Shell Asset Management Co., the investment arm of Shell PLC, selected LGT Capital Partners to manage private markets investments for its five pension funds, a Shell spokesman confirmed.
The size of the allocation was not disclosed, but LGT said on its website it will manage a "multibillion" euro-denominated portfolio.
The appointment also sees six investment professionals, who are currently managing SAMCo's private assets portfolio, join LGT in The Hague, Netherlands, according to an LGT news release.
LGT will serve as SAMCo's exclusive manager, providing investment management and advisory services for private equity and infrastructure, effective June 1.
The total assets for Shell's defined benefit plans were $76.8 billion as of Dec. 31.