Pensioenfonds KPN, the €11.2bn pension fund for employees of telecoms company KPN, has announced a significant impact-focused private debt mandate with commitments to biodiversity and climate solutions.
The fund, which manages €10bn in defined benefit (DB) assets alongside €1.2bn on behalf of defined contribution (DC) members, confirmed that Aegon Asset Management – its investment and fiduciary manager – has appointed M&G Investments to launch a €300m impact-focused private debt strategy.
Karin Roeloffs, head of fiduciary management at Aegon Asset Management, said: “Over the past few years we have explored the possibility of impact investing within private debt for Pensioenfonds KPN. After an extensive search trajectory, with additional emphasis on ESG and impact investing through a specific impact due diligence process, M&G was selected for the impact corporate debt mandate. Other strategies and managers will complement this allocation. The goal is to contribute to the impact ambitions and ESG themes of Pensioenfonds KPN, alongside a target risk-adjusted financial return through a well-diversified portfolio.”
The fund, classified as Article 9 under the EU’s Sustainable Finance Disclosure Regulation (SFDR), will provide corporate loans to businesses delivering positive environmental and social outcomes. The focus will be on three core themes: climate and biodiversity, technology, and responsible production and consumption – all closely aligned with the UN Sustainable Development Goals.
M&G confirmed that 12 investments have already been made under the strategy, including a recent commitment to Bollegraaf Group, a Dutch provider of advanced recycling technologies.
