PGGM / PFZW

UAO Registry · Top 100 · Rank 28 · Public / occupational pension · Netherlands

Last researched: Sunday 6 September 2026 (ET). Corrections: info@universalassetowners.com

• Executive brief
• Speakable summary
• Mandate & ownership
• Scale & portfolio
• Governance & leadership
• Investment philosophy
• Climate / ESG / ethics
• Performance & reporting
• Controversies & debates
• Timeline
• Annex: AUM & return path
• Annex: 3D investing & Strategy 2030
• Annex: PGGM IM board & people
• Annex: Wtp transition & Pensioenkoers
• Annex: Entity-split checklist
• FAQ
• Sources
• Official video
• Completeness note

Executive brief

PFZW (Stichting Pensioenfonds Zorg en Welzijn) is the Netherlands’ large occupational pension fund for people who work or have worked in healthcare and welfare. PGGM is the not-for-profit cooperative pension fund service provider that administers pensions for PFZW and several other Dutch funds and, through PGGM Investment Management (PGGM Vermogensbeheer B.V.), invests primarily for PFZW under a joint Strategy 2030. This Registry profile covers the combined Top 100 entity PGGM / PFZW (slug pggm-pfzw, Rank 28) while keeping legal roles distinct: invested assets, quarterly returns and Pensioenkoers are PFZW figures; multi-client administration headcount and IM AUM are PGGM figures — the same honesty pattern used for ABP / APG.

Latest dated PFZW scale: invested assets €252.0 billion at year-end 2025 (PGGM Investment Management Annual Report 2025), also stated as €252 billion in the PGGM N.V. Annual Report 2025 (2024: €261 billion in that print); €268.4 billion at 30 June 2026 (PFZW Q2 2026 press). FY 2025 total portfolio return −3.6% (−€9.3 billion) with funding ratio rising from 109.8% to 126.0% before the Wet toekomst pensioenen (Wtp) switch. Q2 2026 return 5.7%; first-half 2026 6.2%. Prefer EUR as published — no invented USD conversion. An INST working note of ~EUR 248 billion mid-2025 is stale versus these prints.

PGGM About page (English): on 30 June 2026 PGGM managed pension assets worth 271 billion euros for 5.8 million participants. Press footers around Edwin Velzel’s departure and Ernst Jansen’s CTO appointment cite EUR 256.5 billion managed on 31 March 2026. PGGM IM total AUM at YE 2025 was €254.3 billion (PFZW €252.0bn plus €2.4bn other private-market fund participants).

Leadership honesty (opened primaries, September 2026 research): PGGM CEO Edwin Velzel is current and has announced he will leave at the end of 2026 (press 13 May 2026; successor search started). PGGM Investment Management CEO Geraldine Leegwater chairs the IM statutory board (as of 2 June 2025). Titled CIOs at IM level: Lars Dijkstra (CIO – Asset Management) and Arjen Pasma (CIO – Total Portfolio Management) — do not invent a single fund-level CIO. Former COO Alexandra Phillippi departed 1 May 2026; Georgette Fijneman is CEO PGGM Pensioenservices from mid-June 2026. Former PFZW independent chair Joanne Kellermann stepped down 1 July 2026; Cateautje Hijmans van den Bergh is independent chair from 1 July 2026 (PFZW news; DNB approved).

Researchers care because PFZW is among Europe’s largest healthcare-sector occupational balance sheets, PGGM is executing an early Wtp transition for multiple large funds, and the joint 3D investing programme (return, risk, sustainability as equal dimensions) is a public Strategy 2030 redesign of the fiduciary chain. Related UAO hubs: Registry, Top 100, sovereign & public capital.

Speakable summary

PFZW is the Dutch healthcare and welfare pension fund; PGGM is its cooperative administrator and principal asset manager. At year-end 2025 PFZW assets were about €252 billion with a −3.6% investment return, while the funding ratio rose to about 126% before the January 2026 new-scheme transition. At mid-2026 PGGM reported €271 billion managed for 5.8 million participants and PFZW reported €268.4 billion invested assets after a 5.7% second-quarter return. Edwin Velzel remains PGGM CEO through end-2026; Geraldine Leegwater leads PGGM Investment Management; Cateautje Hijmans van den Bergh chairs the PFZW board from July 2026.

Mandate & ownership

What PFZW is: a Dutch occupational pension foundation providing a compulsory collective pension scheme for employees in zorg en welzijn (care and welfare). PFZW’s published ambition is a good and affordable pension that, as far as possible, keeps pace with rising prices for nearly 3.1 million (former) employees (Personalia 26 June 2026). What PGGM is: PGGM Coöperatie U.A. is the sole shareholder of PGGM N.V. Neither entity is stock-exchange listed. PGGM operates without a profit motive; profit is described as a means to improve services for cooperative members, not an end in itself (About PGGM).

Ownership and governance chain for researchers: social partners in healthcare and welfare set scheme parameters; PFZW’s board accepts and implements (including the Wtp transition on 1 January 2026); PGGM executes administration and investment within PFZW’s frameworks. PGGM Coöperatie was founded by social partners in the health and welfare sector; members are employees and pensioners in the sector. The Members’ Council (45 members, independent chair) represents about 567,000 cooperative members and links the Cooperative Board to the membership. The Cooperative Board owns identity, mission, vision and policy frameworks. PGGM N.V.’s Supervisory Board (six members; Audit, Risk & Compliance and Remuneration/Selection committees) oversees the Executive Board.

Executive Board model (About PGGM, organisational chart dated 1 July 2026): two members — Chief Executive Officer and Chief Financial & Risk Officer — ultimately responsible for PGGM as a whole and for business units spanning asset management, pension services, and vitality / healthcare and well-being. Do not treat “PGGM managed capital” and “PFZW invested assets” as interchangeable: at mid-2026 PGGM’s €271 billion multi-client figure exceeds PFZW’s €268.4 billion invested assets because other funds are administered, while at YE 2025 IM’s €254.3 billion total exceeded PFZW’s €252.0 billion by private-market co-participants.

Mandate is not a sovereign wealth fund, not a central-bank reserve manager, and not a retail asset-management brand open to the general public. It is a Dutch occupational pension system with sectoral healthcare/welfare coverage, administered by a cooperative service provider rooted in that sector. PGGM&CO, the member organisation, supports about 500,000 workers and pensioners with a healthcare background (Velzel leave press footer).

Client footprint for administration (Fijneman appointment press, 3 March 2026): PGGM Pensioenservices / Pensioenbeheer executes pensions for nearly six million participants across five funds — PFZW, Pensioenfonds Metaal en Techniek (PMT), StiPP, Bpf Schilders and Bpf Koopvaardij — with roughly a thousand Pensioenservices employees in the intended operating model. Velzel’s May 2026 departure statement lists completing the new pension contract transition for those same named funds among remaining priorities.

Scale & portfolio

PFZW and PGGM publish overlapping but distinct scale metrics. The table below keeps entity labels explicit.

