Versorgungsanstalt des Bundes und der L盲nder (VBL) has issued two 鈧�750m mandates to Allianz Global Investors (AllianzGI) and BlackRock-owned Global Infrastructure Partners (GIP), respectively to invest in European infrastructure project debt.
The 鈧�65bn German supplementary pension fund for the public sector has appointed AllianzGI to build a diversified portfolio of investment-grade assets, focusing on key trends like energy transition, digital transformation, communications and transportation.
GIP has been hired to invest in investment-grade energy and power-generation projects, digitalisation, transportation, water and waste management, the German pension fund added.
Stefan Sch眉tte, head of fixed income and private debt at VBL, said: 鈥淲ith these mandates, we are strengthening our position as a responsible, long-term investor in the European infrastructure market. We are thereby expanding our portfolio to include an additional asset class with an attractive risk-return profile.鈥�
Sch眉tte added that the selection of AllianzGl and GIP provides VBL with 鈥渢wo strong partners with extensive expertise and global reach鈥�.
VBL plans to further increase allocations to private markets, as it progresses to implement its investment strategy.
Michael Leinwand, VBL鈥檚 chief investment officer, said: 鈥淲e see private equity and private debt as very attractive asset classes from a risk-return perspective and a good match for our long-term, and very predictable liabilities, which is why their allocation will continue to grow in the coming years.鈥�
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