GERMANY - The  €9bn Nordrheinische Ärzteversorgung (NAEV), the German pension fund for doctors in the North Rhine region, is contemplating a move into infrastructure investments.

Hermann Aukamp, chief investment officer for real estate at NAEV, told IPE Real Estate the fund has been testing in the past 15 months how best to move into infrastructure.

No allocation has been made yet, though the fund will make an allocation later this year.

That said, the fund will not make any infrastructure allocations by investing directly in infrastructure companies or airports. "We are not experienced enough for such an investment," said Aukamp.

Aukamp said liquidity of funds is highly important to NAEV, which currently invests in big standard funds, considered to be "plain vanilla".

NAEV currently has 14.4% of its assets allocated to both listed and unlisted real estate, though the fund is decreasing its holdings in listed real estate.

"We have around 10% in German real estate companies," added Aukamp.

Furthermore,the fund also invests around 20% in equity, 38% in fixed income and 3% in alternatives such as private equity investments.

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