Europe needs trillions in long-term capital to boost investment in energy transition, defence, and innovation. In a departure for IPE’s flagship awards, this new category pits European investors against their global peers and is open to pension funds across the world to demonstrate their commitment of capital and ideas to serve our continent.

Our judges will be looking for more than pure capital commitment to investments across the Europe, both inside and outside the EU. Successful entries may cover public and private markets investments, in areas including credit, venture/early stage capital, infrastructure, and across themes including life sciences, defence, (social) infrastructure, nature and SMEs. They are likely to demonstrate innovative thinking in the approach to target investments, structures, vehicles, partnerships and collaborations between the public and private sectors. Judges are likely to reward entries where capital has been directed to otherwise underserved areas or that where investors have succeeded in ‘crowding’ in capital, over and above the quantum deployed.

• A clear commitment to improving and maintaining the organisational inclusiveness of the pension fund or organisation
• Embedding cognitive diversity across the organisation at different levels
• Positive initiatives to invite and involve people from different backgrounds, including cultural and sub-cultural, gender, age, ethnicity and/or neurodivergence at any or all organisational levels, from board level to ‘shop floor’
• Collaborative projects both within the organisation, with peers and industry competitors, and internationally
• A commitment to boosting access to pensions from underserved groups
• Meaningful contributions at industry level to raise awareness of diversity/inclusion issues

As stewards of long-term capital, pension funds support multi-generational objectives, investing to pay retirement incomes across multiple member cohorts. As such, they should be in a prime position to invest for the long term – even if this is often easier said than done. They should be able use their long-term horizon to harvest illiquidity premia – whilst also deploying this focus to support long-term value creation in portfolio companies through stewardship and engagement; supporting long-term societal goals in decarbonisation and energy; and ensuring that members retire in a decent and habitable world.

Our judges are looking for outstanding, considered, holistic investment approaches that incorporate innovative thinking, a forward-thinking approach to investment, markets, the environment, people, and society, and demonstrable long-term outcomes. Areas of focus for this award include:

Objectives and strategy

• The long-term investment horizon, liabilities and the portfolio
• Current strategy and asset allocation approach – across liquid and illiquid asset classes
• Strategy oversight, governance and focus

Risk and implementation

• How risk is assessed, budgeted and managed over the long term
• How the strategy is implemented in practice
• How the strategy has evolved and the criteria for such changes

Performance and effectiveness

• Benchmark-relative performance and supporting data
• How outcomes compare to your pre-set targets
• Actions taken when performance deviates from targets

Forward-looking approach and innovation

• Your strategic outlook for the next 3–5 years
• How your strategy is expected to evolve to meet long-term objectives
• Innovative approaches, tools or models you have developed (or are developing)

This award recognises policies, projects and strategies to improve the inclusion of underserved groups within pension organisations, from board level to graduate entry.  Diversity of background and thought are now strongly believed to underpin good decision making and improve organisational resilience, which ultimately could improve pension outcomes for ordinary people. In addition, this award also allows organisations to demonstrate initiatives they have made to boost pension saving. Among other aspects, judges will be looking for:

• A clear commitment to improving and maintaining the organisational inclusiveness of the pension fund or organisation
• Embedding cognitive diversity across the organisation at different levels
• Positive initiatives to invite and involve people from different backgrounds, including cultural and sub-cultural, gender, age, ethnicity and/or neurodivergence at any or all organisational levels, from board level to ‘shop floor’
• Collaborative projects both within the organisation, with peers and industry competitors, and internationally
• A commitment to boosting access to pensions for underserved groups
• Meaningful contributions at industry level to raise awareness of diversity/inclusion issues

This award recognises an outstanding emerging professional within the pension fund and institutional asset owner community, who has demonstrated exceptional talent, leadership, and impact at an early stage of their career.

It celebrates individuals helping to shape the future of long-term investing through innovation, strategic thinking, strong governance, and effective execution. Nominees must be under the age of 40 and employed by an institutional asset owner organisation, such as a pension fund, sovereign wealth fund, endowment, foundation, insurance asset owner, or similar institution, from any country globally. Individuals serving in governance or fiduciary roles, including trustees, are also eligible.

The award is open to professionals across all relevant functions, including investments, portfolio management, strategy, risk, sustainability, stewardship, governance, operations, and member outcomes. Entries should focus on the nominee’s personal contribution to a recent initiative, investment decision, strategy, programme, innovation, governance enhancement, or organisational improvement undertaken during the review period. Judges will look for clear evidence of individual influence, leadership, and accountability, rather than team or organisational achievements alone.

