APG tops up MaxCap mandate

APG Asset Management has topped up its mandates with MaxCap, deploying another $557 million ($US400m) to invest across Australian real estate.

The discretionary mandate will continue to invest in first-mortgage loans across all real estate sectors with a primary focus on the living sector and flexibility to invest across other sectors.

MaxCap currently oversees $1.3 billion in assets on behalf of APG's pension fund clients, a partnership that was established 2019.

At the time, the Dutch pension fund investment manager allocated $300 million to MaxCap to invest in Australian commercial real estate debt with the option of investing up to $600 million.

In 2022, APG exercised the option to double its investment to $1.2 billion.

Commenting on the additional mandate, MaxCap executive chair Wayne Lasky said: "Our partnership with APG has grown from a strong foundation of shared values - disciplined credit underwriting, rigorous governance and a genuine commitment to delivering strong risk-adjusted returns. Together, we have successfully implemented two high-performing closed-ended mandates."

APG head of alternative credits Menno van den Elsaker said: "This mandate forms part of APG's broader private credit allocation and reflects our conviction in real asset credit as an attractive source of long-term risk-adjusted returns for our pension fund clients. Australian commercial real estate credit continues to offer compelling opportunities, supported by strong market fundamentals and an established lending environment."

APG's private credit portfolio also invests in regions outside of Europe and the US.

Palisade Real Assets and APG recently completed the acquisition of Lemvig Biogas in Denmark, marking BioticNRG's first investment outside the UK.

In early 2026, Aware Super, APG and third institutional investor acquired a 31.3% stake in the restructured European Outlet Mall Venture (EOMV) platform from Allianz accounts, which was managed by PIMCO.

At June-end, APG managed more than $1 trillion (€639bn) on behalf of Dutch pension funds that have about 4.6 million participants.