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PGGM is a Dutch non-profit cooperative pension investment manager serving several large pension funds, primarily PFZW (the Dutch healthcare and social work sector fund), with over €240 billion in assets under management. Its investment philosophy is built around '3D investing' — balancing financial return, risk, and sustainability in equal measure — to deliver good, affordable, and sustainable pensions for participants while contributing to a liveable world. In private markets, PGGM constructs a globally diversified portfolio of primary private equity fund commitments (€50m–€350m tickets), co-investments alongside GPs (€20m–€250m), and secondary fund purchases, targeting buyout and growth capital strategies primarily in the US and Western Europe. Through its dedicated Climate and Energy Transition Solutions (CETS) mandate — a €1 billion impact strategy — PGGM also makes direct equity investments in emerging European leaders in the energy transition, targeting companies that measurably avoid CO₂ emissions while generating strong long-term financial returns for pension participants.
Notable quotes
“Many industrial innovations stall in the transition from demonstration to realization. We have deliberately chosen a financing structure that provides capital through to execution, enabling the first commercial project to move into operation.”
“Sympower has a highly skilled team that has built a leading flexibility platform. Our investment will contribute to the next phase of the company's growth and into new markets. This investment in Sympower fits very well with the Climate and Energy Transition Solutions (CETS) mandate given to us by Pensioenfonds Zorg en Welzijn (PFZW).”
“This investment in Carbon Collectors is a perfect fit with PFZW's ambition to capitalise on the opportunities presented by the energy transition. We are looking for companies that are well positioned in this respect and achieve the long-term returns we need to pay successive generations of workers in the health and social care sector a good pension.”
Team
Barend van Drooge
Head of Credit Risk Sharing
Thijs van Gelder
Senior Director, Private Real Estate
Recent investments
| Company | Round | Size | Date |
|---|---|---|---|
| Vitestro | Series B | $70m | 2026-03 |
| RIFT | Series B | $114m | 2026-03 |
| Sympower | Series B Extension | $19m | 2025-09 |
| Carbon Collectors | Direct Equity (49% stake) | — | 2025 |
| Momo Medical | Series A | $7m | 2024-09 |
| RIFT | Series A | $12m | 2024-10 |
| Electra | Series B | $331m | 2024-01 |
| SCW Systems | Direct Equity | $28m | 2024 |
| Sympower | Series B | $23m | 2022-07 |
| Saur | Direct Equity (25% stake) | — | 2022 |
Frequent co-investors
| VC firm | Deals together |
|---|---|
| Invest-NL | 3 |
| Rubio Impact Ventures | 2 |
| EIC Fund | 1 |
| Bpifrance Large Venture | 1 |
| Eurazeo | 1 |
| Labcorp Venture Fund | 1 |
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