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Institutional LPInvests through funds, not into companiesLAST VERIFIED Oct 2026 · 4 SOURCES

Kommunaler Versorgungsverband Baden-Württemberg (KVBW)

Also known as KVBW, KVBW Zusatzversorgung, Zusatzversorgungskasse des Kommunalen Versorgungsverbands Baden-Württemberg

Karlsruhe public-law municipal pension body; ~€18.8bn of assets incl. its supplementary pension fund (2024), with €1.58bn in private equity, private debt and infrastructure funds.

Municipal civil-servant pension and supplementary pension body of Baden-Württemberg (Karlsruhe); not the state-level Versorgungsfonds of the Land or the VBL (also Karlsruhe).

HEADQUARTERS
Karlsruhe, Germany
FOUNDED
—
AUM
€18.8B (2024)
OUTSIDE CAPITAL
No — own capital only
TEAM LISTED
4 people

Focus

STAGES
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SECTORS
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ASSET MIX
Private equityPrivate creditFunds (as LP)Real estate
GEOGRAPHY
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Investment arms & vehicles

  • KVBW Zusatzversorgung (Zusatzversorgungskasse des KVBW)
    Legally dependent special fund (Sonderkasse) of the KVBW running the municipal supplementary pension (ZVKRente AV I/AV II, ZVKPlusRente); assets of €14.41bn at end-2024 held as a separate Sondervermögen with its own annual report

Overview

The Kommunaler Versorgungsverband Baden-Württemberg is a public-law corporation in Karlsruhe (branch in Stuttgart) that pays civil-servant pensions and allowances for the state's municipalities, counties and other members, and runs the KVBW Zusatzversorgung, the supplementary pension fund for municipal employees, as a legally dependent special fund. Its 2024 reports put combined investment assets at about €18.8bn, split into €6.55bn of master special funds (equities and bonds), €4.01bn of real estate, €6.69bn of directly held bonds and €1.58bn of alternative investments. The alternatives are private equity, private debt and infrastructure equity, invested indirectly through sub-fund managers that in turn select target funds run by external managers. In 2024 the supplementary pension fund alone added €261m to alternative investment funds.

People

  • Frank Reimold
    Director (Direktor), head of administration and legal representative; also heads IT and infrastructure · source
  • Dietmar Bank
    Deputy Director; head of the investments and legal division (Geschäftsbereich Kapitalanlagen und Recht) · source
  • Dr. Thomas Zieger
    Head of corporate steering and risk management; head of the Stuttgart branch · source
  • Gerhard Bauer
    Chairman of the Administrative Board (Verwaltungsrat); Landrat, Schwäbisch Hall · source

Links

Frequently asked questions

Kommunaler Versorgungsverband Baden-Württemberg (KVBW) is a institutional investor based in Karlsruhe, Germany.

Kommunaler Versorgungsverband Baden-Württemberg (KVBW) does not primarily put its own money into private companies. It also commits capital to third-party funds as an LP.

Key people at Kommunaler Versorgungsverband Baden-Württemberg (KVBW) include Frank Reimold (Director (Direktor), head of administration and legal representative; also heads IT and infrastructure), Dietmar Bank (Deputy Director; head of the investments and legal division (Geschäftsbereich Kapitalanlagen und Recht)), Dr. Thomas Zieger (Head of corporate steering and risk management; head of the Stuttgart branch) and Gerhard Bauer (Chairman of the Administrative Board (Verwaltungsrat); Landrat, Schwäbisch Hall).

No. Kommunaler Versorgungsverband Baden-Württemberg (KVBW) invests its own capital and does not raise money from outside investors.