Siemens Pensionskasse is investing in funds managed by Aquila Capital, Luxcara, and Partners Group as part of the pension fund’s move into infrastructure investing.
Fausto Ciapponi, the CIO of Siemens Pensionskasse, told IPE Real Assets that as part of a tender process, the pension fund has made capital commitments to Aquila Capital European Balanced Renewables Fund (EBRF), Luxcara FLAVEO IV Green Energy, and Partners Group Global Infrastructure V.
“So far, around 10% of the commitment has been called up. We expect to make the largest share of the investments [in infrastructure] by the end of 2024,” Ciapponi said without disclosing the amount of capital committed to the funds.
“The focus of the investments is on solar, wind and hydroelectric power plants in Europe,” Capponi added.
Earlier this year Aquila announced that capital commitments for the open-ended EBRF fund exceeded €500m in the fourth quarter of 2022. EBRF invests in clean energy assets in continental Europe and Ireland.
Luxcara’s Flaveo IV, an Article 9 impact fund, under the EU Sustainable Finance Disclosure Regulation (SFDR), invests in clean infrastructure such as renewable energy and storage solutions.
Partners Group Global Infrastructure V, an Article 8 fund, under the EU SFDR, invests in private infrastructure worldwide.
Siemens Pensionskasse can invest up to 5% of its total assets – which stood at CHF3.45bn(€3.6bn), down from CHF4.16bn recorded in 2021 – in global infrastructure, according to its new strategy.
The pension fund invested CHF220.28m in private debt and private debt hedged last year, and CHF1.06bn in Swiss real estate and foreign real estate hedged, it said.
Capponi said Siemens Pensionskasse decided to move into global infrastructure for several reasons, including diversification, optimisation of the return/risk profile of the asset allocation, and contributing to reducing climate risks with impact investing.
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