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Pension Funds Sink Billions Into a Whole New World of Risk

  • Once-staid investors hunt returns in CLOs, Spanish toll roads
  • Build-up of illiquid investments causes regulatory concern
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For decades Dutch pension cash flowed to the place most likely to deliver steady and safe returns: government bonds.

No longer. Now the investor behind the Netherlands’ biggest pension fund is channeling retirement savings to a Belgian airport, a bicycle parking lot in Utrecht and toll roads in the U.S. and Spain.