APG's outgoing infrastructure head Jan-Willem Ruisbroek explained the €615bn pension fund manager's move toward domestic infrastructure investments and direct deals. The interview highlights a strategic shift away from traditional external fund structures.

The Netherlands-based investor is prioritizing home bias as geopolitical tensions and supply chain concerns reshape portfolio construction. Direct investment allows APG to capture more value and reduce fees typically paid to external managers.

Ruisbroek emphasized operational expertise gained through hands-on asset management during his tenure. His departure marks the end of a significant era for APG's infrastructure division as the organization transitions to new leadership.

The strategy reflects broader pension fund trends favoring simpler structures and fee efficiency amid evolving market conditions.