PGGM has increased its commitment to a joint venture with Royal BAM.

The €183bn asset manager injected more capital into the BAM PPP PGGM Infrastructure Co-operation, taking its total investment to €620m with €140m.

PGGM and Royal BAM Group said the five-year-old partnership had been “very efficient” and that they expected the market to “develop positively”.

The new commitment increases total committed assets to the partnership to €775m, of which €489m has been directly invested in almost 30 infrastructure and utility projects in the Netherlands, the UK, Belgium, Ireland, Germany and Switzerland.

In the Netherlands, the joint venture has invested in seven projects, including the recently completed office of the Supreme Court in The Hague and new sea locks near Ijmuiden.

Maurice Wilbrink, spokesman for PGGM, said: “The public/private partnership has turned out to be a favourable model to both investors and governments in Northwestern Europe.

“Our clients are very pleased with the results and want to continue with the investments.”

He declined to provide details on returns, but he said yields were a “good match” for pension funds’ long-term liabilities.

He added that, in the current investment environment, passive investments were no longer sufficient to meet liabilities.

Within the partnership, BAM PPP is responsible for project offers and daily management, and represents the joint venture at transactions.

PGGM – asset manager for the €172bn healthcare scheme PFZW – provides financial expertise and 80% of the required capital.

BAM PPP is a subsidiary of Royal BAM Group.