Fondo Pensione Pegaso, the €1.5bn pension scheme for Italian utility sector employees, has appointed four new asset managers to oversee €600m in its ‘Bilanciato’ sub-fund.
The fund has awarded mandates to PIMCO, AXA Investment Managers, Generali Investments, and Amundi to manage the ‘Bilanciato’ portfolio, which allocates 70% to fixed income and 30% to equities, according to Pegaso’s 2024 financial statement.
Asset allocations within the sub-fund are now divided as follows: Allianz Global Investors manages €168m, Generali €123m, and both PIMCO and Amundi oversee €121m each. The managers replace Credit Suisse Asset Management, Anima, Payden & Rygel, and Candriam.
The reshuffle comes as Pegaso updates its investment strategy, extending the duration of its bond holdings and introducing new benchmarks across both its ‘Bilanciato’ and ‘Crescita’ sub-funds to support broader global diversification.
In addition, Pegaso amended its mandate with StepStone in April to increase its strategic exposure to private debt via the Bilanciato sub-fund. The move is part of a broader initiative to scale up commitments to private markets in coordination with fellow industry-wide pension schemes Fondo Gomma Plastica, Fopen, and Previmoda.
The reshuffle of mandates coincides with the launch of a new member savings offering, which includes the replacement of the ‘Dinamico’ sub-fund with ‘Crescita’. The ‘Crescita’ strategy reverses the ‘Bilanciato’ allocation, investing 70% in equities and 30% in bonds.
According to Pegaso’s updated investment policy, in effect since April, ‘Crescita’ may also allocate up to 20% to alternative investment funds (AIFs). A portion of the portfolio is already invested in one private equity and one private debt AIF.
The sub-fund’s exposure to emerging market equities is capped at 10%, with a similar 10% limit for listed corporate debt. Investments in high-yield bonds are prohibited under the new guidelines.
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