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Institutional LPAllocates capital directlyLAST VERIFIED Oct 2026 · 6 SOURCES

Debeka

Also known as Debeka Versicherungen, Debeka Krankenversicherungsverein a.G., Debeka Lebensversicherungsverein a.G., Debeka Allgemeine Versicherung AG, Debeka Pensionskasse AG, Debeka-Gruppe

Koblenz mutual insurance group (founded 1905); €118.8bn investments across its insurers (2025); LP in Wachstumsfonds Deutschland and infrastructure funds; stakes in ottonova.

HEADQUARTERS
Koblenz, Germany
FOUNDED
1905
AUM
€118.8B (2025)
OUTSIDE CAPITAL
No — own capital only
TEAM LISTED
7 people

FOCUS

STAGES
—
SECTORS
Climate & EnergyReal Estate & PropTech
ASSET MIX
Venture capitalFunds (as LP)Real estatePublic equitiesPrivate credit
GEOGRAPHY
GermanyEurope

WHAT IT IS

Institutional LP. Pension funds, endowments, foundations and sovereign funds that commit capital to funds and, sometimes, directly.

  • Debeka Asset Management GmbH
    Wholly owned asset-management subsidiary of Debeka Krankenversicherungsverein a.G.
  • Debeka Pensionskasse AG
    Occupational pension fund of the group (operating since 2002)

ABOUT

Debeka was founded in 1905, is based in Koblenz and is led by two mutuals, Debeka Krankenversicherungsverein a.G., Germany's largest private health insurer, and Debeka Lebensversicherungsverein a.G.; they own Debeka Allgemeine Versicherung, Debeka Pensionskasse and Debeka Bausparkasse. Its insurers reported combined investments of about €118.8bn for 2025. The health insurer's 2025 report lists stakes in infrastructure, renewable-energy and real-estate fund vehicles (KGAL, FUNIS, MEAG Infrastructure Debt, TUGELA) and minority stakes in companies such as ottonova Holding, BRICKMAKERS, SDA SE and Sana Kliniken, plus €405M in alternative investment funds. In December 2022 Debeka invested in Wachstumsfonds Deutschland, the venture capital fund of funds advised by KfW Capital.

PORTFOLIO (16)

  • Wachstumsfonds Deutschland (KfW Capital-advised VC fund of funds)
    since 2022
  • ottonova Holding AG, Munich (16.0%)
  • BRICKMAKERS AG, Koblenz (28.0%)
  • SDA SE Open Industry Solutions, Hamburg (22.7%)
  • Sana Kliniken AG, Ismaning (10.6%)
  • TUGELA Renewable Energy Infrastructure Fund GmbH & Co. geschlossene Investment KG (50.0%)
    Climate & Energy
  • FUNIS Infrastructure Investments S.C.S., SICAV-RAIF – FUNIS Europe+ (31.2%)
  • MEAG Infrastructure Debt Fund S.C.S. SICAV-FIS (28.8%)
  • KGAL ESPF 5 SICAV-RAIF S.C.S. (20.2%)
  • ESPF 3 GmbH & Co. geschlossene Investment KG (24.7%)
  • KGAL APF 4 GmbH & Co. geschlossene Investment KG (32.5%)
  • STADT MORGEN GmbH & Co. geschlossene Investment KG (50.0%)
  • KGAL Wohnen Core 3 GmbH & Co. geschlossene Investment KG (26.4%)
    Real Estate & PropTech
  • KGAL CORE 5 SICAV RAIF S.C.S. (40.6%)
  • Allianz Debt Fund SCSp SICAV-SIF – Prime Allianz Real Estate Coinvestment II (48.4%)
    Real Estate & PropTech
  • European Core-Plus Logistics Fund SCSp (27.8%)

TEAM

  • Thomas Brahm
    Chairman of the Management Board · source
  • Ralf Degenhart
    Member of the Management Board · source
  • Annabritta Biederbick
    Member of the Management Board · source
  • Laura Müller
    Member of the Management Board · source
  • Dr. Normann Pankratz
    Member of the Management Board · source
  • Paul Stein
    Member of the Management Board · source
  • Uwe Laue
    Chairman of the Supervisory Board · source

LINKS

FAQ

Debeka is a institutional investor based in Koblenz, Germany, founded in 1905.

Yes. Debeka invests directly in private companies. It also commits capital to third-party funds as an LP.

Debeka invests in Climate & Energy and Real Estate & PropTech.

Key people at Debeka include Thomas Brahm (Chairman of the Management Board), Ralf Degenhart (Member of the Management Board), Annabritta Biederbick (Member of the Management Board) and Laura Müller (Member of the Management Board).

Debeka's investments include Wachstumsfonds Deutschland (KfW Capital-advised VC fund of funds), ottonova Holding AG, Munich (16.0%), BRICKMAKERS AG, Koblenz (28.0%), SDA SE Open Industry Solutions, Hamburg (22.7%), Sana Kliniken AG, Ismaning (10.6%), TUGELA Renewable Energy Infrastructure Fund GmbH & Co. geschlossene Investment KG (50.0%), FUNIS Infrastructure Investments S.C.S., SICAV-RAIF – FUNIS Europe+ (31.2%) and MEAG Infrastructure Debt Fund S.C.S. SICAV-FIS (28.8%), among others.

The most recent publicly reported investment by Debeka is Wachstumsfonds Deutschland (VC fund of funds) (LP commitment), announced in Dec 2022.

No. Debeka invests its own capital and does not raise money from outside investors.