PGGM has committed €140m to an existing infrastructure joint venture with Dutch construction company Royal BAM.

The move takes the total capital by the Dutch pension fund manager to €480m.

The €600m joint venture with BAM PPP, a subsidiary that focuses on infrastructure projects in the Netherlands and north-west, has invested in 21 public-private partnership (PPP) projects since its creation in 2011.

Frank Roeters van Lennep, head of PGGM Infrastructure, said the joint venture enables BAM and PGGM to invest in a ”diversified portfolio of European PPP projects, with the revenue coming from European governments.”

The joint venture said further projects would be added to the portfolio this year.

PGGM’s cooperation with BAM PPP is the largest infrastructure investment by PGGM. PGGM Infrastructure has invested €4.6bn in the sector.

BAM PPP has full responsibility for bid management for projects and asset management for the joint venture. PGGM typically provides 80% of required capital for projects.

The joint venture has been awarded 11 projects in the past 12 months, including tram projects, motorway projects, government buildings, schools and a hospital in the Netherlands, Germany, Belgium and Ireland.

The joint venture has invested in six Dutch projects worth €1bn in capital expenditure, including the Supreme Court and ministries of Foreign Affairs and Infrastructure and the Environment both in The Hague, as well as the A59, A12 and N33 motorways.