After Danish pension provider Velliv dismissed its entire alternatives team earlier this year as part of a broader strategic shift towards passive strategies, its former Senior Portfolio Manager for real assets has found a new role at another pension fund. Tobias Hasforth Elf-Pedersen has now joined Lærernes Pension as Senior Portfolio Manager focusing on infrastructure. Lærernes Pension manages pension schemes for teachers in Denmark.
“I’m excited to share that I’m starting a new chapter today as Senior Portfolio Manager at Lærernes Pension, focusing on infrastructure funds,” announces Elf-Pedersen. “Big thanks to Tobias Friis for the opportunity, I’m really looking forward to working together.” Elf-Pedersen will report to Tobias Friis, Head of Private Markets at Lærernes Pension, who oversees investments across private equity, real estate, infrastructure, and timberland.
“I’m excited to share that I’m starting a new chapter today as Senior Portfolio Manager at Lærernes Pension, focusing on infrastructure funds.”
At Velliv, Elf-Pedersen moved up from Portfolio Manager for infrastructure to Senior Portfolio Manager responsible for the entire allocation to infrastructure and timberland funds. Despite the strong performance of its alternatives portfolio, Velliv announced the dismissal of its entire Alternatives team earlier this year as part of a broader strategic shift from active management to passive strategies. As of mid-2024, approximately 10 percent of Velliv’s €45 billion portfolio was allocated to alternative investments, including private equity, private credit, liquid alternatives such as trend-following CTAs and commodities, as well as infrastructure and timberland.
As of the end of 2024, Lærernes Pension had DKK 7.7 billion invested in infrastructure, representing approximately 5.2 percent of its total portfolio. Within the private markets allocation, infrastructure is one of the largest components, accounting for 28 percent – just behind real estate. The private markets team led by Tobias Friis manages a total of DKK 26.8 billion across private equity, real estate, infrastructure, and timberland.