution. The Board of Trustees (Stiftungsrat), chaired by Adriano Margiotta, holds ultimate fiduciary responsibility and sets strategic asset-allocation parameters. This two-tier Swiss governance model separates operational management from trustee oversight.

FEMSA (Fomento Económico Mexicano) acquired Valora Holding AG, the sponsoring employer, in July 2022 for roughly CHF 1.1 billion. The pension fund remains a legally independent Swiss foundation with segregated assets — it is not FEMSA's corporate treasury — though FEMSA is now the ultimate parent entity of the employer group that funds contributions.

Valora Pensionskasse runs a disciplined secondaries program across private market exposures, acquiring seasoned fund interests and direct positions to mitigate blind-pool risk and J-curve effects common in primary commitments. This sits alongside direct Swiss residential and commercial real estate holdings concentrated in the Bern and Zurich regions, plus a physical gold allocation.

The fund operates a hybrid defined-benefit and cash-balance structure, which provides beneficiaries a guaranteed minimum return supplemented by surplus participation. This hybrid design is common among Swiss corporate pension funds, balancing employer cost predictability with member upside when investment performance exceeds actuarial targets.

The fund's structure as a regulated Swiss pension foundation means it typically deploys through fund commitments and institutional mandates rather than direct co-investments alongside GPs. Its known secondaries activity suggests a preference for acquiring seasoned LP interests in closed-end funds rather than participating in new-issue co-investment programs.

Known direct holdings include residential properties at Viktoriastrasse 40 in Bern, Hühnerhubelstrasse 33 in Belp, Unterdorfstrasse 7 & 9 in Ostermundigen, Pestalozzistrasse 4 in Weinfelden, and Wigartestrasse 13+15 in Killwangen, plus a commercial retail space on Rue du Marché in Geneva — a portfolio concentrated in the Mittelland and Geneva corridors.

Valora Patronale Finanzierungsstiftung operates as a separate employer-financed foundation that provides supplementary benefits, bridging arrangements, and financing support distinct from the pension fund's core retirement obligations. The two entities maintain separate governance structures and asset pools under Swiss foundation law.