PMT and PME agree to maiden infra debt commitment

The two Dutch pensions have hired AXA IM Alts and Macquarie to manage a multi-billion euro infra debt mandate.

Institution: Pensioenfonds Metaal en Techniek
Headquarters: The Hague, Netherlands
AUM: €91.51 billion
Allocation to alternatives: 11.47%

Institution: Pensioenfonds van de Metalektro
Headquarters: The Hague, Netherlands
AUM: €54.96 billion
Allocation to alternatives: 4.1%

Pensioenfonds Metaal en Techniek and Pensioenfonds van de Metalektro have approved a debut €2.5 billion combined venture into infrastructure debt, which represents a new asset class for the two Dutch pensions.

The commitment is being invested on behalf of the pensions by asset manager MN, which manages the investments of PMT, PME and fellow pension fund Bpf Koopvaardij.

PMT will be committing €2 billion to the combined venture, with PME committing €500 million.

The infrastructure debt mandate will focus on creating a portfolio of infrastructure loans for projects in Western Europe. Renewables will comprise up to 50 percent of the total mandate, with loans for projects related to energy, transport, telecoms and social infrastructure also featuring in the portfolio.

Two managers have been selected by MN to manage the infrastructure debt mandate: AXA IM Alts and Macquarie Asset Management through its Macquarie Global Infrastructure Debt Fund. PMT and PME’s commitments will each be split equally between the two managers, with each manager therefore receiving €1.25 billion in equity capital.

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