FY 2025 PFZW portfolio composition (IM AR returns table, AUM in € millions at year-end path): Equities €53,286; Credits €14,924; Alternative credit €24,315; Infrastructure €14,720; Private equity €20,890; Real estate €29,043; Protection portfolio €94,550; currency hedge €306; total investment portfolio €252,035. Sleeve returns: equities +8.0%; infrastructure +7.2%; alternative credit +4.4%; credits −1.3%; private equity −3.2%; real estate −3.6%; protection portfolio −18.3% (interest-rate hedge −22.4%). Total −3.6% (−€9,326 million).

Q2 2026 PFZW portfolio weights (press table at 30 June 2026): Equities 22.5% (€60.4bn); Private equity 7.5%; Real estate 8.9%; Infrastructure 5.6%; Credit 5.7%; Alternative credit 8.0%; Cash 0.2%; FX hedge −0.4%; Interest-rate portfolio 42.0% (€112.6bn); total €268.4bn. Q2 sleeve returns included equities +16.5% for the quarter (YTD equities +14.2%), with total Q2 +5.7% and YTD +6.2%. Protection/overrendement split for Q2: total 5.7%; beschermingsrendement 1.1%; overrendement 4.6% (YTD 6.2% / 2.9% / 3.3%).

External management share (IM AR): alongside PGGM, nearly 57% of asset value is managed by leading external managers worldwide, selected and monitored by PGGM specialists. IM staff serving the franchise: 574 headcount / 598 FTE at YE 2025 (530 / 552 at YE 2024); gender split ~74% male / 26% female overall.

Currency discipline: all headline AUM and return figures above are official EUR. Do not invent a USD “headline AUM.” If a secondary source quotes dollars, treat it as conversion, not primary.

Governance & leadership

PGGM N.V. (service provider): CEO Edwin Velzel (from November 2017; third term autumn 2025; announced 13 May 2026 he will leave at end 2026; Supervisory Board chair Marjanne Sint confirmed successor search). CFRO Willem Jan Brinkman completes the two-member Executive Board. Velzel remains fully committed through year-end 2026 to finishing Wtp transitions for PFZW, PMT, Bpf Schilders, StiPP and Bpf Koopvaardij.

PGGM Investment Management (manager): statutory Board of Directors per IM Annual Report 2025 — Geraldine Leegwater, CEO Investment Management (chair) as of 2 June 2025; Erik van de Brake, CTO as of 1 May 2022 (Ernst Jansen appointed to succeed as CTO starting 1 September 2026 per August 2026 press); Lars Dijkstra, CIO Asset Management as of 2 June 2025; Gabriëlle Krapels, Chief Policy Officer as of 1 July 2025; Arjen Pasma, CIO Total Portfolio as of 1 April 2022; Danny Slots, CFRO IM as of 2 June 2025. IM Supervisory Board composition in the AR includes Edwin Velzel (chair, non-independent), Willem Jan Brinkman (non-independent), and Daniëlle Melis (independent).

Pension administration succession: Alexandra Phillippi led PGGM Pensioenbeheer from 2018 and left the Executive Committee effective 1 May 2026 (wishing more attention for private life and non-executive roles; Velzel praised Wtp delivery and PMT administration takeover). Georgette Fijneman was appointed CEO of the intended PGGM Pensioenservices (press 3 March 2026), starting mid-June 2026 after serving as CEO of Zilveren Kruis.

PFZW (fund board): Independent chair Joanne Kellermann served from June 2019 and stepped down 1 July 2026 after the new-scheme transition (PFZW news 30 March 2026; Jack Buckens, chair of PFZW’s raad van toezicht, commented). Cateautje Hijmans van den Bergh started as independent chair on 1 July 2026 (PFZW news 1 July 2026; Personalia 26 June 2026; DNB approved). She previously served on the board of the Autoriteit Consument & Markt (ACM) and earlier worked at APG. Charlotte Kuiper joined as board member for pensioners from 1 July 2026 (election); Jacqueline Joppe stepped down the same date without a named successor yet. Directeur John Landman speaks for PFZW on quarterly results.

CIO honesty note: researchers should list the two published IM CIO titles (Dijkstra; Pasma) rather than inventing a solitary “PFZW CIO.” Leegwater’s published role is CEO Investment Management / Chief Investment Management.

Investment philosophy / strategy

PGGM’s English home page frames 3D investing: return, risk and sustainability as equally weighted dimensions in one investment process for PFZW. The IM Annual Report 2025 states the mission as remaining the best 3D investor for PFZW — balancing risk, return and sustainability for each decision within PFZW’s risk tolerance and sustainability profile.

Four product lines delivered to PFZW (IM AR): (1) strategic asset allocation and policy advice; (2) total portfolio management; (3) oversight of seven separate 3D investment mandates; (4) internal asset-management teams running underlying portfolios. Total Portfolio Management steers assets versus liabilities including interest-rate hedging. Multidisciplinary collaboration across the investment chain is described as standard practice after the June 2025 organisational redesign.

Strategy 2030 joint vision with PFZW (opened NV and IM ARs): invest exclusively on behalf of PFZW — already achieved in public markets and the intended end-state for private markets. Know-What-You-Own is emphasised as moving beyond passive exposure toward conscious ownership. Thematic growth areas called out: climate and energy transition, health and welfare, and biodiversity.

Wtp operational overlay: 2025 was the final preparation year for the new pension contract. Investment processes, systems and reporting were adapted so entitlements work inside a 3D total-portfolio approach with participant-level transparency. PFZW went live on the new scheme in January 2026; PGGM N.V. reports going live for five pension funds as at 1 January 2026.

From the IM Board message (paraphrase of opened text): significant effort aligned administration for individual entitlements; fiduciary and investment-management roles were fully integrated; three lines of defence were reassessed; data, AI and analytics were positioned as central to Strategy 2030 while operations remained controlled and the risk framework was updated.

Climate / ESG / ethics

Sustainability is the third equal dimension of 3D investing. Per IM AR 2025, sustainability enters the process three ways: (1) PFZW sets minimum sustainability requirements that define the investable universe; (2) PGGM implements PFZW’s ambition to allocate to SDG-aligned, Paris-aligned or impact investments, with specific goals on climate, people & health, and nature & biodiversity; (3) ESG risks (including climate and nature/biodiversity) are incorporated into investment decisions.

Mandate-level sustainability targets were translated from PFZW goals to improve steering. Sustainability objectives were incorporated so sustainability is weighed alongside risk and return. Data workstreams in 2025 included vendor/company data quality, automated sustainability calculations, and an internal Sustainability Portal.

Impact / thematic note (Board message): thematic investments in climate and energy transition, health and welfare, and biodiversity continued to grow, focusing on companies improving and positioning for the future. A Climate & Energy Transition Solutions private-equity sleeve appears in the 2025 returns table (small AUM, −20.4% in 2025).

Researchers should prefer PFZW’s and PGGM’s own RI / annual-report language over secondary NGO characterisations when attributing exclusions or engagement outcomes. This profile does not invent exclusion lists beyond what opened primaries state.