This silver award is for pension funds with maximum assets under management of €1bn and seeks to demonstrate how small pension schemes can devise innovative solutions to meet the challenges posed by their size and lack of resources that larger schemes may not encounter.

Most pension funds that enter this silver category use their country/regional draft for this award, although they can prepare a separate entry if they wish, focusing on areas such as: governance challenges, use of resources, investment management, partnership with eternal providers, AI and tech, admin, and communications.

Entrants will be assessed on how passive and indexed approaches are put to play as pension funds seek to meet overall portfolio objectives. The approaches used may include segregated accounts, pooled index funds or ETFs, and successful entries are likely to show some level of innovation. Among the areas of focus are:

• Rationale for use of passive or index approaches in the specific asset classes
• Contribution to overall portfolio goals
• Selection, oversight and termination of managers
• Implementation as part of the overall asset allocation framework
• Benchmark selection and customisation
• Tracking error and effectiveness of benchmark selection
• Other areas of innovation and customisation
• ESG integration, including stewardship and engagement
• Oversight and governance; periodic adjustments and the use of overlays
• Costs and fees; proof of efficiency and overall contribution portfolio cost efficiency objectives
• Returns versus long-term portfolio objectives

Judges will assess entrants running their own in-house active strategies, the use of external managers or a mix of both. Among the areas of focus are:

• Rationale for using an active approach in the specific asset class(es), including the case for active management over passive approaches
• Objectives: diversification, sustainability, specialist markets, alpha generation
• Governance and oversight of managers and the strategy
• Excellence in the use and selection of external managers; manager termination
• Excellence in use and deployment of in-house active strategies

• Risk levels, risk management and controls
• Sustainability objectives and how this strategy contributes
• Benchmark selection and/or use of unconstrained approaches
• Returns versus long-term objectives and evidence of long-term added value, including fees and costs

This category seeks evidence of excellence and innovation across alternative asset classes, seeking evidence of a long-term approach to alternatives and how these support overall investment objectives. Submissions may cover a diversified alternatives portfolio or a single asset class (e.g., private equity, private credit, real assets, natural capital hedge funds, commodities and others). Among the areas of focus are:

Strategy and rationale

• Your strategy for investing in alternatives
• The role alternatives play in achieving long-term objectives
• The expected risk/return characteristics and diversification benefits

Portfolio role and impact

• Correlation with traditional asset classes and other alternatives
• The contribution of each alternative allocation
• The overall impact on portfolio risk and return

Risk, liquidity management and valuations

• How funds assess, measure and manage risks across alternative investments
• Liquidity management and oversight
• Approach and discipline in valuations
• Approach in the context of overall portfolio efficiency, e.g. managing commitments and dry powder

Implementation and sustainability

• Direct approaches, co-investment and partnerships
• Integration of sustainability considerations

Selection and implementation

• Approach to selecting alternative investments
• How mandates are structured and implemented
• Use of internal vs external management
• Evidence that the approach has added value over the long term

Performance and governance/oversight

• How you monitor performance
• Benchmarking approach and evaluation of outcomes

Outcomes

• Evidence that the strategy has added value over the long term

As a core component of pension portfolios, pension funds continue to evolve their approach to fixed income. Judges are looking for a clear explanation of how you use fixed income to support your long-term objectives and manage risk. The category embraces the entire asset class, from government bonds to IG credit, high yield, CLOs, EMD and more illiquid instruments. Among the areas of focus are:

Strategy and portfolio construction

• How fixed income supports overall objectives in terms of liability matching/hedging, diversification
• Portfolio structure and approach across geography, sector, or style
• Benchmark selection and customisation
• Internal management; selection of external managers
• Approach to active and/or passive management

Risk management

• Interest rate, credit risk and duration management
• Management of liquidity
• Contribution to overall fund risk objectives

Innovation and sustainability

• New ideas or approaches you have developed to enhance fixed income outcomes
• Sustainability approach; stewardship/engagement

Outcomes

• Evidence that the strategy has added value over the long term

Judges are looking to understand how the strategy and approach to the equities asset class supports the fund’s long-term objectives, how the portfolio has been constructed, how it is governed and managed. Among the areas of focus are:

Strategy and implementation

• Rationale for investment in equities, size of your allocation
• Whether equities are managed internally, externally, or via a combination
• Whether your approach is active or indexed

Portfolio construction and risk

• Structure of portfolios (geography, thematic, style, factor or sector) and their risk/return profiles

• Overall approach to managing equity risk, including tools and models used
• Approach to rebalancing and discipline around portfolio objectives
• Treatment of short-term market movements and downturns

Innovation and sustainability

• New ideas or approaches to enhance the exposure equities in the portfolio
• Sustainability approach; stewardship and engagement

