SOKA-BAU
Also known as Zusatzversorgungskasse des Baugewerbes AG, ZVK, Urlaubs- und Lohnausgleichskasse der Bauwirtschaft, ULAK, Soka-Bau
Wiesbaden social funds of the German construction industry (ZVK pension fund and ULAK); €15.9bn client assets (2025); ZVK holds 12.3% in PE, infrastructure and private debt.
- HEADQUARTERS
- Wiesbaden, Germany
- FOUNDED
- 1949
- OUTSIDE CAPITAL
- No — own capital only
- TEAM LISTED
- 5 people
Focus
- STAGES
- —
- SECTORS
- Real Estate & PropTech
- ASSET MIX
- Private equityPrivate creditReal estatePublic equities
- GEOGRAPHY
- Global
Investment arms & vehicles
- BaFin-supervised regulated Pensionskasse for the construction industry; €11.24bn investments (balance sheet) at end-2025; 12.3% of market value in private equity, infrastructure and private debt.
- Holiday and wage-equalisation fund of the construction industry (registered association); 1.3% of its investments in private equity, infrastructure and private debt at end-2025.
Overview
SOKA-BAU is the umbrella brand of two non-profit social funds founded by the construction industry's collective-bargaining parties: the Urlaubs- und Lohnausgleichskasse der Bauwirtschaft (ULAK) and the Zusatzversorgungskasse des Baugewerbes AG (ZVK), a BaFin-supervised Pensionskasse. It has provided services since 1949, and the market value of client money it managed was €15.93bn at end-2025. At the ZVK, which had €11.24bn of investments on its balance sheet, the market-value mix was 41.4% bonds, 25.1% real estate, 19.5% equities and 12.3% private equity, infrastructure and private debt. The ZVK plans to keep strengthening alternatives, chiefly private equity and infrastructure, and also holds directly owned residential and commercial property.
Investment thesis
Globally diversified, risk-adjusted portfolio with regional weights oriented to world GDP; strategic increase in infrastructure investments and private company and project participations; new managers of illiquid investments must have signed the PRI or have an ESG strategy.
People
- Dr. Gerhard MudrackMember of the Executive Board (Vorstand) · source
- Werner SchneiderMember of the Executive Board (Vorstand) · source
- Jutta Echterhoff-VogtChair of the Supervisory Board (ZVK) · source
- Robert FeigerChair of the Administrative Board (ULAK) · source
- Gregor AsshoffChief Investment Officer · source
Links
Frequently asked questions
SOKA-BAU is a institutional investor based in Wiesbaden, Germany, founded in 1949.
Yes. SOKA-BAU invests its own capital in private companies. It also commits capital to third-party funds as an LP.
SOKA-BAU invests in Real Estate & PropTech.
Key people at SOKA-BAU include Dr. Gerhard Mudrack (Member of the Executive Board (Vorstand)), Werner Schneider (Member of the Executive Board (Vorstand)), Jutta Echterhoff-Vogt (Chair of the Supervisory Board (ZVK)) and Robert Feiger (Chair of the Administrative Board (ULAK)).
No. SOKA-BAU invests its own capital and does not raise money from outside investors.