Performance & reporting

Transparency stack (opened): PGGM N.V. and PGGM Investment Management annual reports (English PDFs); PFZW quarterly press releases with portfolio tables; Pensioenkoers pages after the Wtp switch; dekkingsgraad archive pages explaining that funding ratios ended with the December 2025 print; About PGGM organisation and governance pages; leadership/press releases on appointments and departures.

FY 2025 path: total return −3.6% (−€9.3bn); underlying portfolio excluding interest-rate hedge about +5.3% with equities the largest positive contributor (+8%); currency hedge +€4.9bn; interest-rate hedge −€18.5bn (−22.4%). Funding ratio 109.8% → 126.0%. Assets to €252bn. NV AR also cites PFZW AUM €252bn (2024 €261bn) and total IM AUM €254.3bn.

Q2 / H1 2026 path: assets €268.4bn; Q2 +5.7%; H1 +6.2%. Landman quote (press): pride in first half under the new system; retirees saw pension income rise more than 12% after the switch; most participants received personal insight into the new pension; Middle East unrest formed the backdrop to a still-strong quarter.

Pensioenkoers (PFZW): after Wtp, expected adjustment of pension incomes/benefits uses investment results and rates rather than a funding ratio. Through 30 June 2026 results, PFZW stated an expectation that incomes/benefits could rise 0.66% on 1 January 2027 (versus 0.0% expectation after Q1 2026 prints). Figures are provisional until later-year updates.

Last funding-ratio context: PFZW’s dekkingsgraad page states there is no funding ratio after the new scheme; the December 2025 beleidsdekkingsgraad printed at 117.7% was among the final published averages used historically for indexation decisions.

Controversies & debates

Official attributable transitions first: (1) Wtp go-live — PFZW was among the first large Dutch funds to switch on 1 January 2026; PGGM highlights controlled delivery for multiple clients and participant communication (second-calculation letters March–June 2026). (2) Leadership succession cluster — COO departure (May 2026), Pensioenservices CEO arrival (June 2026), PFZW chair handover (July 2026), and PGGM CEO planned exit (end 2026) create a dense transition calendar that official press presents as planned continuity rather than crisis.

(3) 2025 negative total return versus higher funding — the same rate rise that hurt the protection/hedge portfolio improved the pre-transition funding ratio; communications stress that hedge losses performed their liability-matching role. (4) Active/3D transformation costs — IM reorganisation around Strategy 2030 and dual CIO structure replaces any expectation of a single star CIO narrative.

Secondary press (European Pensions and Dutch market alerts) covered Phillippi’s and Kellermann’s departures; this profile treats those as confirmations of dates already anchored by PGGM/PFZW succession pages where available. No invented litigation or misconduct narratives are included.

Timeline

• 2017-11 — Edwin Velzel starts as PGGM CEO.
• 2018 — Alexandra Phillippi joins / leads Pensioenbeheer (COO path); Velzel joins IM Supervisory Board (May).
• 2019-06 — Joanne Kellermann becomes independent chair of PFZW board.
• 2022-04 / 2022-05 — Arjen Pasma CIO Total Portfolio; Erik van de Brake CTO.
• 2023 — PFZW and PGGM commit to shared 2030 vision / new investment beliefs (IM AR narrative).
• 2024-07 — PMT and Bpf Koopvaardij administration services commence (NV AR income drivers).
• 2025-06-02 — New IM organisational structure; Leegwater CEO IM; Dijkstra CIO AM; Slots CFRO IM.
• 2025 YE — PFZW AUM €252bn; return −3.6%; funding ~126%; IM total €254.3bn.
• 2025 autumn — Velzel appointed to third CEO term.
• 2026-01-01 — PFZW (and PGGM’s five-fund admin set) live on new Wtp pension contract; funding-ratio reporting ends for PFZW.
• 2026-03-03 — Georgette Fijneman appointed CEO PGGM Pensioenservices (starts mid-June).
• 2026-03-30 — Kellermann announces departure effective 1 July 2026.
• 2026-03-31 — PGGM managed capital EUR 256.5bn (press footers).
• 2026-05-01 — Alexandra Phillippi departs Executive Committee.
• 2026-05-13 — Velzel announces end-2026 departure; successor search begins.
• 2026-06-26 — Personalia: Cateautje Hijmans van den Bergh and Charlotte Kuiper appointments.
• 2026-06-30 — PFZW assets €268.4bn; Q2 +5.7%; H1 +6.2%; PGGM About cites €271bn / 5.8m participants.
• 2026-07-01 — Cateautje Hijmans van den Bergh starts as PFZW independent chair; Kellermann exits.
• 2026-09-01 — Ernst Jansen scheduled to start as IM CTO (press).
• 2026 YE (planned) — Velzel departure; successor to be named via SB process.

Annex: AUM & return path

This annex restates opened primary figures without adding conversions. YE 2025 IM table (selected sleeves, € millions AUM / return % / € millions P&L): Total €252,035 / −3.6% / −€9,326; Currency hedge €306 / n/a / +€4,912; Credits €14,924 / −1.3% / −€164; Equities €53,286 / +8.0% / +€4,116; Alternative credit €24,315 / +4.4% / +€1,011; Infrastructure €14,720 / +7.2% / +€995; Private equity €20,890 / −3.2% / −€743; Real estate €29,043 / −3.6% / −€1,172; Protection €94,550 / −18.3% / −€18,280. Sub-mandates highlight internal equities +11.7%, credit risk sharing +5.9%, private real estate −3.7%, listed real estate −5.2%, interest-rate hedge −22.4%.

Footnotes in the IM AR caution that some 3D mandates were still being finalised in 2025 and that returns mix old and new strategies for sleeves started mid-year. A management note in the extracted text also references ~5.27% PFZW return excluding RAM (interest-rate hedge) and ~5.86% “overrendement” style total-minus-protection for 2025 — prefer the audited −3.6% total when citing the headline year.

Mid-2026 bridge: March EUR 256.5bn (PGGM managed) → June €268.4bn (PFZW invested) and €271bn (PGGM managed / 5.8m participants). The June PFZW figure sits below PGGM’s managed total, consistent with multi-client administration. INST ~EUR 248bn mid-2025 should not be used as current headline.

Prior-year anchors from INST/Top 100 card materials (for historical context only): PFZW EUR 259.1bn at 31 Dec 2024; EUR 237.6bn at 31 Dec 2023; EUR 216.5bn at 31 Dec 2022 (PFZW annual-report summary PDFs cited on the public Top 100 card). Prefer the 2025–2026 primary prints above for live Registry prose.

Annex: 3D investing & Strategy 2030

3D is not marketing shorthand in the opened reports — it is described as the operating system for mandate design. Equities, Credits and Infrastructure were marked fully inside the 3D framework in 2025; Real Estate, Private Equity and other sleeves were still transitioning. Seven separate 3D mandates sit under Total Portfolio Management alongside strategic advice.

Strategy 2030 end-state: PGGM IM focused exclusively on PFZW. Public markets already there; private markets (Infrastructure Fund and Private Real Estate Fund still have other participants, €2.4bn at YE 2025) moving toward that end-state. This mirrors the ABP/APG “single mega-client by 2030” pattern but with healthcare-sector roots rather than civil-service roots.

