Heavyweight Nordic investment trio makes €4bn green infrastructure pledge

PKA, PenSam and Storebrand back new fund

Danish pension funds PKA and PenSam have partnered with Storebrand Asset Management to commit up to €4bn to a new green infrastructure fund, in a move that could see investment manager AIP double its assets under management. 

The trio will invest in a new fund from AIP, the Danish energy and infrastructure house set up by PKA in 2012. AIP was originally part of PKA, but now operates independently, allowing fellow pension fund PenSam to take a 10% stake in the firm in 2018, and co-invest in its debut infrastructure fund. 

The latest agreement will see Storebrand Asset Management join the pair, with new combined commitments of “up to €4bn”. AIP currently runs around €4bn in assets, meaning the new commitment from the three investors could double the firm’s overall size.   

Storebrand AM will enter as both a co-investor and a co-owner of AIP Management, becoming the first non-Danish partner.

"This marks the start of our expansion into infrastructure as an investor and asset manager and it enables us to further contribute to the green transition in an excellent way,” said Jan Erik Saugestad, CEO of Storebrand Asset Management. 

Last month, the Nordic Prime Ministers convened at the Nordic Council Session Week to discuss how efforts by the Danish public pension sector to invest DKK350bn in climate-related assets could be applied elsewhere in the region.