PenSam, Farum, Denmark, hired Queensland Investment Corp. to manage €300 million ($328 million) in private equity investments, confirmed Jeppe Starup, head of private capital and real assets at the multiemployer pension plan.
The allocation, which is funded mainly from public equities, will be invested over three years through both co-investments and fund commitments, with a focus on lower-middle-market buyouts.
The investments will be in high-growth companies valued at between €100 million and €1 billion.
Mr. Starup said the decision to partner with QIC was premised on finding a like-minded organization with a compelling track record in the field to help deliver investment outcomes for plan participants.
"It is of great importance to us to work with someone who shares our philosophy and where we enter as equal partners in a close collaboration with a common goal. This includes a strong focus on the consideration of ESG factors and long-term value creation," he said in a news release.
PenSam has €22 billion in assets. The pension fund's private equity portfolio has €1.5 billion in assets.