Siemens Pensionskasse intends to allocate CHF110m (€113m), representing 3% of its assets under management, to critical infrastructure projects, the pension fund disclosed in its 2023 financial statement.

The pension fund said it is on track to allocate around CHF60m to renewable energy projects and infrastructure supporting a greener economy, with the remaining CHF50m dedicated to global infrastructure funds.

In August last year, IPE Real Assets reported that the pension fund for Siemens employees in Switzerland was for the first time investing in global infrastructure projects with a focus on renewable energy.

At the time, Siemens Pensionskasse said, based on its strategy, infrastructure investments would account for up to 5% of the assets under management which amounted to €3.52bn at the end of September last year. 

As of the end of 2023, investments in global infrastructure represented 0.36% of Siemens Pensionskasse’s assets under management. The performance of the global infrastructure asset class in the portfolio of Siemens Pensionskasse plummeted to -72.56% during the period.

According to the financial statement, the infrastructure investments performed poorly because all the initial costs were included in the first, relatively small, investor contribution.

To read the latest IPE Real Assets magazine click here.

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