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The largest Swiss public pension funds are BVK, the canton of Zurich’s staff fund (USD 57.5 billion, CHF 46.0 billion), PUBLICA, the federal fund (USD 56.2 billion), CPEG in Geneva (USD 29.9 billion), the City of Zurich fund PKZH (USD 29.8 billion) and the Bernese cantonal fund BPK (USD 22.3 billion), then Vaud, Basel-Stadt, Aargau, St Gallen and Basel-Landschaft at USD 15 billion to USD 21 billion each. All ten name their managers, advisers and custodian in their 2025 accounts. This guide ranks them.
Key Takeaways
- Switzerland’s 65 public-law pension funds held CHF 292 billion (USD 366 billion) at the end of 2024, 24% of a second pillar of 1,292 funds and CHF 1,221 billion (USD 1.5 trillion) (Federal Statistical Office). The ten below hold about CHF 231 billion (USD 288 billion) between them on their 2025 accounts.
- The top ten returned between 4.5% and 8.7% in 2025 and their funding ratios run from 75.9% (Vaud, partially capitalised with a State guarantee) to 123.6% (City of Zurich); the supervisory commission's 2025 average was 117.1% for funds without a State guarantee and 91.3% for those with one.
- Alternatives are small but uneven: the City of Zurich fund holds 16.3% in alternatives including 8.7% private equity, PUBLICA 8.0% in private debt, Vaud 5.0% private equity and 4.0% infrastructure, while BVK and BPK hold none.
- The managers named most often across the ten are UBS Asset Management, Pictet, BlackRock, LGIM, PGIM, J.P. Morgan, Schroders, State Street, Northern Trust, Vontobel, CDPQ and the Swiss investment foundations AFIAA, Avadis, Swisscanto and UBS; PPCmetrics is the investment controller or adviser at seven of the ten.
- All ten are accounts in Dakota Marketplace, which holds 66 Swiss public pension funds with 374 contacts and 525 fund-level holdings read from their annual reports.
How big are Swiss public pension funds?
Switzerland’s occupational pension system is one of the largest funded systems in the world: 1,292 pension funds with a balance sheet of CHF 1,220.6 billion (USD 1.5 trillion) at the end of 2024, and CHF 1,352 billion (USD 1.7 trillion) across the 1,257 funds in the supervisory commission’s survey a year later. Public-law funds, the Pensionskassen of the Confederation, the cantons and the cities, are 65 of the 1,292 but hold CHF 292 billion (USD 366 billion), 24% of the total, because they cover the largest employers in the country.
Two features set them apart. Thirty of the 65 run with partial capitalisation and a State guarantee under article 72c of the pensions law, which is why the Geneva, Vaud, Ticino, Neuchâtel and Fribourg funds report funding ratios below 100% without being in difficulty; the other 35 are fully capitalised and, after three strong investment years, almost all above 100%. And public-law funds disclose more: 74% have ESG criteria in their investment regulations against 37% of private-law funds (Swisscanto 2026 study), and most publish their managers by name and their holdings by vehicle.
Who are the 10 largest Swiss public pension funds?
Funds are ranked by total assets on the 2025 balance sheet (Total Aktiven or Bilanzsumme), as published in each fund's annual report. Francs are converted at CHF 1 = $1.25.
