Bagijn to lead AlpInvest primaries business

The former PGGM private markets CIO takes up the role after 16 months as AXA’s global head of real assets.

Ruulke Bagijn has been made head & managing director of primaries at AlpInvest, according to a statement from the firm.

She comes to the role from a stint as global head of real assets private equity at AXA Investment Managers, a role she held for 16 months, according to her LinkedIn page.

Paul de Klerk, managing director and chief operating officer at AlpInvest Partners, said, “I am delighted to welcome Ruulke to our leadership team. She is a proven investor with an excellent track record who will bring significant capability and proven leadership to our Primaries business.”

Prior to joining AXA, Bagijn spent eight years at Dutch pension fund manager PGGM. From March 2012 to her departure in May 2016 she held the position of co-CIO investment management and CIO private markets, in which she had direct responsibility for over €40 billion-worth of investments in infrastructure, hedge funds, structured credit, private equity, insurance-linked securities and private real estate, according to the statement from AlpInvest. Prior to that she founded and headed up PGGM’s private equity team, bringing its total assets under management up to €9 billion.

From 1999-2008 she held a number of roles at Dutch lender ABN Amro, rising to become head of the firm’s principle investment group in London.

She has been a notable agent of change. In August 2014 she declared that by 2020 PGGM would not be invested in any private equity managers that did not fully disclose their fees. Under her leadership, the fund manager also set out a new strategy for “acceptable numeration”, which  requires asset managers to be transparent regarding their pay and remuneration structures; performance fees only to apply in the event of above-average performance that is agreed in advance; and only basic remuneration to be paid for the costs and pay of the fund’s management.

Carlyle subsidiary AlpInvest has around $48 billion in assets under management across its primary, secondary and co-investment arms.