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Institutional LPAllocates capital directlyLAST VERIFIED Oct 2026 · 7 SOURCES

DEVK Versicherungen

Also known as DEVK, DEVK Deutsche Eisenbahn Versicherung Sach- und HUK-Versicherungsverein a.G., DEVK Deutsche Eisenbahn Versicherung Lebensversicherungsverein a.G.

Cologne mutual insurance group (origin: railway workers); €18.5bn group investments (2025); PE fund-of-funds units; €557M alternatives ex-PE (86% infrastructure).

Cologne mutual insurance group founded for railway workers; DEVK Private Equity GmbH and Kassos Ventures GmbH are its own investment subsidiaries, not separate profiles.

HEADQUARTERS
Köln, Germany
FOUNDED
1886
AUM
€18.5B (2025)
OUTSIDE CAPITAL
No — own capital only
TEAM LISTED
7 people

FOCUS

STAGES
—
SECTORS
—
ASSET MIX
Private equityFunds (as LP)Real estate
GEOGRAPHY
Global

WHAT IT IS

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

  • DEVK Private Equity GmbH (Köln)
    Group private-equity holding company, 65% held by the group (listed among consolidated subsidiaries); the other DEVK insurers hold the remaining shares
  • Kassos Ventures GmbH (Köln)
    Wholly owned subsidiary (100%); equity €36.2M and result -€4.4M as listed in the 2025 Sach- und HUK-Verein report; activity not described in primary sources
  • DAI SICAV-RAIF S.C.S. (Munsbach) and DAI-C-Unigestion Co-Invest SCS
    Consolidated Luxembourg fund vehicles (90% / 100% held at end-2025)
  • DEVK Asset Management Gesellschaft mbH
    Wholly owned group asset manager (Köln)
  • Monega Kapitalanlagegesellschaft mbH
    Cologne KVG, 45% associate of the group
  • DEVK Pensionsfonds-AG
    Wholly owned Pensionsfonds of the group

ABOUT

DEVK Versicherungen is a Cologne insurance group headed by the mutuals DEVK Deutsche Eisenbahn Versicherung Sach- und HUK-Versicherungsverein a.G. and DEVK Lebensversicherungsverein a.G.; its life mutual dates from 1 April 1886 and was founded by and for railway workers. Group investments reached €18.49bn at the end of 2025. Its strategic asset allocation has included a separate class for alternative investments (infrastructure and other) since 2020, with a book value of €556.9M at end-2025 (86% infrastructure), and its insurers hold private-equity fund-of-funds units and a group private-equity company, DEVK Private Equity GmbH. Open capital commitments to participations, fund units and securities were €883.1M at year-end 2025.

PORTFOLIO (5)

  • Rotonda Infrastructure 1 SCSp (Luxembourg) — 3.23% held by DEVK Lebensversicherungsverein (2023)
  • Aviation Portfolio Fund Nr. 1 GmbH und Co. geschlossene Investment KG (Grünwald) — 5.00% held (2023)
  • Unicapital private equity fund units (held by DEVK Lebensversicherungsverein, 2023)
  • DAI-C-Unigestion Co-Invest SCS (Luxembourg) — 100%, consolidated
  • Navigo Shipholding AG (Hamburg) — 41.7% associate

TEAM

  • Michael Knaup
    Chairman of the Board of Management (Vorstandsvorsitzender) · source
  • Annette Hetzenegger
    Member of the Board of Management (also DEVK RE and DEVK Vermögensvorsorge- und Beteiligungs-AG) · source
  • Manuela Moog
    Member of the Board of Management · source
  • Dietmar Scheel
    Member of the Board of Management · source
  • Dr. Michael Zons
    Member of the Board of Management (also DEVK Pensionsfonds-AG) · source
  • Dr. Fabian Pütz
    Member of the Board of Management, DEVK Rückversicherungs- und Beteiligungs-AG - DEVK RE · source
  • Martin Burkert
    Chairman of the Supervisory Board (Sach- und HUK-Versicherungsverein and Lebensversicherungsverein) · source

LINKS

FAQ

DEVK Versicherungen is a institutional investor based in Köln, Germany, founded in 1886.

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

Key people at DEVK Versicherungen include Michael Knaup (Chairman of the Board of Management (Vorstandsvorsitzender)), Annette Hetzenegger (Member of the Board of Management (also DEVK RE and DEVK Vermögensvorsorge- und Beteiligungs-AG)), Manuela Moog (Member of the Board of Management) and Dietmar Scheel (Member of the Board of Management).

DEVK Versicherungen's investments include Rotonda Infrastructure 1 SCSp (Luxembourg) — 3.23% held by DEVK Lebensversicherungsverein (2023), Aviation Portfolio Fund Nr. 1 GmbH und Co. geschlossene Investment KG (Grünwald) — 5.00% held (2023), Unicapital private equity fund units (held by DEVK Lebensversicherungsverein, 2023), DAI-C-Unigestion Co-Invest SCS (Luxembourg) — 100%, consolidated and Navigo Shipholding AG (Hamburg) — 41.7% associate.

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