Barings

Many Dutch pension funds want to scale up impact allocations, particularly in private markets. But ambition can collide with reality when strict impact definitions shrink the investable universe and constrain diversification. Different shades of impact may offer a balance, yet this raises another question: are investors getting the kind of impact they want?

Dutch pension funds are steadily expanding their private credit portfolios, yet one segment remains largely unexplored: commercial real estate debt. Despite its long history and growing relevance across Europe, the asset class rarely features in ALM studies or strategic investment discussions.