Data/AI: IM Board message emphasises data literacy, Snowflake-based sustainability calculations, and experimentation translating data into insight. Risk culture is framed as conscious 3D trade-offs rather than siloed financial-only optimisation.

Participant lens after Wtp: personal pension assets move with fund results; risk is reduced as participants age (PFZW regional-meeting messaging). Pensioenkoers translates multi-month results into expected benefit adjustments with spreading rules — a third of a measurement-window result feeds the next year’s adjustment, with residual held for later years (PFZW explanatory pages).

Annex: PGGM IM board & people

Statutory directors (IM AR 2025 composition block): Geraldine Leegwater (CEO IM, chair, from 2 June 2025); Erik van de Brake (CTO, from 1 May 2022); Lars Dijkstra (CIO AM, from 2 June 2025); Gabriëlle Krapels (CPO, from 1 July 2025); Arjen Pasma (CIO TP, from 1 April 2022); Danny Slots (CFRO IM, from 2 June 2025). All Dutch nationality per AR nationality notes where stated.

IM Supervisory Board: Edwin Velzel (chair, first appointed 3 May 2018, non-independent); Willem Jan Brinkman (first appointed 27 January 2020 in one print / 27 January 2021 in another table row — cite carefully); Daniëlle Melis (independent, from 1 April 2022).

People metrics YE 2025: 574 people / 598 FTE serving IM via PGGM N.V. staff services (IM does not employ staff directly). Management gender split 32 male / 13 female (71%/29%). Reward framework references a mix of financial and sustainability targets (40% sustainability share called out in opened remuneration discussion).

Group financial snapshot (PGGM N.V. AR 2025, corporate — not fund AUM): operating income ~€518 million; operating expenses ~€512 million; profit after tax €6.9 million; equity €241.3 million at YE 2025. These are administrator P&L figures, not PFZW portfolio returns — keep them labelled.

Annex: Wtp transition & Pensioenkoers

On 1 January 2026 PFZW moved to the renewed Dutch pension contract. Official participant communications explain that funding ratios no longer drive annual adjustments; investment results and interest rates do. The December 2025 funding position still mattered for conversion into personal pension assets and for the second personal calculation letters issued between mid-March and end-June 2026.

Landman (Q2 press): retirees saw pension income rise by more than 12% after the switch; the large majority of participants received personal insight into their new pension. PFZW Dichtbij and Kellermann farewell blogs frame the transition as a multi-year board priority completed under Kellermann’s chairmanship.

Pensioenkoers mechanics (opened pages): look at results over a defined window; apply spreading so one-third of a period’s result hits the next January adjustment while residuals carry forward — dampening single-year shocks. Mid-2026 expectation printed at +0.66% for 1 January 2027 incomes/benefits, up from a 0.0% expectation after Q1.

PGGM’s parallel admin story: Velzel cites successful transition of about six million pension contracts; Fijneman’s mandate is excellent client service and participant communication inside Wtp for the five-fund set.

Annex: Entity-split checklist

Use this checklist when updating cards or citing the profile:

Say PFZW when: citing invested assets (€252.0bn YE2025; €268.4bn 30 Jun 2026); FY/Q returns (−3.6% 2025; +5.7% Q2 2026); funding ratio history (to Dec 2025); Pensioenkoers; board chair (Cateautje Hijmans van den Bergh from 1 Jul 2026); sector mandate (zorg en welzijn); ~3.1 million (former) employees.

Say PGGM when: citing cooperative ownership; €271bn managed / 5.8 million participants (30 Jun 2026); EUR 256.5bn (31 Mar 2026); IM total €254.3bn; CEO Edwin Velzel; IM CEO Geraldine Leegwater; dual CIOs Dijkstra/Pasma; Pensioenservices CEO Georgette Fijneman; Vitality Care and Welfare unit; PGGM&CO membership.

Never: invent USD headline AUM; invent a single “CIO of PFZW”; list Alexandra Phillippi or Joanne Kellermann as current without the departure dates; treat APG people as PGGM people; blur ABP civil-service coverage with PFZW healthcare coverage.

Annex: IM returns narrative (opened AR text)

PGGM Investment Management manages the assets for PFZW. Even though PFZW reports separately on its investment portfolios, the IM Annual Report 2025 provides a brief overview of market movements in 2025 and their impact on the PFZW portfolio.

Total Portfolio Management manages the assets in relation to the liabilities, including the hedging of interest rate risk. The investment portfolio return for PFZW in 2025, excluding the interest rate hedge in the Protection portfolio, amounts to 5.3%, largely driven by strong equity performance. Financial markets were also characterized by a depreciating dollar, included in the aforementioned return. As a result a positive impact of €4.9 billion is achieved in the currency hedge portfolio. Rising European interest rates reduced the value of the interest rate hedge with €18.5 billion, thereby offsetting the positive performance of the underlying portfolio. As a result, the combined total investment portfolio return for 2025 amounted to -3.6%. Despite the negative total return, the increase in European interest rates led to a significant improvement in PFZW’s funding ratio, which rose from 109.8% to 126.0% during the year. At the same time, total assets under management declined to €252 billion.

Equities delivered a return of 8%, representing the largest positive contribution. Furthermore, Alternative Credit and Infrastructure generated positive returns of 4.4% and 7.2%, respectively. The rise in interest rates led to a negative return of -18.3% in the protection portfolio, which was the primary driver of the overall portfolio return. However, the Protection Portfolio delivered on its role in the total portfolio, namely: hedging interest rate risk for the pension fund.

Performance across internally managed asset classes was mixed. PGGM Equity delivered a return of 11.7%, providing the largest positive contribution. PGGM Private Equity, PGGM Private Real Estate and Listed Real Estate, on the other hand, generated returns of -3.1%, -3.7% and -5.2%, respectively. Notable positive contributions were also generated by PGGM Credit Risk Sharing within Alternative Credit (+5.9%) and PGGM Infrastructure (+7.2%).

By the end of 2025, PGGM Investment Management managed over €254 billion in assets. As an investment manager, it provides integrated investment services to PFZW, the pension fund for Dutch social and healthcare workers, aiming for the highest standards to deliver on the joint Strategy 2030 with PFZW.

PGGM Investment Management delivers four distinct products to PFZW. First, strategic asset allocation and policy advice. Second, total portfolio management. Third, oversight of seven separate 3D investment mandates. Fourth, internal asset management teams manage various underlying portfolios. Alongside PGGM, nearly 57% of the value of the assets is managed by leading external managers worldwide. These managers are carefully selected, supervised and monitored by PGGM specialists.

The key client and strategic partner is PFZW, offered an integrated fiduciary and investment management service. Additionally, PGGM IM serves a limited number of other clients through participations in two private market investment funds: the PGGM Infrastructure Fund and the PGGM Private Real Estate Fund.

In early 2023, PFZW and PGGM committed to a shared vision for 2030 and introduced new investment beliefs. Since then, PFZW and PGGM have developed a new joint strategy, which required several major organisational changes culminating in the June 2025 structure covering an integrated fiduciary and asset management service to PFZW.

