​PFA’s defence investments balloon to €1bn with years of European rearmament to go

Defence Investments on the Rise

Danish pension fund PFA has seen a significant increase in defence sector investments, with a near tenfold rise since the start of the Russia/Ukraine war.

The fund's defence investments have grown to €1bn, up from DKK793m before February 2022, representing an 872% increase.

“When the world develops, PFA does the same, and that’s why we’re now investing much more in defence than we have before.” - Rasmus Bessing, Director of Responsible Investments

PFA's director of responsible investments, Rasmus Bessing, notes that this development has been quite unusual.

Author's summary: PFA's defence investments balloon to €1bn.

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IPE IPE — 2025-11-04

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