PenSam claims a share of the Nordic Countries award on the strength of a clearly articulated real estate strategy that places risk management and governance at its core. The Danish labour-market pension fund has made meaningful progress in reshaping its international exposure, deliberately reducing legacy commingled fund positions and redeploying capital into fewer, higher-conviction partnerships in European logistics and residential. This implementation upgrade has sharpened decision control, reporting transparency and strategic alignment across the portfolio. ESG is genuinely embedded across the investment lifecycle and the domestic core portfolio remains a source of stability. A focused and disciplined investor with a credible path ahead.

Velliv takes its share of the Nordic Countries award on the back of outstanding performance and a portfolio transformation that is already delivering tangible results. Returns of 9.5% in 2025, 11.1% over three years and 32% over six years, achieved with low leverage, reflect the quality of a restructuring programme that has seen the entire portfolio insourced, weaker assets disposed of and capital redeployed into larger, higher-quality holdings with strong ESG credentials. The internal reporting framework is exemplary and the commitment to both the Paris Aligned Investment Initiative and Science Based Targets reflects genuine institutional ambition. A compelling and high-performing joint winner.