BlackRock has secured a mandate to manage nearly €70 billion in assets for the Dutch construction sector pension fund, BpfBouw. The firm outperformed competitors Goldman Sachs Asset Management and Achmea Investment Management to win the contract.
BpfBouw, which held approximately €66.3 billion in assets at the end of 2025, selected BlackRock for its global scale and fiduciary capabilities. The pension fund currently maintains a funding ratio of 141% on an actual basis and 133.1% on a policy basis.
The new mandate replaces APG Asset Management. The transition was prompted by structural changes in the Dutch pension system and restrictions related to APG's ties with the civil service pension fund ABP, which must be resolved by mid-2030.
This win offsets losses from 2025, when BlackRock lost mandates worth €14.5 billion from PFZW and €5 billion from PME due to concerns over ESG performance. BlackRock currently manages over €350 billion for clients in the Netherlands.