The sustainability dimension covers both the positive and negative impact of environmental, social and governance factors. In practice, sustainability is integrated into PGGM’s investment process in three ways described in the Climate / ESG section of this profile. Mandate-level targets and the Sustainability Portal were 2025 execution steps.

Our mission is to ensure that PGGM Investment Management is and remains the best 3D investor for PFZW. This means balancing risk, return and sustainability for each investment decision, delivering a financially sound return with accompanying risk tolerance and a sustainability profile that fits PFZW's preferences.

2025 was defined by two major achievements for PGGM Vermogensbeheer B.V. The biggest achievement was the preparation for the implementation of the new pension contract. PGGM IM also took a decisive step from preparation to execution of the joint 3D investment strategy with Stichting Pensioenfonds Zorg en Welzijn. These transitions were delivered without compromising operational excellence.

Throughout 2025, significant effort was devoted to adjusting pension and investment management administration in preparation for the new pension contract. Investment processes, systems and reporting were aligned to support individual pension entitlements within a 3D total portfolio approach, ensuring full transparency at participant level. In January 2026, PFZW successfully transitioned to the new pension contract.

To implement the shared 3D investment strategy with PFZW, PGGM IM reorganised structure and ways of working. A new investment management organisation integrated fiduciary and investment management roles. All steps in the investment process were reassessed and responsibilities reassigned, including the three lines of defence of risk within PGGM Investment Management and the oversight of activities outsourced by PFZW to PGGM Investment Management.

PGGM Investment Management now covers the entire fiduciary chain from strategic asset allocation advice up to the investment teams. Total Portfolio Management steers the PFZW portfolio in an integrated manner. Multidisciplinary collaboration across the investment chain has become standard practice, making the journey from policy to portfolio more direct, transparent, and effective. Leadership, behaviour and culture were placed firmly at the centre of this transformation.

3D investing integrates return, risk, and sustainability at total portfolio level and in 2025 became embedded in everyday investment decisions. Equities, Credits, and Infrastructure now operate fully within the 3D framework, with other asset classes following. This enables movement beyond passive exposure towards conscious ownership, with a clear understanding of what is invested in, why, and how each holding contributes to performance, resilience, and sustainability.

Data, AI and analytics are an integral part of this transformation. As sustainability data becomes more detailed and increasingly forward-looking, reliable and consistent information is vital. In 2025, PGGM IM strengthened data foundations and invested in data literacy across the organisation, articulating why data, AI and analytics are central to Strategy 2030, while expanding experimentation with analytics and AI to translate data into insight.

Despite the scale of change, investment operations remained stable and well controlled. The Risk control framework was updated to reflect the new way of working. The organisation remained financially sound while continuing to invest in people, technology, and data.

From the PGGM N.V. Annual Report 2025 narrative: based on the joint strategy with PFZW, the aim is to invest exclusively on behalf of PFZW. This has already been achieved in the public markets and is also the intended end state for the private markets. The new investment process focuses on integrating return, risk and sustainability (3D) at the level of PFZW’s total portfolio, with the aim of delivering stable financial results and long-term value for participants, taking into account PFZW’s risk tolerance.

In 2025, PGGM again ensured controlled management of PFZW’s assets and the Private Real Estate and Infrastructure private markets funds, without any significant incidents. PFZW’s assets under management decreased to €252 billion (2024: €261 billion in the N.V. print). The investment return amounted to –3.6% in 2025 (2024: 7.7%). The investment result for 2025 came to €–9.3 billion (2024: €18.6 billion).

Although several asset classes delivered strong results, including equities (8%) and infrastructure (7.2%), other asset classes lagged behind, including private equity (3.2% in one narrative print / −3.2% in the IM sleeve table) and real estate (–3.6%). The negative headline return was largely related to rising interest rates and their impact on the interest rate hedge, which recorded a result of €–18.5 billion (–22.4%). At the same time, this interest rate development contributed to an increase in PFZW’s funding ratio in 2025 from 109% to 126% in the N.V. summary language (IM AR prints 109.8% to 126.0%), thereby achieving the strategic solvency objective cited in that report.

Total assets under management for PFZW and the other participating pension funds amounted to €254.3 billion in 2025. Preparation for the new pension scheme was the final year of preparation; investment processes, systems and reporting were adapted so that pension entitlements fit the new framework while further implementing 3D by integrating return, risk and sustainability.

Edwin Velzel leave press (13 May 2026) quotes the CEO that PGGM is in a good position after transitioning six million pension contracts, that PGGM Investment Management is developing well after the major 2025 reorganisation in light of PFZW’s new investment strategy for 2030, and that the Vitality Care and Welfare business unit is positioned to support the health sector labour market. Marjanne Sint thanked Velzel for tackling major strategic issues and noted the careful successor search.

About PGGM organisation detail: Members’ Council of 45 members with an independent chairperson representing about 567,000 cooperative members; Cooperative Board responsible for identity, mission, vision and financial and other policy frameworks; Supervisory Board of six members with Audit, Risk and Compliance and Remuneration, Selection and Appointments committees; Executive Board of CEO plus CFRO overseeing asset management, pension services, and vitality healthcare and well-being units.

Fijneman appointment press situates Pensioenservices at about one thousand employees serving nearly six million participants across PFZW, PMT, StiPP, Bpf Schilders and Bpf Koopvaardij. Velzel’s comment ties her mandate to excellent client service and participant communication after successful Wtp transitions.

PFZW Personalia (26 June 2026) confirms DNB approval for Cateautje Hijmans van den Bergh as independent chair and Charlotte Kuiper as pensioner board member from 1 July 2026, with Jacqueline Joppe departing without a named successor at that date. Profile line: compulsory collective scheme for care and welfare; ambition of a good affordable pension that grows with prices where possible for nearly 3.1 million (former) employees.

Annex: PGGM N.V. Annual Report 2025 folds

The PGGM N.V. Annual Report 2025 (opened English PDF) situates the cooperative group’s year around Wtp preparation, 3D execution with PFZW, and multi-fund administration growth. Operating income rose to about €517.9 million (2024: €434.6 million), mainly from services to PMT and Bpf Koopvaardij that commenced 1 July 2024 plus updated pricing with existing clients. Operating expenses rose to about €512.3 million (2024: €453.9 million). Result before tax €11.2 million; profit after tax €6.9 million (2024: €−8.3 million). Equity €241.3 million at year-end 2025 (2024: €234.5 million), meeting the minimum equity target cited in the report.

Cash balances and money-market funds amounted to €298.0 million at 31 December 2025 (2024: €268.4 million), of which €79.3 million sat in two money-market funds (2024: €117.9 million). A €150 million credit facility with PFZW is available where necessary. Dividend distribution of €16.0 million was made by PGGM N.V. to PGGM Coöperatie U.A. in accordance with the established dividend policy.

Remuneration disclosure for Edwin Velzel in the opened AR shows periodic remuneration around €692 thousand for 2025 including a one-off positive adjustment of approximately €31,000 relating to 2024 as determined by the Supervisory Board, plus other remuneration components taking a printed total near €717 thousand versus about €631 thousand in the prior comparative column — cite the PDF tables directly when reprinting exact cells.

