Aviva Investors to create $900m portfolio for Dutch pension

Just weeks after securing the €350m mandate to manage the unlisted real estate holdings of Dutch pension SPMS, Aviva Investors will establish and manage an unlisted multi-manager portfolio for neighbouring LP, Philips Pensioenfonds.

Aviva Investors has been charged with creating and managing a multi-manager portfolio for the sixth largest pension fund in the Netherlands, believed to be valued at around $900 million.

The London- and New York-based firm said in a statement it had been appointed by Philips Pensioenfonds to establish a global multi-manager unlisted real estate portfolio, with the ability to invest in the Netherlands, Europe, the US and Asia-Pacific region. An Aviva Investors spokesman declined to comment on deal size, however people familiar with the matter said it represented almost $900 million.

In January, Aviva Investors scooped a €350 million mandate to manage the global unlisted real estate portfolio of Dutch pension fund, Stichting Pensioenfonds Medisch Specialisten (SPMS), including 34 unlisted holdings across the Netherlands and the rest of Europe, as well as the US and Asia. It also will help formulate a strategy for SPMS' future investments.

Ed Casal, Aviva Investors’ chief investment officer based in New York, said: “The Netherlands have a significant share of Europe’s pension assets, and we are proud to be working with one of the most professional pension funds in this market.” Aviva Investors’ global multi-manager group is led by global director Nick Mansley in London.

The group also is in the process of raising a $500 million global fund, which will target recapitalisations, secondaries and direct deals, according to PERE sources.