According to the document titled “Kevan vuosi 2025,” published on February 11, 2026, the Finnish pension fund reported its investment standing and asset allocation for the fiscal year ending December 31, 2025. The fund’s total investment value stood at €74 billion, generating a return of 5.8%.
Asset Allocation Heavily Weighted Toward Equities and Private Markets
As of the end of 2025, Keva’s portfolio allocation displays a strong preference for equity risk. Listed equities account for 44.2% (€32.7 billion) of the total portfolio. Additionally, the fund maintains a significant position in private equity, which represents 18.1% (€13.4 billion) of assets. Fixed income investments make up 23.9% (€17.7 billion), while real estate investments account for 6.6% (€4.9 billion). The fund also allocates 6.3% (€4.7 billion) to hedge funds (Source: Kevan vuosi 2025, p. 10, 14).
Geographic Exposure and Market Outlook
Geographically, the largest portion of Keva’s investments is allocated to North America, totaling €27.1 billion or 37% of the portfolio. Europe (excluding Finland) follows with 30% (€21.8 billion), while Emerging Markets account for 13% (€9.3 billion). Domestic investments in Finland represent 11% (€8.0 billion). In its market commentary, the fund notes that while corporate earnings growth remained good, particularly outside Europe, high market valuation levels in certain areas could lead to strong price volatility in the short term (Source: Kevan vuosi 2025, p. 8, 11).
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