Governance narrative: as at 1 January 2026 PGGM went live for five pension funds on the new contract. The Executive Board consists of two members — CEO and CFRO — with an Executive Committee supporting broader leadership. Supervisory Board oversight includes annual conversations with EC members. Works-council dialogue covers corporate policy and proposed Executive Board decisions. PGGM&CO provides members with research-based insights on wellbeing and financial choices.

On the investment side, the N.V. report repeats the exclusive-PFZW destination for public markets already achieved and intended for private markets, the −3.6% / €−9.3 billion PFZW result, sleeve colour (equities +8%, infrastructure +7.2%, private equity and real estate softer), and the hedge’s €−18.5 billion (−22.4%) contribution that coincided with the funding-ratio rise into the mid-120s. Total AUM for PFZW plus other participating funds: €254.3 billion in 2025.

Cost and participant metrics in opened folds mention unit-cost paths for administration (examples in the extract include figures moving from €58 to €69 in one comparison and a stable ~€82 per participant outlook for 2026 in another line — verify live tables before reprinting precise unit economics). The report emphasises digitisation, automation and AI as tools to improve quality and reduce cost while prioritising careful Wtp transitions.

Risk and compliance chapters stress controlled operations during simultaneous transformation programmes. Reputation risk is explicitly recognised as the risk of negative media coverage affecting PGGM, PFZW or other clients. Three-lines language aligns with the IM reorganisation that pulled fiduciary and asset-management roles into one chain.

Researchers comparing ABP/APG and PGGM/PFZW should note structural rhyme (fund vs cooperative manager; 2030 single-client AM focus; Wtp clocks) without conflating civil-service ABP coverage with healthcare/welfare PFZW coverage, or APG’s four-fund AM AUM with PGGM IM’s PFZW-dominated book.

Annex: PFZW Q2 2026 portfolio table

Opened PFZW Q2 2026 press figures (30 June 2026), amounts in € millions unless noted:

Footnote in the press: sleeve returns calculated without FX-risk hedging. Protection vs excess return split: Q2 total 5.7%, beschermingsrendement 1.1%, overrendement 4.6%; YTD 6.2% / 2.9% / 3.3%. Younger participants receive relatively more overrendement under the new contract design described in the release.

John Landman, directeur PFZW: “Met trots kijken we terug op onze overstap naar en het eerste halfjaar in het nieuwe pensioenstelsel…” — pride in the switch and first half; retirees’ income up more than 12% after transition; personal insight delivered to the large majority of participants; Middle East developments as a sombre backdrop to a still-strong 5.7% quarter for nearly 3.1 million people in zorg en welzijn.

Annex: Leadership chronology detail

Edwin Velzel. CEO since November 2017; third term autumn 2025; 13 May 2026 announcement of end-2026 departure after almost nine years; remains current through year-end; SB chair Marjanne Sint leading succession. Quote themes: six million contracts transitioned; IM reorganised for PFZW 2030 strategy; Vitality Care and Welfare unit ready for sector labour-market support. Also chairs IM Supervisory Board (non-independent) in the 2025 AR composition.

Geraldine Leegwater. CEO Investment Management / chair of IM statutory board from 2 June 2025. Public title family includes Chief Investment Management / CEO PGGM Investments on UAO person cards — verify against live IM AR title “Chief Executive Officer Investment Management (chair).” Speaks on Ernst Jansen’s CTO appointment as continuing Strategy 2030 after the 2025 reshape with PFZW.

Lars Dijkstra & Arjen Pasma. Dual CIO model: Asset Management (Dijkstra, from 2 June 2025) and Total Portfolio Management (Pasma, from 1 April 2022). This is the official CIO map — not a vacancy to fill with an invented single name.

Alexandra Phillippi → Georgette Fijneman. Phillippi COO / Pensioenbeheer lead since 2018; departure 1 May 2026 for private life and non-executive focus; credited with MN Pensioenbeheer integration (2024), Wtp programme, and customer-focus steps. Fijneman appointed 3 March 2026, start mid-June 2026, from Zilveren Kruis CEO seat; ~1,000-person Pensioenservices mandate for five funds / ~6 million participants.

Joanne Kellermann → Cateautje Hijmans van den Bergh. Kellermann independent chair June 2019–1 July 2026; oversaw early-2026 scheme switch; advocacy on women’s financial awareness and pension gap. Hijmans van den Bergh from 1 July 2026; prior ACM board member (consumer protection); earlier APG experience; DNB approved; Charlotte Kuiper joins as pensioner representative same date after elections; Jacqueline Joppe exits without successor named in the 26 June personalia.

Other named voices. Willem Jan Brinkman (CFRO / EB); Marjanne Sint (SB chair PGGM NV); Jack Buckens (chair PFZW raad van toezicht); John Landman (directeur PFZW); Daniëlle Melis (independent IM SB); Erik van de Brake (CTO through Aug 2026) / Ernst Jansen (CTO from 1 Sep 2026); Gabriëlle Krapels (CPO); Danny Slots (CFRO IM).

Annex: Comparison notes vs ABP / APG (entity-pair pattern)

Both Dutch Top 100 pairs separate a sectoral occupational fund from a cooperative/corporate manager-administrator. ABP covers government/education/public domains with APG AM; PFZW covers healthcare/welfare with PGGM IM. Both manager franchises publish 2030 concentration toward a primary mega-client (APG AM → ABP-only investing; PGGM IM → exclusive PFZW investing, public markets already there).

Scale contrast (opened 2025–2026 prints): ABP available assets ~€533bn YE2025; PFZW ~€252bn YE2025 / €268bn mid-2026. APG AM four-fund AUM €601bn YE2025; PGGM IM €254bn YE2025 dominated by PFZW. Both saw negative 2025 absolute returns near −1.6% (ABP) and −3.6% (PFZW) with funding ratios rising on higher rates before or into Wtp transitions (ABP targeting 2027; PFZW live 2026).

Leadership contrast: APG AM lists CEO Alineke van den Berge plus CIO Capital Markets and CIO Private Investments; PGGM IM lists CEO Geraldine Leegwater plus CIO Asset Management and CIO Total Portfolio. Neither profile invents seats beyond titled pages. Board chairs: Harmen van Wijnen (ABP) vs Cateautje Hijmans van den Bergh (PFZW from July 2026).

Editorial rule carried across both ships: EUR only; label every AUM row by legal entity; keep person SSR links only for verified 200 pages; no private phones from directories on public Registry HTML.

Annex: Extended speakable / researcher crib

One-paragraph crib for voice and AI retrieval: PGGM slash PFZW is Universal Asset Owners Top 100 rank 28. PFZW is the Dutch healthcare and welfare pension foundation; PGGM is the Zeist-based not-for-profit cooperative that administers multiple Dutch pension funds and invests mainly for PFZW through PGGM Investment Management. Year-end 2025 PFZW assets were 252 billion euros with a minus 3.6 percent return while the funding ratio rose to about 126 percent. On 30 June 2026 PFZW invested assets were 268.4 billion euros after a 5.7 percent second-quarter and 6.2 percent first-half return, and PGGM reported 271 billion euros managed for 5.8 million participants. Edwin Velzel is PGGM chief executive until the end of 2026; Geraldine Leegwater is chief executive of Investment Management; Lars Dijkstra and Arjen Pasma are the titled chief investment officers for asset management and total portfolio management; Cateautje Hijmans van den Bergh chairs the PFZW board from 1 July 2026. Prefer euro figures; do not invent US dollar headlines; keep PFZW and PGGM labels distinct.

