Pensionfunds are investing billions in mortgage loans. The managers that provide these loans appear to be similar, but looking closer there are significant differences.
Managers have different terms for redemptions. Either redemption is only possible when pensionfunds do not reinvest repayments, or a manager uses commitments from other investor to allow a swifter redemption. Furthermore the costs, reporting quality and the allocation of mortgages can vary significantly from one manager to another.