VBL, the €65bn pension institution for German federal and state workers has awarded a €1.5bn infrastructure mandate to two global managers with ESG criteria being included in the selection process
The Karlsruhe-based fund, which invests on behalf of more than 5 million members has appointed Allianz Global Investors and GIP a BlackRock Infrastructure platform to manage two €750m infrastructure portfolios.
“With these mandates, we are strengthening our position as a responsible, long-term investor in the European infrastructure market. This allows us to expand our portfolio by adding an additional asset class with an attractive risk–return profile,” explains Stefan Schütte, head of fixed income and private debt at VBL.
AllianzGI has been tasked with building a diversified credit portfolio with a focus on the energy transition, digital transformation and transport, investing predominantly in investment grade assets.
Meanwhile GIP’s portfolio will be focused on investments in energy and electricity, digitalisation, water management and waste disposal, it will also focus on European investment grade asssets.
