Dutch fiduciary manager PGGM is considering the sale of its internal managed account platform following a decision by its main client to drop its hedge fund investments, said Ruulke Bagijn, chief investment officer of private markets at PGGM.
The €161.7 billion ($184.5 billion) Pensioenfonds Zorg en Welzijn, Zeist, Netherlands, announced last month that it had eliminated its $5 billion hedge fund portfolio and moved the assets into the global equity portfolio, said a statement on PGGM's website.
“As a consequence of PFZW's decision to exit hedge funds, PGGM has been approached by interested parties about a potential acquisition of the platform,” Mr. Bagijn said in an e-mailed comment. “PGGM is currently evaluating the different options for the future of the platform.”
The manager has operated its own managed account platform since 2010. It was built for hedge fund investments, Mr. Bagijn said, but “can facilitate any investments where the preferred vehicle is an Irish QIF structure.” The platform, called Institutional Managed Account Platform, or IMAP, is based on Irish qualifying investment fund structures – a type of investment fund regulated by the Central Bank of Ireland.
“The platform is a plug-and-operate system, where template contracts exist with a suite of different service providers,” Mr. Bagijn added.