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Rank
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Fund
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Assets
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Insured (active / pensioners)
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Funding ratio
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2025 return
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Allocation (2025)
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Managers and advisers named
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1
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BVK Personalvorsorge des Kantons Zürich
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$57.5 billion (CHF 46.0 billion)
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103,371 / 43,065
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113.6%
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6.2%
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Fixed income 41.8% (mortgages 6.7%), equities 38.2%, real estate 19.0%, infrastructure 0.9%; no alternatives
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Internal CHF bonds, mortgages and Swiss real estate; external Allianz GI, PGIM, J.P. Morgan, BlackRock, Ashmore, LGIM, UBS, Schroders, State Street, Principal, Acadian, Northern Trust, AFIAA, CBRE, Townsend, Avadis, CDPQ, Record; controller PPCmetrics; custodian J.P. Morgan
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2
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PUBLICA (Pensionskasse des Bundes)
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$56.2 billion (CHF 44.9 billion)
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69,931 / 41,595
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108.1%
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6.6%
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Open plans: equities 34.7%, bonds 31.9%, private debt 8.0%, real estate 16.8%, gold 3.4%, infrastructure 1.3%; no private equity or hedge funds
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Internal government and CHF bonds, Swiss real estate, gold; external Pictet, UBS, LGIM, State Street, Northern Trust, MetLife, PGIM, Vantage Infrastructure, Barings, Ashmore, Ninety One, Russell, Record, M&G, Nuveen, Dexus, GPT, AEW, BNP Paribas REIM, Hines, LaSalle, PRISA, RREEF, Macquarie, BlackRock, J.P. Morgan; controller PPCmetrics; custodian J.P. Morgan
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|
3
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CPEG (Caisse de prévoyance de l'Etat de Genève)
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$29.9 billion (CHF 23.9 billion)
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57,338 / 29,334
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78.6% (partial capitalisation, State guarantee)
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4.7%
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Equities 33.2%, bonds 15.2%, State loan 12.0%, real estate 26.2%, private equity 2.8%, infrastructure 1.7%, insurance-linked 2.9%
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47.8% internal (direct real estate, State loan); external Pictet, Amundi, BCGE, UBS, Lombard Odier, Candriam, Vanguard, abrdn, PGIM, Fidelity, Neuberger Berman, GAM, Vontobel, Baillie Gifford, Dimensional, Capital Group, Lazard, Goldman Sachs, Pantheon, Flexstone, CDPQ, IST, Mesirow; controller PPCmetrics; custodian Lombard Odier
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4
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Pensionskasse Stadt Zürich (PKZH)
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$29.8 billion (CHF 23.8 billion)
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42,636 / 21,719
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123.6%
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7.2%
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Nominal 31.9%, equities 31.5%, real estate 21.7%, private equity 8.7%, insurance-linked 4.9%, infrastructure 0.7%, hedge funds 0.6%; alternatives 16.3%
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Externally managed by principle: Pictet, ZKB, UBS, PostFinance, Syz, abrdn, BlackRock, PIMCO, Morgan Stanley, Robeco, Invesco, Aksia, Arrowstreet, Adams Street, CBRE, APG, CDPQ, Cambridge Associates, Albourne, J.P. Morgan, and the Swisscanto, UBS, Zürich, Avadis, Testina, Pensimo and Turidomus foundations; controller ECOFIN; custodian Pictet
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5
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Bernische Pensionskasse (BPK)
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$22.3 billion (CHF 17.8 billion)
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42,145 / 18,321
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103.2% (first above 100% since 2012)
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6.7%
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CHF bonds 36.4%, foreign bonds 5.5%, equities 42.1%, real estate 11.4%, mortgages 2.1%; no alternatives
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Predominantly internal; one external UBS fund for foreign bonds; adviser PPCmetrics; controller c-alm; custodian UBS
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6
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CPEV (Caisse de pensions de l'Etat de Vaud)
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$21.3 billion (CHF 17.0 billion)
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43,277 / 23,179
