PGGM, the €200 billion Dutch pension fund manager, has topped this year’s list of most influential European investors in private equity, illustrating pension funds’ growing dominance in the asset class as the prominence of fund of funds continues to diminish.

The pension fund manager - whose private equity AuM and advisory business totals nearly €11 billion - surged to the top of Private Equity News' ninth annual investor ranking on the back of its significant fire-power, its strong credibility with fundraising executives and its high-profile stance on fees and environmental and social governance issues.