Returns on unlisted investments
Unlisted investments are characterised by being illiquid and rarely having a directly observable price in the market, unlike listed shares and bonds. Therefore, unlisted investments are valued based on observable market data and a range of non-observable inputs such as estimates and assumptions. PFA's approach to the valuation of unlisted investments is clarified in the annual Solvency and Financial Condition Report (SFCR) under section D.4.
The latest report is available here (in Danish)
Asset classes
PFA's unlisted investments, including alternative investments and properties, consist of a range of underlying asset classes, which are further defined below:
- Private Equity (Total): Investments in unlisted equity interests in companies.
- Private Equity (Classic): Investments in unlisted equity interests in companies excluding assets with distinctive defensive characteristics, such as low debt and a stable business model.
- Infrastructure: Investments in unlisted equity interests in companies and projects with infrastructure activities.
- Credit: Unlisted loans to companies and project financing.
- Properties: Investments in various property sectors, primarily including office and residential housing.
The return covers PFA's entire property portfolio, of which PFA Danske Erhvervsejendomme Core (offered in You Invest) is a sub-element.
PFA invests both directly and through funds.
Below are the returns for the individual asset classes:
| QUARTER |
PRIVATE EQUITY (TOTAL) |
PRIVATE EQUITY (CLASSIC) |
INFRASTRUKTURE |
CREDIT |
PROPERTIES |
| Q1 2025 |
-1.5 % |
-4.4 % |
-0.4 % |
1.9 % |
-1.8 % |
| Q4 2024 |
-1.3 % |
-2.5 % |
-4.6 % |
-1.7 % |
-2.5 % |
| Q3 2024 |
3.4 % |
3.6 % |
0.9 % |
-4.6 % |
-1.7 % |
| Q2 2024 |
-0.9 % |
-2.6 % |
2.3 % |
1.3 % |
-0.9 % |
| year |
PRIVATE EQUITY (TOTAL) |
PRIVATE EQUITY (CLASSIC) |
INFRASTRUKTURE |
CREDIT |
PROPERTIES |
| YTD Q1 2025 |
-1.5 % |
-4.4 % |
-0.4 % |
1.9 % |
-1.8 % |
| 2024 |
4.4 % |
-0.8 % |
-4.6 % |
-2.8 % |
-6.3 % |
| 2023 |
11.5 % |
7.5 % |
-2.8 % |
7.8 % |
-10.5 % |
| 2022 |
1.0 % |
-1.6 % |
9.5 % |
1.1 % |
0.2 % |
| 2021 |
32.5 % |
42.0 % |
19.3 % |
-5.3 % |
10.5 % |
| 2020 |
5.5 % |
6.2 % |
3.6 % |
-3.2 % |
3.1 % |
| 2019 |
9.5 % |
9.9 % |
16.2 % |
14.9 % |
6.5 % |
| 2018 |
10.2 % |
13.3 % |
3.5 % |
5.7 % |
6.9 % |
Data is updated quarterly. Latest update: 13 May 2025
