Dutch pension fund PGGM has appointed a new chief investment officer for private markets.

Frank Roeters van Lennep, formerly head of the fund’s infrastructure investments programme, takes up the role vacated by Ruulke Bagijn in March.

Bagijn left PGGM after seven years to join Axa Investment Managers as leader of its private equity and infrastructure activities. 

Under her leadership PGGM’s influence in the private equity industry grew considerably. The firm has been vocal about the lack of fee transparency and has upped its direct investment activities.

Roeters van Lennep previously worked in debt advisory and infrastructure at KPMG and also held roles at DNB, NIBC and ABP Investment. He will continue as head of infrastructure until a replacement is found.

PGGM has 700,000 members and just over €200bn of assets under management.