APG’s cross-border co-investment program with four leading Swiss pension funds has deployed over €250 million of Swiss capital into flagship infrastructure projects within its first year. These include investments in Pattern Energy, a U.S.-based leader in renewable energy and transmission infrastructure, and TenneT, Germany’s largest electricity grid operator.
The collaboration with the Swiss pension funds, launched in October 2024, marks a structural innovation in cross-border pension fund collaboration through direct investing and is part of APG’s Asset Owner Partnership (AOP) program. Established in 2020, AOP enables long-term investors to achieve scale and robust governance in private market transactions, while maintaining cost efficiency.
Access to a unique deal pipeline
PUBLICA and pension funds of the City of Zurich, Kanton Aargau, and Credit Suisse are the first Swiss participants in the co-investment vehicle, which is managed by Record Asset Management. Oldrik Verloop, Managing Partner, Record Asset Management, comments: “This collaboration demonstrates how like-minded investors can pool resources and expertise to access high-quality transactions that meet both long-term return objectives and societal needs. By working together, pension funds can deploy capital efficiently into critical infrastructure while maintaining strong governance and alignment of purpose. We look forward to welcoming additional Swiss pension funds as we continue to grow the partnership and its impact.”
“Through the AOP program we gain access to infrastructure opportunities that would otherwise be out of reach for individual pension funds. By joining forces with APG and fellow investors, we can combine long-term value creation with a tangible contribution to the needs for private capital. This partnership reflects our responsibility to secure pensions while supporting a sustainable economy,” said a spokesperson for the Swiss pension funds.
Designed for scalability
With an infrastructure portfolio of approximately €30 billion—expected to grow significantly in the coming years—APG is prioritizing investments in clean energy, digital connectivity, and other critical assets that deliver long-term value for ABP’s beneficiaries and foster resilient societies. AOP is designed for scalability, allowing additional pension funds to join and paving the way for expansion into other private asset classes. Through AOP, APG reinforces its position as a preferred partner for long-term investors seeking meaningful exposure to private markets.
Patrick Kanters, Chief Investment Officer Private Investments at APG, stated: “Through the AOP program, we create long-term value for our largest client and shareholder ABP, as well as for our other AOP clients, by scaling private market investments and advancing responsible investment strategies through strong governance and active ownership. This approach delivers benefits not only to individual participants, but also to society at large.”
