Bayerische Versorgungskammer
Also known as BVK, Bayerische Versorgungskammer (BVK), Bayerische Ärzteversorgung, Bayerische Apothekerversorgung, Bayerische Architektenversorgung, Bayerische Ingenieurversorgung-Bau mit Psychotherapeutenversorgung, Bayerische Rechtsanwalts- und Steuerberaterversorgung, BArchV, BRAStV, BIngPPV
Bavarian state authority running 12 professional and municipal pension schemes; manages about €122bn, with PE, infrastructure and timber fund stakes in over 190 programmes.
Not to be confused with the Bundesverband Beteiligungskapital (BVK, the German private equity association, bvkap.de) or with the insurer Versicherungskammer Bayern.
- HEADQUARTERS
- München, Germany
- FOUNDED
- 1995
- AUM
- €122B (2026)
- OUTSIDE CAPITAL
- No — own capital only
- TEAM LISTED
- 8 people
Focus
- STAGES
- GrowthBuyout
- SECTORS
- —
- ASSET MIX
- Private equityFunds (as LP)Real estatePublic equitiesHedge fundsPrivate credit
- GEOGRAPHY
- Global
Investment arms & vehicles
- Professional pension scheme for doctors, managed and legally represented by the BVK
- Professional pension scheme for pharmacists, managed and legally represented by the BVK
- Professional pension scheme for architects, managed and legally represented by the BVK
- Professional pension scheme for construction engineers and psychotherapists, managed and legally represented by the BVK
- Professional pension scheme for lawyers and tax advisers, managed and legally represented by the BVK
- BVK Beamtenversorgung (Bayerischer Versorgungsverband)Municipal civil-servant pension scheme managed by the BVK
- BVK Zusatzversorgung (Zusatzversorgungskasse der bayerischen Gemeinden)Municipal supplementary pension fund managed by the BVK
- Versorgungswerk des Bayerischen LandtagsPension scheme for Bavarian parliamentarians managed by the BVK
- Versorgungsanstalt der deutschen BühnenNationwide pension scheme for stage artists managed by the BVK
- Versorgungsanstalt der deutschen KulturorchesterNationwide pension scheme for orchestra musicians managed by the BVK
- Versorgungsanstalt der bevollmächtigten BezirksschornsteinfegerPension scheme for chimney sweeps managed by the BVK
- Versorgungsanstalt der Kaminkehrergesellen mit Pensionskasse des SchornsteinfegerhandwerksPension scheme and Pensionskasse for chimney-sweep journeymen managed by the BVK
Overview
The Bayerische Versorgungskammer (BVK) is an authority of the Free State of Bavaria that manages and legally represents twelve professional and municipal pension schemes, including the Bayerische Ärzteversorgung, Apothekerversorgung, Architektenversorgung, Ingenieurversorgung-Bau mit Psychotherapeutenversorgung and Rechtsanwalts- und Steuerberaterversorgung. It invests about €122bn (market value, January 2026) on their behalf across bonds, equities, real estate and alternatives. Its alternative investments cover private equity, infrastructure, timber and hedge funds; the long-dated Beteiligungsfonds, structured as separate accounts for the BVK schemes only, hold interests in over 190 programmes. Long-standing private equity partners include Pantheon (nine programmes since 2007) and Access Capital Partners (five mandates).
PORTFOLIO (3)
- Pantheon — nine private equity programmes since 2007 (European, global and US); ninth mandate (2024) for US small and mid-sized companies via primaries and co-investmentssince 2007
- Access Capital Partners — fifth consecutive mandate (2023): primary funds and secondaries in European smaller buyout funds; partnership since about 2007since 2023
- US real estate target funds with Deutsche Finance and SHVO (about €1.6bn equity; incl. the Transamerica Pyramid renovation)Real Estate & PropTech
People
- Axel UttenreutherChairman of the Board (Vorsitzender des Vorstands) · source
- Stefan MüllerDeputy Chairman of the Board · source
- André HeimrichMember of the Board, Investments (Vorstand Kapitalanlagen) · source
- Christine DrawsMember of the Board · source
- Dr. Christian EberspergerMember of the Board · source
- Anselm WagnerDeputy Board Member (since July 2026); previously head of securities management, earlier head of equities and alternative investments · source
- Andreas SteimelInterim head of real estate investment (since February 2026) · source
- Hendrik KottHead of Equity and Alternative Investments (as quoted July 2024) · source
Links
Frequently asked questions
Bayerische Versorgungskammer is a institutional investor based in München, Germany, founded in 1995.
Bayerische Versorgungskammer does not primarily put its own money into private companies. It also commits capital to third-party funds as an LP.
Bayerische Versorgungskammer invests at Growth and Buyout stages.
Key people at Bayerische Versorgungskammer include Axel Uttenreuther (Chairman of the Board (Vorsitzender des Vorstands)), Stefan Müller (Deputy Chairman of the Board), André Heimrich (Member of the Board, Investments (Vorstand Kapitalanlagen)) and Christine Draws (Member of the Board).
Bayerische Versorgungskammer's investments include Pantheon — nine private equity programmes since 2007 (European, global and US); ninth mandate (2024) for US small and mid-sized companies via primaries and co-investments, Access Capital Partners — fifth consecutive mandate (2023): primary funds and secondaries in European smaller buyout funds; partnership since about 2007 and US real estate target funds with Deutsche Finance and SHVO (about €1.6bn equity; incl. the Transamerica Pyramid renovation).
The most recent publicly reported investment by Bayerische Versorgungskammer is Pantheon (ninth BVK mandate: US small and mid-market private equity, primaries and co-investments) (Private equity mandate), announced in Jul 2024.
No. Bayerische Versorgungskammer invests its own capital and does not raise money from outside investors.