Investment Associate - Climate Growth Equity (CETS)

As an Investment Associate in the Climate and Energy Transition Solutions (CETS) team, you will contribute across the full investment lifecycle for innovative companies that develop and scale high-impact technologies. You will be closely involved in sourcing, evaluating, and executing new investment opportunities, while also providing active, hands-on support to portfolio companies as they scale real-world solutions for the energy transition.

You will join a small, high-performing team with significant responsibility and direct exposure to founders, management teams, co-investors, and other stakeholders. The role blends in depth analytical work with entrepreneurial involvement and sound judgment in uncertain environments.

Your responsibilities include:

•        Analyzing investment opportunities, including assessment of markets, technologies, business models;

•        Building and maintaining financial models for valuation, scenario analysis, sensitivity testing, investment structuring, and other financial analyses;

•        Conducting due diligence in close interaction with external advisors, co-investors, but also founders and management teams;

•        Translating diligence findings into clear, well supported investment cases and recommendations;

•        Preparing investment materials for the Investment Committee;

•        Actively supporting portfolio companies, including analysis of performance, review of board materials, valuations and reporting;

•        Identifying and evaluating investment themes and opportunities through proactive research and market engagement;

•        Contributing to impact assessment, including analysis of avoided CO₂ emissions.

PGGM is a Dutch pension fund service provider responsible for managing the pensions for different pension funds, their affiliated employers and employees, with more than €250 billion assets under management.

Climate and Energy Transition Solutions (CETS) is a €1 billion investment strategy of PGGM, launched in 2024. The strategy was established to invest in companies where climate impact is embedded in the core of the business and scales alongside commercial success. Approximately €800 million is allocated to direct equity investments managed by the team.

CETS focuses on opportunities across areas such as grid solutions, energy efficiency, circularity, sustainable fuels and carbon solutions. The team invests across growth equity and more asset backed strategies, partnering closely with founders and management teams as companies move from initial commercial deployment towards scalable growth.

Since its launch, CETS has built a portfolio of five companies. The team is growing and currently consists of four investment professionals. CETS works closely with the PGGM’s Infrastructure and Private Equity teams and invests primarily in developed European markets, with a strong focus on the Netherlands.

You are analytically strong, intellectually curious and motivated to work with companies where climate impact and commercial success go hand in hand. You are comfortable operating in an entrepreneurial, small, professional team with a high degree of responsibility.

Qualifications & Skills

·      2 to 4 years of relevant professional experience in growth equity, private equity, venture capital, investment banking or top tier strategy consulting;

·      Strong academic background, preferably a Master’s degree in engineering, natural sciences, or a related technical/quantitative field (a Master’s in finance, economics, or similar is also acceptable);

·      Proven ability to analyse companies, markets and business models in a structured and commercially rigorous way;

·      Affinity with climate and energy transition topics is essential. Prior sector experience is helpful but not required;

·      Excellent written and verbal communication skills in English.

Key traits:

·      Investor mindset: intellectually curious, critical and able to form an independent, well-reasoned view;

·      Ownership and accountability: takes responsibility, delivers results, and maintains a high standard of quality and attention to detail;

·      Entrepreneurial attitude: proactive, action oriented and eager to learn, comfortable exploring ideas without having all the answers upfront;

·      Commitment: willing to go beyond what is strictly required when the situation calls for it;

·      Team oriented and principled: open and honest in collaboration, constructive in giving and receiving feedback, and acts with integrity.

CETS offers the opportunity to work in a small, growing and entrepreneurial investment team within a leading institutional investor. The team operates with a flat structure, short decision lines and close collaboration, combining professional rigor with an open and honest working culture.

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 mid of 2028, in the center of Utrecht.
• A gross monthly salary in scale 16 between 5.679 and 8.114 based on 40 hours, depending on your knowledge and experience.
• A thirteenth month.
• Variable pay.
• 8% holiday 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.
• More than 29 vacation days (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).
• 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.

Please upload a university gradeslist together with your resume for your application.

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.

The application deadline for this role is March 29th.

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.