Different assets, different risks
Private equity is ownership in unlisted companies. Private credit involves lending outside publicly traded markets. Infrastructure may include energy or transport projects. Hedge funds use varied strategies; their label alone says little about risk.
These investments can broaden a portfolio, but do not guarantee higher returns or inflation protection. Projects may generate disappointing income, companies may lose money and borrowers may default. Financing, currency and concentration can add risk.
Valuation and access to cash
Assets without daily exchange prices may be valued using models and estimates. Less visible price movement does not automatically mean lower economic risk. Selling may be difficult, expensive or temporarily impossible. Funds must therefore consider benefit payments, other cash flows and possible collateral obligations.
DNB stresses that growing private investment can be used responsibly only when its risks are understood and managed. The prudent-person rule concerns investment in members' and beneficiaries' interests and the portfolio as a whole.
Costs and pension rules
Ask how management charges, performance fees and other expenses affect net results. There is no universal cost or return for all private investments. Read your fund's annual report and specific arrangements.
New pension rules do not automatically allow members to choose every investment themselves. Risk allocation depends on the scheme and fund policy. There is no standard alternative-assets percentage for every fund or older member. Ask how your scheme manages liquidity, valuation and allocation.
What does BPH do?
Bureau Pensioen Hulp has no AFM licence. BPH provides general education and, on request, can introduce you to an external adviser using contact details only. BPH does not provide personal product recommendations, compare products for you or mediate in arranging them. Check an external adviser’s authorisation, services and fees yourself.
Frequently asked questions
Are higher returns guaranteed?
No. Extra risk or limited ability to sell does not guarantee extra return.
Does a stable valuation mean low risk?
Not necessarily. A model valuation can behave differently from a daily market price.
Sources and reference date
Reference date: 28 October 2026. Check your own scheme and current conditions before deciding.