With assets of $ 150 billion, Stich-ting Pensioenfonds ABP is the biggest pension fund in Europe, widely admired for its sophisticated investment strategy. Until last year, though, the retirement plan for Dutch civil servants had never made an infrastructure investment. Then in April it bought an undisclosed but reportedly substantial stake in a European infrastructure fund sponsored by Australia's Macquarie Bank. "Infrastructure is appealing because it is not closely correlated to financial assets and therefore reduces risk," says Robert Coomans, head of special projects at ABP Investments in Amsterdam. "In addition, the yield is similar to that of real estate, but the cash flows are more stable."
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