Stichting leads global pension funds in private infrastructure allocation

Netherlands-based Stichting Pensioenfonds ABP ranked as the largest global pension fund allocator to private infrastructure by dollar value, according to data from With Intelligence, a part of S&P Global Market Intelligence.

Stichting's total infrastructure holding stood at $38.78 billion as of Sept. 14. This allocation represents 6.2% of its total assets under management as of end-2025, the latest figure available.

The data covers pension funds with allocation to infrastructure funds that invest in assets in energy and utilities, social infrastructure, digital and communications, including data centers, transportation and logistics, as well as energy transition and renewables.

The Dutch pension plan's allocation to infrastructure has increased over the past two years. As of end-2023, its allocation to the asset class was $29.41 billion, representing 5.3% of its total AUM during the period.

Over the next 12 to 18 months, Stichting plans to commit up to €800 million to global core infrastructure funds, with a focus on energy transition, With Intelligence reported in August.

Stichting's planned increase in exposure to infrastructure mirrors the broader trend among pension funds. In a survey conducted by placement agent Campbell Lutyens & Co. Ltd. of about 75 public and corporate pension funds in summer 2026, more than half of the respondents said they plan to increase their infrastructure deployment over the next 12 to 24 months, while only 4% plan to reduce it.

Canadian pension funds Public Sector Pension Investment Board, Ontario Municipal Employees Retirement System and Canadian Public Service Pension Plan, as well as Dutch pension fund Pensioenfonds Zorg & Welzijn complete the top five pensions with the largest actual dollar allocation to infrastructure.

Protection from inflation

Pension funds and other institutional investors rely on infrastructure funds to provide protection from high inflation, as investing in these assets often include built-in inflation hedges through contractual escalators, said Edmund Abel Smith, managing director at Campbell Lutyens.

"Let's say, you've got a contract for an infrastructure asset, there might be an escalator built in. Every year, it rises at a certain percentage point, which then protects against inflation," Smith said.

"Even in slightly more volatile market conditions, infrastructure is seen as a potential safe haven or an important part of the portfolio to maintain."

Pension funds also allocate to private infrastructure because these assets have long-term cash flows that align naturally with pensions' long-dated liabilities and payout obligations.

"With infrastructure, often these assets have long-term horizons, long-term concessions, long-term contracts. These can match pension payout profiles," Smith said.

Over, under allocation

Among global pension funds, Public Sector Pension had the largest gap between target and actual allocation. The Canadian pension plan's actual allocation in infrastructure stood at $22.99 billion—$6.99 billion short of its target.

Over the next 12 to 18 months, Public Sector Pension aims to make new infrastructure commitments, with a focus on infrastructure debt across North America and Europe, according to a January report from With Intelligence. Typical ticket size will range between C$100 million and C$750 million.

Pensioenfonds Zorg & Welzijn had the highest net allocation to infrastructure, with an actual allocation of $16.99 billion, exceeding its target by $1.76 billion.