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PGGM reveals secrets of its dedicated managed account platform

Dutch pension administrator PGGM may have started a trend in Europe by creating a dedicated managed account platform for its hedge fund investments rather than using funds of hedge funds.

pggm-runner

Boldness and innovation are not two concepts typically associated with pension funds. For PGGM, a Dutch pension fund administrator, originality is at the heart of its direct hedge fund ­investment programme.

Last autumn PGGM announced it was moving all its investments in hedge fund strategies to a dedicated managed account platform and would no longer access strategies through funds of hedge funds (FoHFs).

How it came to this decision is a story common to many disillusioned institutional investors

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