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75.9% (partial, State guarantee)
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7.9%
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Equities 31.6%, bonds 20.8%, real estate 28.3%, mortgages 4.5%, private equity 5.0%, infrastructure 4.0%, gold 2.3%
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Managed by Retraites Populaires; underlying managers not named; custodian Pictet
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7
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Pensionskasse Basel-Stadt (PKBS)
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$21.0 billion (CHF 16.8 billion)
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27,287 / 17,268
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115.3%
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7.8%
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Nominal 31.9%, equities 34.7%, real estate 26.2%, gold 3.3%, private equity and infrastructure 3.6%, insurance-linked 0.4%
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Lazard, Tavis Capital, Schroders, UBS, Pictet, St. Galler Kantonalbank, LGIM, Baloise, AFIAA, Zürich foundation, Swiss Life, Leadenhall, LGT Capital Partners, Adams Street, Avadis, BioMed Partners; controller PPCmetrics; advisers c-alm, Ecofin, Ortec; custodian UBS
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8
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Aargauische Pensionskasse (APK)
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$18.1 billion (CHF 14.5 billion)
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38,677 / 14,927
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112.2%
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7.4%
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Bonds 25.7%, equities 33.8%, real estate 22.0%, mortgages 4.2%, loans 2.9%, infrastructure 5.3%, gold 2.4%, private debt 1.8%
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Pictet, ZKB, Aargauische Kantonalbank, Allspring, J.P. Morgan, Goldman Sachs, abrdn, LGIM, Colchester, UBS, Vontobel, BlackRock, Northern Trust, Fisher, Swiss Finance & Property, PGIM, Apogem, Mesirow; controller PPCmetrics; custodian UBS
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9
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St. Galler Pensionskasse (sgpk)
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$16.9 billion (CHF 13.5 billion)
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30,933 / 11,376
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115.4%
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8.7%
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Equities about 39%, nominal about 36%, real estate 12.5%, gold 6.5%, infrastructure 4.0%
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Internal $8.3 billion (CHF 6.6 billion); external UBS (passive equities), PineBridge, Columbia Threadneedle, Connor Clark & Lunn, CBRE, and the UBS, AXA and 1291 foundations; controller Algofin; adviser c-alm; custodian Pictet
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10
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Basellandschaftliche Pensionskasse (BLPK)
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$15.3 billion (CHF 12.2 billion)
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27,974 / 12,789
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113.0%
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4.5%
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Equities 34%, nominal about 40%, real estate 24%, infrastructure 1.8%
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Lombard Odier, ZKB, UBS, Vontobel, LGIM, LGT Capital Partners, BlackRock, BLKB, IAM, Pictet, State Street, Dimensional, Goldman Sachs, Reichmuth, Amundi Alpha Associates, Record, Partners Group; adviser PPCmetrics; custodian UBS
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Sources: each fund’s annual report for 2025 (Geschäftsbericht, rapport de gestion or rapport d’activité), published March to June 2026; Dakota Marketplace, 22 October 2026. Insured figures are active members and pensioners at 31 December 2025. Allocations are actual, not strategic, at year end.
Three large funds sit just outside the ten. Luzerner Pensionskasse (CHF 11.4 billion, USD 14.3 billion, 116.8% funded, 6.9% return) is the most detailed discloser in the country, with 65 positions on file in Dakota Marketplace. And the three federal enterprise funds, Pensionskasse SBB (USD 24.3 billion, CHF 19.4 billion), Pensionskasse Post (USD 22.5 billion, CHF 18.0 billion) and comPlan for Swisscom (USD 16.9 billion, CHF 13.5 billion), would rank fifth, sixth and ninth, but each states in its accounts that it is a private-law foundation, so they are excluded here and covered on their own accounts.
What do Swiss public pension funds invest in?
The ten funds allocate within a narrow band: 31% to 42% equities, 20% to 42% bonds and mortgages, 11% to 28% real estate. The variation is in the rest. Three run no alternatives at all (BVK, BPK, and sgpk beyond a small infrastructure and non-traditional sleeve); PUBLICA holds 8.0% in private debt but no private equity; PKZH holds 8.7% in private equity and 4.9% in insurance-linked securities; CPEV holds 5.0% private equity and 4.0% infrastructure; APK 5.3% infrastructure. That matches the market: the Swisscanto 2026 study puts the average Swiss fund at 5.3% in alternatives (private equity 1.4%, hedge funds 0.6%) and 2.0% in infrastructure, unchanged on the year, against 34.5% in equities and 24.8% in real estate.
