APG appoints Schroders Capital for €425m inaugural infrastructure debt allocation

News release - 18 September 2025

world’s largest pension investors, has committed €425 million to its infrastructure debt team.

Representing APG’s first allocation to infrastructure debt, Schroders Capital has developed a tailored investment solution to capture the growing opportunity set in the infrastructure debt investment universe that also aligns with APG’s sustainability and impact requirements.

Leveraging Schroders’ deep expertise in impact investment, a dedicated impact sleeve forms part of the APG mandate. This component enables capital deployment across infrastructure debt assets that directly contribute to APG’s clients’ priority impact themes, including climate change, the energy transition, enhancement of waste management and the circular economy, as well as workplace safety1. APG’s allocation reaffirms Schroders’ commitment to delivering high-impact strategies across global asset classes, providing institutional and wealth investors with solutions that align with their dual investment and impact objectives2.

This commitment also marks APG as a cornerstone investor in Schroders Capital’s newly launched strategy, focused on high-yielding infrastructure, also known as ’HENRI’. The strategy invests on a diversified basis across a range of sectors in the European infrastructure mid-market.

Since inception of the infrastructure debt team’s investment track record in 2012, the franchise has established itself as a leading alternative lender in European infrastructure debt, having deployed over €9bn in over 200 transactions to date.

Menno van den Elsaker, Head of Alternative Credits at APG, said: ​
​“With our first steps into infrastructure debt and a growing commitment to impact credit, we’re aligning capital with purpose—delivering long-term value while addressing global challenges. The expansion into real asset credit is a natural evolution of our clients’ strategy, and we’re engaging with partners who share our ambition to drive measurable outcomes.”
Jerome Neyroud, Head of Infrastructure Debt at Schroders Capital, commented:
​“As a first mover in the European sub-investment grade infrastructure debt market, our leading platform continues to grow. We are delighted to have been selected by APG to manage their inaugural infrastructure debt allocation; this is testament to our expertise and underscores our shared commitment to investing in critical infrastructure.
​“Infrastructure debt continues to offer stable cashflows, even in periods of volatility, making it a valuable portfolio diversifier – a particularly pertinent factor, not least in today’s market environment.”
Maria Teresa Zappia, Global Head of Impact, Schroders, added:
​“We are proud to partner with forward-thinking institutions like APG. Their commitment highlights the compelling opportunity in European infrastructure debt for pension fund capital – tapping into global megatrends and creating real-world impact while delivering the desired financial returns.
​“Our philosophy is grounded in intent, contribution, measurement, and financial performance – all underpinned by rigorous management, measurement practices, and independent governance. We have leveraged the BlueOrchard impact practice and worked closely with the infrastructure investment team to embed and scale impact, while also delivering on our aim to bring diversification and financial returns. Building this tailored portfolio for APG has been a truly rewarding experience, and we look forward to deepening our partnership.”

1 Each impact asset demonstrates positive alignment to the UN Sustainable Development Goals in line with the Sustainable Development Investments Asset Owner Platform (SDI AOP) methodology. The positive impact will be demonstrated through the systematic collection of impact metrics aligned to the IRIS+ taxonomy, a globally recognized system that standardises social and environmental outcomes in impact investing.

2 Recognised by Bluemark as Impact Practice Leader2, Schroders has developed a comprehensive impact framework, in partnership with its specialist impact investor BlueOrchard, spanning listed and private assets.

Media contact

Wim Heirbaut

Senior PR Consultant, Befirm

APG

As the largest pension services provider in the Netherlands APG manages approximately €616 billion (June 2025) in pension assets for 4.6 million participants. APG provides executive consultancy, asset management, pension administration and pension communication. With approximately 4,000 employees we work from Heerlen, Amsterdam, Brussels, New York, Hong Kong, and Singapore. We work for pension funds and employers in the sectors of education, government, construction, cleaning, housing associations, sheltered employment organizations, medical specialists, and architects.

Further details can be found on APG’s website https://apg.nl/en/

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Schroders Capital

Schroders Capital provides investors with access to a broad range of private market investment opportunities, portfolio building blocks and customised private market strategies. Its team focuses on delivering best-in-class, risk-adjusted returns and executing investments through a combination of direct investment capabilities and broader solutions in all private market asset classes, through comingled funds and customised private market mandates.

The team aims to achieve sustainable returns through a rigorous approach and in alignment with a culture characterised by performance, collaboration and integrity.  

With $111 billion (£81 billion; €94.5 billion)* assets under management, Schroders Capital offers a diversified range of investment strategies, including real estate, private equity, secondaries, venture capital, infrastructure, securitised products and asset-based finance, private debt, insurance-linked securities and BlueOrchard (Impact Specialists). 

*Assets under management as at 30 June 2025 (including non-fee earning dry powder and in-house cross holdings)

Schroders plc

Schroders is a global investment manager which provides active asset management, wealth management and investment solutions, with £776.6 billion (€906.6 billion; $1064.2 billion) of assets under management at 30 June 2025. As a UK listed FTSE100 company, Schroders has a market capitalisation of circa £6 billion and over 5,800 employees across 38 locations. Established in 1804, Schroders remains true to its roots as a family-founded business. The Principal Shareholder Group continues to be a significant shareholder, holding approximately 44% of the issued share capital.

Schroders' success can be attributed to its diversified business model, spanning different asset classes, client types and geographies. The company offers innovative products and solutions through four core business divisions: Public Markets, Solutions, Wealth Management, and Schroders Capital, which focuses on private markets, including private equity, renewable infrastructure investing, private debt & credit alternatives, and real estate.

Schroders aims to provide excellent investment performance to clients through active management. This means directing capital towards resilient businesses with sustainable business models, consistently with the investment goals of its clients. Schroders serves a diverse client base that includes pension schemes, insurance companies, sovereign wealth funds, endowments, foundations, high net worth individuals, family offices, as well as end clients through partnerships with distributors, financial advisers, and online platforms.

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