Outcomes

• Evidence that the strategy has added value over the long term

Pension funds are increasingly using AI to improve both investment outcomes and wider organisational effectiveness. This award recognises innovative, practical applications of technology. Entries should demonstrate practical innovation, clear benefits, and strong governance. Areas of focus include:

Strategy, rationale and objectives

• Reasoning behind the adoption of particular AI approaches and the objectives they support
• How solutions are developed, integrated and used in practice
• Where and how it is used across your organisation – e.g. investment strategy, asset allocation, risk management, operations, governance, communications

Benefits and impact

• Evidence of improvement, efficiency in the chosen areas, or that objectives have been met and/or goals/targets exceeded

Risks, governance and oversight

• Key risks associated with AI and how they are managed
• Ongoing monitoring against objectives
• Cost control and management

Innovation and relevance

• Differentiation of approach from standard market practice
• Any additional concepts or tools that enhance your strategy or operations
• Industry relevance: how your approach could benefit or influence the wider pensions industry

Please note that this category is not allocations or exposure to AI in the investment strategy. Please enter the AI and Investment Innovation award to highlight your use of AI in investments

This category recognises how you manage climate risk and net zero commitments as part of your long-term investment strategy. Areas of focus include:

Strategy and targets

• Adoption of overall organisational goals and objectives in relation to portfolio and carbon emissions
• Integration of net-zero and climate goals within investment principles or key policies
• Tracking, measurement and progress against net zero targets, including interim goals

Implementation and approach

• Application and tailoring of carbon reduction and climate risk management approach across portfolio and asset classes
• Adoption of climate-impact related opportunities (renewables or other low-carbon sectors)
• Use of innovative mandates, products or strategies
• Incorporation of climate factors in research, analysis and manager selection
• Stewardship and engagement approach – evidence of excellence and innovation

Collaboration and innovation

• Work with peers, regulators or other stakeholders on climate issues
• Partnership and collaboration with asset managers
• Industry and sector advocacy, over and above membership of relevant groups

Judges are looking for a clear explanation of how your DC or hybrid scheme is designed and delivered, with a focus on innovation and member outcomes. Areas of focus include:

Design and overview

• How and why the scheme was designed and put into place
• An overview of how it works in practice
• Areas of innovation within the parameters or regulations governing the scheme

Investment and costs

• Design and delivery investment choices for members
• Management of costs and fees to the benefit of members

Governance and outcomes

• Collaboration and work with stakeholders
• Governance approach and risk sharing between sponsor and members
• Scheme delivery – with a particular focus on member return and retirement income expectations
• Details of any guaranteed income elements (particularly for hybrid schemes)
• Income phase – approach and evidence of innovation and forward thinking

This category is open to pension funds at any stage of investing in emerging markets, covering emerging equities, EMD (hard and local currency), emerging market corporate debt, and impact strategies with exposure to emerging economies. Areas of focus include:

Strategy and approach

• Overall strategy, objectives for EM allocation within overall equity/debt portfolio
• Manager and benchmark selection
• Oversight and approach to country-specific, credit and geopolitical risks

Innovation

• Approaches above and beyond traditional benchmark strategies
• Partnerships and collaborations with managers
• In-house expertise and management

Sustainability and impact

• Sustainability risks and objectives – oversight, management and ongoing monitoring
• Stewardship and engagement approach
• Impact approaches – objectives, allocations, oversight and partnership with external parties; allocations to blended finance strategies

Outcomes

• Evidence of added value against long-term objectives

Judges are looking for clear evidence of best-in-class, well-defined, and effectively implemented holistic ESG/sustainability strategies, where the key areas of focus are well thought through, balanced and proportionate to the size and scope of the pension fund. Areas of focus include

Strategy and integration

• Overall sustainability/ESG goals and objectives
• Role of members and stakeholders in setting ESG/sustainability goals
• How these are intended to work to support overall investment and members objectives
• Application of ESG/sustainability approaches are across asset classes
• Integration across the portfolio – collaboration with external managers and/or internal investment teams

Exclusions, stewardship and engagement

• Evidence of a robust and appropriate exclusion approach, with a well thought through rationale
• Evidence of a robust and effective voting and engagement policy

Climate/emissions policies

• Evidence of effective and timely net-zero or portfolio decarbonisation goals
• Monitoring and oversight, including progress against interim goals – including accountability
• A view to real world emissions and how these are treated

Governance and oversight

• How ESG is monitored and embedded within the  overall governance framework
• Role of state

Industry initiatives and collaborations

• Participation in relevant industry groups and initiatives, beyond pure membership
• ‘System level’ engagement and how the organisation deals with governments, policymakers, politicians, standard setters and other stakeholders

