Abstract. The Pillar II appeared on the Romanian market in order to provide to the population an alternative source of income at the retirement time on one hand, but also to stimulate the increase of the capital market liquidity through investments made by the private fund managers on the other hand. Through the current study, I wanted to make an analysis of the investments made on the Romanian capital market of the privately managed pension funds (pillar II). The subject is very topical at present and the purpose of the paper is to identify whether these funds are major players on the capital markets and what investment instruments they use. In this regard, we made a linear regression in Excel, with several factors influencing the results, as well as a regression in Eviews, using data between May 2008 and December 2017. The most representative was a statistically significant correlation between the value of the investments and the value of total assets of privately managed pension funds.

Keywords: private pension funds, investments, capital markets, pillar II, occupational pension.