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Fund
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Equities
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Bonds, mortgages, loans
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Real estate
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Private equity
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Private debt
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Infrastructure
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Other alternatives
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BVK
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38.2%
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41.8%
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19.0%
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0
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0
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0.9%
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0
|
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PUBLICA (open plans)
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34.7%
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31.9%
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16.8%
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0
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8.0%
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1.3%
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Gold 3.4%
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CPEG
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33.2%
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27.2%
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26.2%
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2.8%
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0
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1.7%
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Insurance-linked 2.9%
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PKZH
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31.5%
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29.8%
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21.7%
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8.7%
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2.1%
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0.7%
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Insurance-linked 4.9%, hedge funds 0.6%
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BPK
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42.1%
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44.0%
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11.4%
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0
|
0
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0
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0
|
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CPEV
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31.6%
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25.3%
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28.3%
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5.0%
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0
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4.0%
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Gold 2.3%, convertibles 1.3%
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PKBS
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34.7%
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27.1%
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26.2%
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3.6% (with infrastructure)
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0
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in private equity
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Gold 3.3%, insurance-linked 0.4%
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APK
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33.8%
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32.8%
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22.0%
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0
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1.8%
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5.3%
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Gold 2.4%
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sgpk
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about 39%
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about 36%
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12.5%
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0
|
0
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4.0%
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Gold 6.5%, non-traditional 1.0%
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BLPK
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34%
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about 40%
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24%
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0
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0
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1.8%
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0.4%
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Sources: annual reports 2025; categories as each fund reports them, so rows do not add to 100% where cash and other assets are omitted.
For a fund manager the table is the pitch list. Private debt is bought by PUBLICA (through PGIM Private Capital, MetLife, Barings and others), APK and PKZH. Private equity is bought by PKZH (Adams Street, Aksia and the Avadis foundation), CPEV, CPEG (Pantheon, Flexstone), PKBS (LGT, Adams Street) and BLPK (Partners Group, LGT, Amundi Alpha Associates). Infrastructure is bought by APK, CPEV, sgpk, CPEG and PUBLICA (Vantage, Macquarie). Insurance-linked securities, a Swiss speciality, appear at PKZH, CPEG and PKBS (Leadenhall). And gold, unusual elsewhere, is 2% to 7% at six of the ten.
Book a demo of Dakota Marketplace to build your Swiss target list.
Who advises and manages the money?
Swiss accounting rules make the answer public. Under Swiss GAAP FER 26, mandatory for pension funds through article 47 of the BVV 2 ordinance, the notes to the accounts must describe the organisation of the investment activity, the investment advisers and managers, the mandates with the manager's licence type, and the custodian. Article 48f restricts appointments to banks, securities firms, fund managers, insurers, investment foundations and foreign-supervised intermediaries.
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Role
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Who, across the ten funds
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Investment controller or strategic adviser
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PPCmetrics at BVK, PUBLICA, CPEG, BPK, PKBS, APK and BLPK; c-alm at PUBLICA, BPK, PKBS and sgpk; ECOFIN at PKZH; Algofin at sgpk; Ortec at PKBS; Albourne and Cambridge Associates on alternatives at PKZH
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Custodian
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J.P. Morgan at BVK and PUBLICA; Pictet at PKZH, CPEV and sgpk; UBS at BPK, PKBS, APK and BLPK; Lombard Odier at CPEG
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Listed equities and bonds
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UBS, Pictet, BlackRock, LGIM, State Street, ZKB, Vontobel, Lombard Odier, J.P. Morgan, Schroders, Allianz GI, PGIM, PIMCO, Robeco, Ashmore, Acadian, Arrowstreet, Dimensional, Colchester, Record (currency)
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Real estate
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Direct Swiss portfolios run in-house at BVK, PUBLICA, CPEG and sgpk; foundations AFIAA, Avadis, Swisscanto, UBS, Zürich, Pensimo, Turidomus, Testina; foreign funds from CBRE, Townsend, LaSalle, Hines, AEW, Dexus, GPT, Nuveen, PRISA, RREEF, BNP Paribas REIM, APG
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Private markets
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PGIM Private Capital, MetLife, Barings, M&G (private debt); Adams Street, Aksia, Pantheon, Flexstone, Partners Group, LGT Capital Partners, Amundi Alpha Associates, Mesirow, Apogem, BioMed Partners (private equity); Vantage, Macquarie, CDPQ, IST (infrastructure); Leadenhall (insurance-linked)
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Sources: annual reports 2025 of the ten funds.
The pattern for a foreign manager is consistent. The listed book is split between Swiss banks and a dozen global index and active houses, selected and monitored by the controller. Real estate is mostly Swiss and direct, with foreign exposure through a handful of international funds. Private markets are bought through specialist programmes and investment foundations, and the fund's own investment committee, advised by PPCmetrics, c-alm or ECOFIN, decides. A manager that wants a mandate from one of these funds will usually meet the controller before the committee.
