Associate Investment Manager Infrastructure

We are looking for an experienced and dynamic Associate Investment Manager to join our team. As Associate Investment Manager (sector agnostic) you will play a central role in the full investment cycle from investment strategy and research to, deal execution  and asset management and divestment activities. Cross-over work in all sector verticals of the Infrastructure department will be required. The role requires strong analytical and financial skills and business acumen as well as leadership and communication skills. Frequent travel is to be expected. 

Key responsibilities 

• Perform sector analysis and market mapping research 
• Lead the financial analysis and financial modelling 
• Contribute to the development of the investment thesis and structure 
• Manage the due diligence process and lead specific workstreams 
• Coordinate the internal and external transaction process 
• Prepare internal documents such as investment proposals 
• Challenge the performance of portfolio companies and identify opportunities for improvement 
• Mentor junior investment professionals 

PGGM Infrastructure 

PGGM is a leading Dutch pension fund administrator and asset manager servicing several Dutch pension funds and acting on behalf of more than 5.8 million participants. PGGM manages over EUR 255 billion worth of assets on behalf of its clients (per Dec 2025). 

PGGM Infrastructure is a globally recognized top tier institutional direct investor. The team currently manages a globally diversified, open ended, direct infrastructure equity fund with approximately EUR 15 billion worth of assets. The fund is focused on Europe and North America and predominantly invested in core infrastructure assets. In addition, the team actively supports, together with the direct Thematic team, the implementation of the Climate and Energy Solutions strategy (CETS). CETS is a newly launched EUR 1 billion impact strategy.  

The Infra team currently consists of approximately 40 professionals and is located in the wider Utrecht region in The Netherlands. The team is organized in four sector teams: Energy & Utilities, Transportation, Digital and Social & PPP. The core of our investment philosophy is founded in strong sector knowledge, a proactive approach to opportunities, and create sustainable value for all stakeholders through active asset management. The team is diverse and internationally oriented.  

You have 3 to 5 years of relevant experience (preferably) in the broader Infrastructure / Real assets space and can demonstrate a thorough understanding of the relevant industry dynamics. You are familiar with the private investment environment and transaction process.  

• You have 3-5 years of relevant experience, preferably in the broader Infrastructure space 
• Analysis: Demonstrates deep analytical understanding of infrastructure business models, including ability to conduct and manage detailed financial analysis and financial modelling. 
• Leadership: A strong team player, effectively leading transaction teams, liaising with internal and external counterparties and to deliver results. 
• Education: An advanced degree (at least Master's, MBA, or equivalent) in Finance, Business Administration, Engineering and/or other relevant fields. 

Core competencies  

• Strong analytical and financial skills 
• Results driven. 
• Investor mindset: understands the business model that generates financial return, critical on your own and others’ assumptions, independent thinking, opportunistic yet risk aware 
• Accountable and reliable 
• Leadership: ability to mentor junior colleagues, focused on your own development, give and seek feedback 
• Respect and integrity 
• Fluent in English 

At PGGM we are proud of our core values: trust, teamwork and innovation. These values arose from the best stories of our colleagues, moments when they were at their best. We believe those moments occur when you can be 100% yourself. At PGGM, we value the unique combination of your personal and professional attributes. Because what really counts at PGGM are people, one hundred percent! At PGGM, you can count on: 

• A pleasant workplace at our office in Zeist and, from the beginning of 2028, in the center of Utrecht. 
• A gross monthly salary in scale 16 between 5.117 and 7.310 based on 36 hours, depending on your knowledge and experience. 
• A thirteenth month and variable pay
• A good pension scheme as a member of the PFZW pension fund (71% paid by PGGM, 29% by the employee). 
• An annual Fit for the Future budget of €300 net, which you can use to improve your mental, physical, or financial fitness. 
• A generous training budget for internal and external training courses or education. 
• 30 vacation days based on 40 hours per week, which is applicable to this role (employees can choose to swap up to two national Christian holidays for a day that is important to them). 
• Flexibility in working hours and working from home options. 
• A net internet allowance of €45 per month (€540 per year). 
• Group discount on supplementary health insurance (21% in 2024) and dental insurance (15% in 2024). 
• A work-from-home arrangement with a maximum allowance of €900 to set up a health and safety-compliant home office. 

You can find more information about our terms of employment and salary scales in our collective labor agreement. 

You are most welcome to apply through our webiste, via the blue button.

Applications via mail will not be reviewed, we kindly request you to apply through the website in order to comply with GDPR regulations. Click here to learn more about how we process your personal data.

Please contact Tijmen, recruiter, via tijmen.muller@pggm.nl for more information about the role.

We always communicate via official PGGM email addresses (@pggm.nl). Have you been approached by a third party and/or are you unsure whether the contact is genuinely on behalf of PGGM? Feel free to check whether there is a legitimate collaboration with third parties by emailing or calling us.

We are only able to consider individuals with a valid work permit/visa for The Netherlands. Pre-employment screening is an integral part of the selection procedure.