Alternatieve beleggingen: wat waarom en hoe

Een duurzaam FTK

In a low interest environment alternative investments become more appealing for pension funds searching for yield. That’s because these investments typically generate stable cash flows, such as infrastructure and real estate investments.

If a creditworthy counterparty provides the stable cashflows, the risk attached to these investments is low, so that a high capital requirement to cover fort he risk that an investment may not be sound after all, may not reflect the real lower risk to which the pension fund is exposed.

Mr Weijgertze suggested that to pension fund financial framework regulation will be added so called ‘qualifying investments’ as per the solvency 2 directive taht applies to insurance companies.

Duurzame alternatieve beleggingen

Onno de Lange gave a brief presentation why some alternative investments may be labeled as "sustainable" and why defining them seperately may contribute to a more realistic risk profile. For example, if an alternative investment should be defined as sustainable, then real risks of this alternative investments should be measured, as opposed to current legislation that automatically puts a capital requirement of say 50% if a pension fund whish es to invest in private equity. That means that out of every 100 euro a pension fund wished to invest in the category of private equity, 50 euro may not be invested, earning no return.

If, for example, a pension fund would want to invest in energy infrastructure and the counter party is a local government (City of Rotterdam, for example) or a major multinational comapny (say Shell), then a 50% capital requirement would be overstrectching the real risk this pension fund would be exposed to.

The Institute for Pension Education is lobbying to that effect.

Private equity als duurzame alternatieve belegging

Privaat schuldpapier

ESG in IORP II implementatie

In the European IORP 2 directive states that pension funds must have a policy how they incoprate environmental, social and governance factors to assess the risks attached tot heir investment portfolio. They must also account fort heir policy and report about it.

EY has developed a tool to monitor these risk real time.