Since 2006 PGGM has been investing in on-balance-sheet securitisations on behalf of PFZW, the Dutch pension fund for the care and healthcare sector. We call these ‘Credit Risk Sharing’ (“CRS”) transactions as this name better reflects their nature and purpose in our portfolio.
Below we provide a high level overview of what CRS transactions are, and why and how we invest in CRS. We further share more detailed aspects of CRS transactions and how we diligence and structure these to ensure risks are adequately understood and mitigated where possible. Additionally, we offer insights into Responsible Investment considerations in CRS, as well as information regarding regulations that impact CRS transactions.
llustrate that we are one of the most experienced and largest active investors worldwide in this segment of the market.
The portfolio consists of 48 transactions as of end 2025
All market-leading banks
€ 6.4 billion as of end 2025
As of end 2025
It is a core belief of PGGM Asset Management that long-term value creation can only be achieved by combining financial return, risk, and sustainability
Regulation has a profound impact on CRS and continues to shape the market both directly and indirectly. There is a great variety of legal rules that affect the economic efficiency and structuring of CRS, with significant differences across jurisdictions.
On the 17th of June 2025, the European Commission (EC) published its proposals for the targeted adjustments to the EU Securitisation Regulation (SECR) and to the Capital Requirements Regulation (CRR). The EC aims to unlock the potential benefits of securitisation for the European economy by addressing existing regulatory challenges as part of the Savings and Investment Union (SIU) strategy.
The CRS mandate is managed by the team, part of PGGM’s private markets platform.The CRS team consists of 22 professionals with a diverse set of backgrounds and skills.
For questions please contact Barend van Drooge.