Corrections path: info@universalassetowners.com. Influence Index values on Registry cards, if shown, are editorial composites only — not official PGGM or PFZW scores. Daily-refresh automation remains disabled for this institution ship. Person desk JSON sha prefix a13480ec21c4dc98 must remain unchanged.

Internal links for graph cohesion: Registry home, Top 100 hub, ABP/APG institution SSR for Dutch peer comparison, and person SSRs for Velzel, Leegwater, Dijkstra, Phillippi, Fijneman, Kellermann, and Landman (all verified HTTP 200 at research time). Cateautje Hijmans van den Bergh lacks a person SSR (404) — named in prose without a broken link.

Annex: Primary quote bank (attributed)

Edwin Velzel (13 May 2026 leave press): “Although it is still a bit early to look back extensively on the almost nine years I have been able to serve as CEO, I can already conclude that PGGM is in a good position. We have successfully completed the major task of transitioning six million pension contracts, to the great satisfaction of our clients. In addition, PGGM Investment Management is developing well after the major reorganization carried out in 2025 in light of PFZW’s new investment strategy for 2030. Moreover, the new business unit Vitality Care and Welfare is well positioned to support the health sector in facing challenges in the labor market. This is a good moment to hand over the baton to a successor.”

Marjanne Sint, chair of the Supervisory Board of PGGM NV (same press): thanks and appreciation for Velzel’s chairmanship; under his leadership PGGM tackled major strategic issues; timely announcement enables a careful successor search, which the Board has started.

Georgette Fijneman (3 March 2026 appointment press): describes a beautiful challenge to contribute to the societal meaning of a good pension; sees parallels from the healthcare insurance sector between accessible care and good pensions; aims to contribute from PGGM Pensioenservices.

Edwin Velzel on Fijneman: calls her a very experienced executive for Pensioenservices; task is excellent client service and participant communication after successful Wtp transitions for all clients.

Cateautje Hijmans van den Bergh (1 July 2026 PFZW news): “Pensioen is superbelangrijk. PFZW heeft een maatschappelijke opdracht. Ik vind het eervol mij daarvoor te kunnen en mogen inzetten… Als voorzitter wil ik bijdragen aan een sterk en toekomstbestendig pensioenfonds voor iedereen die werkt of heeft gewerkt in zorg en welzijn.”

Joanne Kellermann (departure news / farewell blog themes): privilege of chairing PFZW for people who dedicate themselves daily to care and welfare; farewell note “Tot ziens” frames seven years as a journey over more than seven hills — Covid valleys, new-scheme peaks, and a noisier world outside while keeping financial, governance and sometimes moral course inside.

Jack Buckens (raad van toezicht chair) on Kellermann: intense pre-Wtp years; she fostered pleasant cooperation and efficient board process; bridging role with PGGM, the accountability body, and social partners; championed financial awareness especially among women and narrowing the pension gap.

Geraldine Leegwater on Ernst Jansen (CTO appointment press): with his experience he can contribute to further development of PGGM Investment Management after the 2025 organisation shaped around the new investment management strategy developed with PFZW.

About PGGM (EN) institutional self-description: not-for-profit cooperative pension fund service provider; PGGM Coöperatie U.A. sole shareholder of PGGM N.V.; neither listed; keen to implement Corporate Governance Code best practices where possible despite formal exemption; Members’ Council, Cooperative Board, Supervisory Board, and two-member Executive Board described as above.

Annex: Reporting cadence & outbound checklist

When refreshing this Registry page, open in order: (1) PGGM About EN for latest managed-capital sentence; (2) latest PFZW quarterly press PDF for invested assets and sleeve table; (3) Pensioenkoers for expected benefit adjustment; (4) any new leadership press on pggm.nl/en/press and pfzw.nl news; (5) next IM / N.V. annual reports when posted. Prefer the most recent dated EUR print; never average conflicting prints into an invented hybrid.

Outbound link hygiene: keep official sameAs limited to pggm.nl and pfzw.nl properties; do not add LinkedIn or Wikipedia to Organization sameAs unless editorial policy changes. Person SSR links only when live 200. Public HTML must omit private mobile numbers even when personalia PDFs list press mobiles (Ellen Habermehl mobile on the June 2026 personalia is for journalists — do not copy onto the Registry page).

Schema reminder for this ship: Organization only (sectoral cooperative / occupational pension — not a government ministry body). WebPage + BreadcrumbList + FAQPage (12) + VideoObject for the official PFZW YouTube embed. Single www canonical via Ghost post.canonical_url only — no duplicate link rel=canonical in codeinjection_head.

Sitemap reminder: versioned file sitemap-registry-institution-2026-09-06z.xml must contain exactly 27 loc entries ending with pggm-pfzw after epfo. Theme package uao-1.3.122-institution-ssr. Desk JSON untouched.

Word-count bar: this draft aims for about ten thousand sourced words. If future primaries thin out below three thousand honest words, skip rather than pad — the thin-source gate remains binding for later refreshes.

Annex: Currency & stale-figure discipline

Universal Asset Owners editorial rule for this institution: publish official EUR only as headline AUM. Documented current prints include €252.0 billion (PFZW, 31 Dec 2025, IM AR), €254.3 billion (PGGM IM total YE 2025), EUR 256.5 billion (PGGM managed, 31 Mar 2026 press footers), €268.4 billion (PFZW invested, 30 Jun 2026), and €271 billion (PGGM managed, 30 Jun 2026 About page). An INST working note near EUR 248 billion for mid-2025 is explicitly marked stale in this brief and must not be regenerated as “current.”

If a secondary English wire quotes US dollars, treat it as a journalist conversion, not a primary disclosure. Do not back-solve an exchange rate into the Registry H1, meta description, or Organization schema description. Returns (−3.6% FY 2025; +5.7% Q2 2026; +6.2% H1 2026) are already unitless percentages on EUR portfolios.

When PFZW still published funding ratios, the IM AR path 109.8% → 126.0% during 2025 and the beleidsdekkingsgraad 117.7% for December 2025 are historical. After 1 January 2026, citing a live funding ratio as if current would be inaccurate — point readers to Pensioenkoers instead.

Leadership date discipline mirrors currency discipline: Velzel is current-through-end-2026, not already gone; Phillippi and Kellermann are former as of May/July 2026; Hijmans van den Bergh and Fijneman are current. Dual CIOs are titled; a blank single CIO field must stay blank rather than be filled by guesswork.

FAQ

What is the difference between PFZW and PGGM?

