Civil service pension fund ABP is increasing its investment in start-ups by €300m, the fund said on Wednesday.

ABP, which is one of the biggest pension funds in the world, said the investment will not only benefit pensioners but will help the development of the Netherlands’ knowledge-based economy.

ABP had earlier put €200m into its Inkef investment fund, which is now the biggest investor in Dutch start-ups.

‘It is important that our investments in the Netherlands lead to jobs and economic development as well as delivering returns for our members,’ said chairwoman Corien Wortmann-Kool. ‘Inkeft has shown that it can pick the right start-ups and invest pension money successfully.’