How do fund managers raise capital from Swiss public pension funds?
Read the report first. Each of the ten publishes the managers it uses, its strategic and actual allocation, its investment regulations and, in most cases, the vehicles and balances; Dakota Marketplace holds the holdings for 47 of the 66 Swiss public pension accounts it tracks, including 65 positions at Luzerner Pensionskasse, 21 at APK, 18 at sgpk and 15 at BLPK and PUBLICA, with the rest coming soon as the next reports are read.
Then match the route to the asset class. Listed mandates go through public tenders or controller-run searches; private markets go through the programmes and foundations named above; Swiss real estate is largely closed to outsiders. For a global private credit, private equity or infrastructure manager the practical targets in this list are PUBLICA, PKZH, CPEV, CPEG, PKBS, APK and BLPK, and the practical first calls are their controllers and the programme managers already on their books.
Finally, use the contacts. Dakota Marketplace holds 374 contacts across the 66 Swiss public pension accounts, from investment heads and controllers to the foundation boards that approve the regulations, with the holdings and the named managers on the same record.
Frequently Asked Questions
What is the largest public pension fund in Switzerland?
BVK, the pension fund of the canton of Zurich’s staff, with CHF 46.0 billion (USD 57.5 billion) of assets at the end of 2025, followed closely by PUBLICA, the federal pension fund, at CHF 44.9 billion (USD 56.2 billion). CPEG in Geneva and the City of Zurich fund PKZH are next at about CHF 24 billion each.
How many public pension funds are there in Switzerland?
65 public-law pension funds at the end of 2024 (Federal Statistical Office), holding CHF 292 billion ($366 billion), 24% of the CHF 1,221 billion second pillar. Thirty run with partial capitalisation and a State guarantee; 35 are fully capitalised. Dakota Marketplace tracks 66 Swiss public pension accounts.
Why do some Swiss public pension funds have funding ratios below 100%?
Because they are partially capitalised with a State guarantee under article 72c of the pensions law, which allows a lower funding target and a longer path to full funding. CPEG (78.6%), CPEV (75.9%), Fribourg, Neuchâtel and Ticino are in this group. Fully capitalised funds without a guarantee averaged 117.1% at the end of 2025.
How much do Swiss pension funds invest in alternatives?
Little, on average: 5.3% in alternative investments (private equity 1.4%, hedge funds 0.6%) and 2.0% in infrastructure across the 528 funds in the 2026 Swisscanto study. Among the top ten public funds the range is zero (BVK, BPK) to 16.3% (City of Zurich, including 8.7% private equity), with PUBLICA at 8.0% in private debt alone.
Do Swiss pension funds publish their asset managers?
Yes. Swiss GAAP FER 26, mandatory for pension fund accounts, requires the notes to name the investment advisers and managers, the mandates and the custodian. All ten funds in this guide list their managers, and most also publish the vehicles and balances.
Which consultants advise Swiss public pension funds?
PPCmetrics is the investment controller or strategic adviser at seven of the ten largest public funds; c-alm, ECOFIN, Algofin and Ortec appear at the others, with Albourne and Cambridge Associates advising on alternatives at the City of Zurich fund.
Ready to see what Swiss public pension funds already hold?
Dakota Marketplace holds 955 Swiss allocator accounts, including the 66 public pension funds in this guide's universe with 374 contacts and 525 fund-level holdings, read from their 2025 annual reports and matched to manager records. You can filter by:
- Fund, to read the managers, mandates and vehicles a Pensionskasse already uses
- Manager, to see which Swiss funds hold a competitor's programme
- Asset class, from private debt and insurance-linked securities to infrastructure and foreign real estate
- Canton and city, to plan a Zurich, Bern, Geneva, Basel and Lucerne trip
If Swiss pension money is in your plan, the ten funds above publish the answer to the first question, which is who they already trust. A trial goes further than this article: the contacts, the controllers and the holdings for every fund are on the record.
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Related reading: Inside Switzerland's Public Pension Portfolios · Top 10 Family Offices in Switzerland · Top 10 Largest Pension Funds in Europe
