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PGGM is increasing its commitment to BAM PPP PGGM Infrastructure Coöperatie U.A. by €100 million. This brings the total committed funding to €425 million of which €286 million has been invested in existing projects and allocated to new projects to date. It is the intention of both parties to continue to monitor the utilization of the additional funding and further increase the commitment when required.
This increase is a result of the joint venture currently achieving the expectations of both joint venture partners. Primarily the successful completion of the identified existing project transfers from BAM PPP's portfolio, new projects won since the joint ventures inception in 2011 and the positive pipeline of PPP project opportunities going forward.
The objective of the joint venture remains to provide a long-term partnership to invest in the developing social and transport PPP markets in the Netherlands, Belgium, the United Kingdom, Ireland, Germany and Switzerland.
BAM PPP retains full responsibility for bid management for new projects and the provision of asset management services to the joint venture and will represent the joint venture in its transactions. PGGM is a supportive investor generally providing 80 percent of the required capital for projects. The board of the joint venture is formed on an equal basis between the parties.
PGGM is a cooperative Dutch pension fund service provider. Institutional clients are offered: asset management, pension fund management, policy advice and management support. On 1 March 2014 PGGM has €158.5 billion in assets under management.