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P+ is a mutually owned pensions and insurance provider for Danish academics. As of May 2024, it invested in listed equities via Aberdeen Asset Management, C WorldWide Asset Management, Danske Bank Asset Management, Goldman Sachs Asset Management, Maj Invest, Nykredit, and State Street Global Advisors. It manages most fixed income in-house, apart from corporate credit, which is outsourced to Capital Four, Colchester, LGIM, Morgan Stanley, Pimco, Stone Harbor, and Wellington. Hedge funds, derivates and other specialist mandates are handled by Danke Bank, Moma Advisors, Morgan Stanley, and Nordea. P+ also invests in an extensive range of alternative investment funds, which are listed in detail on its website. These include private equity, high yield fixed income, investment grade credit, infrastructure, timberland, and property.
P+ implements a responsible investment policy across the whole portfolio, including climate, human rights, biodiversity, and tax themes, as well as sovereign ESG scores. The climate strategy involves both divestment from fossil fuels and active investment in renewable energy. With respect to the former P+ has divested from all the largest oil and gas companies and all companies with a revenue from extraction of coal. It also aims to exclude those companies with the aggressive oil and gas expansion plans.
As a member of the Net-Zero Asset Owner Alliance, P+ aims for climate neutrality by 2050. This involved reducing 2019-level emissions of equities, corporate bonds, and directly owned property by 45% by 2025. This should lead to a 65% reduction by 2030. P+ is also working towards having 15% of total assets invested in companies directly supporting the green transition by 2030, and has a ongoing programme of climate-focused engagement with investee companies.
P+ has subscribed to the Kunming-Montreal Global Biodiversity Framework and began working on nature-related work in 2023. It has joined the PRI’s Spring initiative and takes part in Nature Action 100. Following an initial assessment of the portfolio using UN-sponsored ENCORE tool provided by the Natural Capital Finance Alliance (NCFA), P+ is developing a dedicated nature-focused engagement programme with those investee companies with the largest biodiversity impact and exposure. It also discloses on various sustainability metrics via CDP.
In November 2024 P+ invested EUR 53 million in a new Global Goals Funds, which aims to channels capital to the private sector in African, Asian, and South American developing nations in order to help them towards the UN’s Sustainable Development Goals (SDGs). The new investment vehicle is a public/private partnership involving three other Danish pension funds and the Danish state.
