The Netherlands Investment Institution, formed four years ago by pension funds and insurance companies to invest in the Netherlands, is winding itself up because of a lack of projects.

The fund was set up by some of the biggest Dutch pension funds plus Aegon and ASR following political pressure to encourage institutional investors to put more money into the Netherlands.

The initial target was €1bn in investments but with the total stalling at €360m, the company has now decided to close down, the Financieele Dagblad said on Tuesday.

‘The lack of suitable projects has been the biggest disappointment,’ NLII director Loek Sibbing told the paper.

For example, major infrastructure projects find it easy to find investors while other projects investigated by the NLII, such as heat transport from Rotterdam port and boosting the sustainability of schools, were not cost effective, he is quoted as saying.

The institute’s own website puts a different spin on the closure, stating that ‘after launching three investment funds and carrying out an inventory of financing demand, the NLII has completed its role.’