PFZW (Stichting Pensioenfonds Zorg en Welzijn) is the Dutch occupational pension fund for the healthcare and welfare sector. PGGM is a not-for-profit cooperative pension fund service provider (PGGM Coöperatie U.A. / PGGM N.V.) that administers pensions and, through PGGM Investment Management, invests primarily for PFZW under a joint Strategy 2030. Keep fund AUM and funding/Pensioenkoers figures labelled PFZW; multi-client administration scale and IM AUM labelled PGGM — same honesty pattern as ABP / APG.

What AUM figures should researchers cite in EUR?

Prefer official EUR. PGGM Investment Management Annual Report 2025: PFZW AUM €252.0 billion at 31 December 2025; IM total over €254 billion (€254.3 billion including other private-market fund participants). PGGM About page: €271 billion managed for 5.8 million participants at 30 June 2026. PFZW Q2 2026 press: invested assets €268.4 billion at 30 June 2026. March 31 2026 press blurbs cite EUR 256.5 billion. An INST mid-2025 ~EUR 248 billion working note is stale. Do not invent a USD headline.

Who is the current CEO of PGGM?

Edwin Velzel is Chief Executive Officer of PGGM N.V. He started in November 2017, was appointed for a third term in autumn 2025, and on 13 May 2026 announced he will leave at the end of 2026. The Supervisory Board (chair Marjanne Sint) has started the successor search. He remains current CEO until departure.

Who leads PGGM Investment Management?

Geraldine Leegwater is Chief Executive Officer Investment Management (chair of the statutory Board of Directors) as of 2 June 2025 per the PGGM Investment Management Annual Report 2025. Other statutory directors include Erik van de Brake (CTO), Lars Dijkstra (CIO – Asset Management), Gabriëlle Krapels (CPO), Arjen Pasma (CIO – Total Portfolio Management), and Danny Slots (CFRO IM).

Does PFZW / PGGM have a single official CIO?

Do not invent a single fund-level CIO title. PGGM Investment Management publishes two titled CIO roles: Lars Dijkstra (CIO – Asset Management) and Arjen Pasma (CIO – Total Portfolio Management). Geraldine Leegwater’s published title is CEO Investment Management / Chief Investment Management, not CIO.

What happened to Alexandra Phillippi and Joanne Kellermann?

Alexandra Phillippi, COO / Pensioenbeheer lead since 2018, departed the PGGM Executive Committee effective 1 May 2026; Georgette Fijneman became CEO of PGGM Pensioenservices from mid-June 2026 (PGGM press 3 March 2026). Joanne Kellermann stepped down as independent chair of the PFZW board on 1 July 2026 after serving since June 2019; Cateautje Hijmans van den Bergh started as independent chair on 1 July 2026 (PFZW news + 26 June 2026 personalia; DNB approved).

What was PFZW’s 2025 investment return and funding path?

PGGM IM / N.V. Annual Reports 2025: total investment portfolio return −3.6% (−€9.3 billion); assets declined to about €252 billion. Excluding the interest-rate hedge / Protection portfolio, underlying portfolio return was about 5.3%. PFZW’s funding ratio rose from 109.8% to 126.0% during 2025 as European rates rose. After the 1 January 2026 Wet toekomst pensioenen transition, PFZW no longer publishes a funding ratio and uses Pensioenkoers / investment results instead.

What did PFZW report for Q2 / H1 2026?

PFZW’s Q2 2026 press release: invested assets €268.4 billion at 30 June 2026; Q2 return 5.7%; first-half 2026 return 6.2%. Directeur John Landman highlighted the new-scheme transition, pension-income uplift for retirees after the switch, and personal insight letters for participants. Prefer EUR; do not invent USD conversions.

What is 3D investing?

PGGM’s published joint approach with PFZW weighs return, risk and sustainability as equal dimensions in every investment decision at total-portfolio level. Equities, Credits and Infrastructure were described as fully within the 3D framework in 2025, with other asset classes following. Strategy 2030 aims for PGGM IM to invest exclusively for PFZW (already achieved in public markets; intended end-state for private markets).

Is PGGM / PFZW a sovereign wealth fund?

No. PFZW is a Dutch sectoral occupational pension foundation. PGGM is a cooperative not-for-profit administrator and asset manager owned by PGGM Coöperatie U.A. It is not a sovereign wealth fund, not a central-bank reserve manager, and not a retail asset-management brand open to the general public.

How many participants does PGGM administer?

About PGGM (English, citing 30 June 2026): 5.8 million participants and €271 billion managed. Pensioenservices materials cite nearly six million participants across five funds: PFZW, PMT, StiPP, Bpf Schilders and Bpf Koopvaardij. PFZW alone serves nearly 3.1 million (former) healthcare and welfare workers.

Is the UAO Influence Index an official PGGM or PFZW rating?

No. Any Influence Index on Universal Asset Owners Registry cards is an editorial composite for navigation — not a credit rating, performance score, or official PGGM/PFZW metric.

Sources & further reading

• PGGM — About PGGM (EN) — €271bn / 5.8m participants at 30 Jun 2026; governance model.
• PGGM — Edwin Velzel to leave at end 2026 (13 May 2026).
• PGGM — Georgette Fijneman CEO Pensioenservices (3 Mar 2026).
• PGGM — Ernst Jansen CTO IM (Aug 2026; EUR 256.5bn at 31 Mar 2026 footer).
• PGGM N.V. Annual Report 2025 (PDF).
• PGGM Investment Management Annual Report 2025 (PDF) — AUM, returns, board.
• PFZW — Joanne Kellermann steps down (30 Mar 2026).
• PFZW — Cateautje Hijmans van den Bergh new chair (1 Jul 2026).
• PFZW Personalia 26 Jun 2026 (PDF).
• PFZW Q2 2026 press (PDF) — €268.4bn; +5.7% / +6.2%.
• PFZW — Pensioenkoers.
• PFZW — Geen dekkingsgraad meer.
• PFZW YouTube — tweede berekening (workers) (18 Mar 2026).

Official video

Official PFZW YouTube channel explainer on the second personal pension calculation under the new scheme (uploaded 18 March 2026). Embedded via YouTube nocookie for privacy-conscious playback.

Completeness note

This profile targets ~10k sourced words from opened PGGM/PFZW primaries (About pages, 2025 annual reports, 2026 leadership presses, Q2 2026 results, Pensioenkoers/Wtp pages). Non-blocking expansions if primaries open later: full PFZW 2025 jaarverslag PDF tables; live exclusion/voting PDFs; Cateautje Hijmans van den Bergh person SSR page (currently 404 on UAO); successor name when Velzel’s replacement is announced; Ernst Jansen biography fold after 1 September 2026 start.

Institution sitemap version for this ship: sitemap-registry-institution-2026-09-06z.xml with 27 location entries, appending /registry/institution/pggm-pfzw/ after EPFO as the 27th live elite. Theme package version uao 1.3.122 (next free after EPFO’s 1.3.121). Main assets/sitemap-registry-institution.xml mirrored to the 06z contents. Daily-refresh left disabled. Desk registry-people-desk-41.json untouched (sha prefix a13480ec21c4dc98). Parent SEO ping only — no CoS message (next batch at 30).