Health service pension fund PGGM booked a 2.7% return on its investments in the second quarter of 2007 representing around €2.2bn. PGGM’s investments in private equity groups brought the sharpest increase at 9.8% in the second quarter and 17.5% over the first half year.

The increase boosts first-half earnings on investments by 4.9% at €4bn. Some 38.4% of the PGGM portfolio is in shares and 14.4% in property funds. Private equity investments account for 5.4% of its portfolio.