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PFA Pension

Pension fund · Founded 1917 · Copenhagen Municipality, Denmark

#751 LP Ranking #12 European pension fund · European emerging managers

Aims to provide financial security for over 1.3 million Danish customers, offering pension investments, health services, and senior solutions

84 VC firms backed
$100B AUM
~$3.0B Allocated to VC (est. 3%)
01 · Background

Who PFA Pension is.

Historical Background
PFA Pension was established in 1917 by a group of Danish labor organizations to provide workers with financial security in retirement. The institution is headquartered in Copenhagen, Denmark, and has grown to serve more than 1.3 million individual customers along with thousands of corporate and organizational clients.
Source of Capital
PFA's capital is primarily sourced from pension contributions made by individuals and corporate clients for whom it manages pension schemes. The company operates under a model where profits are returned to customers, with only a legally stipulated, minor dividend being payable to its owner, PFA Holding A/S.
Allocation Strategy
PFA allocates a significant portion of its portfolio to alternative investments, including real estate, infrastructure, and private equity. The fund invests globally across various asset classes, including listed equities and bonds, to ensure diversification. PFA's investment approach incorporates a strong focus on environmental, social, and governance (ESG) factors, aiming to generate responsible and sustainable long-term returns.
02 · Fund commitments

The funds PFA Pension backs.

PFA Pension is a limited partner in 84 funds. 3 of them place in the Power Law Investor Ranking; those lead, best-ranked first.

Polaris Partners
United States
#181 Power Law
Blackstone
United States
#240 Power Law
Heartcore Capital
Denmark
#358 Power Law
3i Group
United Kingdom
A.P. Møller Capital
Denmark
A.P. Moller Holding
Denmark
Aberdeen
United Kingdom
Access Capital Partners
France
Akinapartners
Switzerland
Altius Associates
United Kingdom
Altor Equity Partners
Sweden
Angelo Gordon
United States
03 · Allocation

How PFA Pension’s fund book is spread.

The 84 funds PFA Pension backs, by where the manager is headquartered and how many funds that manager has raised.

Where those managers are based

By fund headquarters, across the 82 of 84 with a location on record.

  • Europe 5466%
  • North America 2429%
  • Rest of world 45%

Denmark 27 · United States 24 · United Kingdom 9 · France 4

How established those managers are

Managers grouped by how many funds they have raised — across the 48 of 84 with a fund history on record.

Emerging funds · 15
Established funds · 33
7 1
6 2
2 3
5 4
9 5-6
7 7-9
4 10-14
8 15+
Funds raised by the manager
04 · Direct investments

The companies PFA Pension backs directly.

PFA Pension holds 1 company directly, separate from the funds it commits to as a limited partner.

Northvolt
Energy · Sweden