Deals
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
This article is for subscribers only.
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.