Outcomes

• Evidence that the above has added/or can add value against long-term objectives and member outcomes

Impact investing goes beyond ESG integration by aiming to deliver measurable social and environmental outcomes alongside financial returns. Judges are looking for a clear, structured approach and evidence of real impact. Areas of focus include:

Strategy and scope

• Scale and focus of your impact investing activities, across asset classes (e.g., private equity, real assets, public markets) and impact themes (e.g. climate action, health, housing or specific SDGs) 

Objectives and principles

• What drives your approach and what you aim to achieve (e.g., define your theory of change, pursuit of additionality and/or systemic change) 
• How impact investing complements (and differs from) your broader ESG strategy

Impact measurement and management (IMM)

• Use of recognised IMM frameworks and/or development of in-house tools to measure, track and report impact outcomes, and how do you measure additionality

Outcomes

• Key environmental and/or social outcomes delivered to date

Risk management, governance and accountability

• How risks associated with impact investment are managed
• How impact investing is governed, including board oversight, investment committee responsibilities, decision-making processes, accountability mechanisms, and oversight of external managers

This category recognises how pension funds design, construct and manage a well-diversified portfolio to meet long-term investment objectives. Areas of focus include:

Strategy and objectives

• Overall investment goals and approach to diversification
• How portfolio has been structured across asset classes, regions, sectors and/or styles
• Portfolio design: key elements such as constraints, risk budgeting, benchmarks, and use of overlays or tactical allocation

Approach, implementation and oversight

• Diversification within and across asset classes
• Use of external and internal investment resources, including manager selection
• External mandate structure and management within clear objectives and risk frameworks
• Evolution of portfolio over time and response to (challenging) market conditions
• Governance and oversight; approach to rebalancing and reallocation needs and objectives

Innovation and sustainability

• Adoption of innovative approaches, e.g., Total Portfolio Approach
• Integration of sustainability objectives and delivery against these

Outcomes

• Delivery against expectations, including strength of underlying assumptions
• Evidence of contribution to long-term objectives and portfolio goals

This category recognises how you use private markets – including private equity, private debt, real assets and natural capital – to support long-term investment objectives. Areas of focus include:

Strategy & allocation

• Rationale for investment in private markets, approach and allocation
• Approach to private markets portfolio construction
• Selection or otherwise of underlying asset classes
• Role in overall portfolio and support long-term goals (returns, diversifications)
• Approach to private markets within DC pension schemes

Implementation

• How you access these investments (mandates, structures, vehicles) and any constraints (e.g., regulatory or institutional)
• Illustrative investments, including recent deals or initiatives
• Approach to liquidity, allocations, capital calls and dry powder; oversight and governance of portfolio
• Partnership and collaborations with external parties
• Co-investments and direct investments
• Cost and related considerations

Sustainability and impact

• Approach to sustainability; integration across portfolio, including with external managers
• Monitoring of sustainability aspects and delivery against objectives
• Impact related approaches and how these are integrated within private markets

Long-term objectives

• Contribution of portfolio to long-term objectives

This category recognises how you design and implement effective risk management practices across the portfolio to support long-term investment success. Areas of focus include:

Strategy and approach

• Overall risk management framework and key policies – how these are set in practice
• Involvement of stakeholders in overall process
• How risk budgets are set, calculated and applied in practice
• Stress testing, scenario analysis, overlays and hedging strategies
• Management of volatility across different asset classes and market conditions
• Risk triggers, escalation processes or governance/oversight structures

Sustainability and innovation

• How sustainability risks are incorporated within the overall risk management approach
• Any new or distinctive approaches you have developed
• Approach to geopolitical and related risks
• Adoption within innovative approaches, e.g. Total Portfolio Approach

Long-term objectives

• Contribution of risk management approach to long-term objectives

This category recognises how pension funds excel as responsible stewards of members’ pension capital. The focus is on the creation and implementation of stewardship, engagement, and voting strategies to support strong governance at corporates and to ensure long-term value creation within portfolio companies, both in equities and corporate credit, in support of members’ long-term objectives. Areas of focus include:

Strategy and approach

• Overall stewardship strategy and how it is implemented
• Voting principles, including relevant inclusion or exclusion policies – and how these may differ from peers
• Engagement approach with investee companies, managers, and other stakeholders

Collaborative approaches

• Collaboration with like-minded peers
• Industry leadership
• Collaboration with external managers
• Participation in industry groups or initiatives, over and above membership

Reporting, outcomes and impact

• Tracking, measurement and reporting of stewardship, engagement and voting activities
• Evidence of improvement and change in support of long-term portfolio objectives
• Evidence of contribution to long-term portfolio goals