The Don't Get Fired Podcast by Stanford Long-Term Investing PGGM's Geraldine Leegwater: Preparing An Investment Organization For TPA in 3D
5 snips
Dec 15, 2025 
Geraldine Leegwater, CEO of PGGM Investments, brings a wealth of experience from her career in pension fund management. She discusses transforming PGGM's investment strategy by transitioning to a total portfolio approach that embraces risk, return, and sustainability. Geraldine highlights the challenges of shifting from slow, siloed processes to a more agile and digitally-enabled model. She emphasizes the importance of aligning incentives across the organization, the cultural changes required, and the long-term responsibility of integrating sustainability into investments.
AI Snips
Chapters
Transcript
Episode notes
Scale And Liability-Driven Structure
- PGGM manages about €250 billion for roughly 3 million healthcare and social sector participants.
- A large portion of assets sits in a liability-hedging portfolio because of a Dutch defined-benefit framework.
Integrate Sustainability As A Core Dimension
- PGGM moved from a 2D to a 3D approach that integrates risk, return, and sustainability across the whole portfolio.
- This required redesigning process, organization, incentives, and digital tools to enable total portfolio management.
Start With Process Requirements, Then Controls
- Design the investment process from a clean sheet focused on required outputs before layering controls.
- Treat being "in control" as an outcome, not a constraint on redesign.