The Dutch Shell Pension Fund booked a total return of 16.8% in 2006, increasing its entire assets to €18.3bn. The scheme outperformed its benchmark by 3.3%. The best performing asset class was private equity, now grown to 5% of assets, which returned almost 39%. The spokesman said Shell is aware of recent scrutiny of private equity investments, but added that Shell has a policy to look very carefully in which private equity and hedge funds it invests.

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