Versorgungsanstalt des Bundes und der Länder (VBL)
Also known as VBL, Versorgungsanstalt des Bundes und der Länder
Germany's largest public-sector supplementary pension fund, Karlsruhe; €65.1bn investments at market value end-2024, expanding private equity and private debt.
- HEADQUARTERS
- Karlsruhe, Germany
- FOUNDED
- 1929
- OUTSIDE CAPITAL
- No — own capital only
- TEAM LISTED
- 4 people
FOCUS
- STAGES
- —
- SECTORS
- —
- ASSET MIX
- Private equityPrivate creditReal estatePublic equities
- GEOGRAPHY
- —
WHAT IT IS
Institutional LP. Pension funds, endowments, foundations and sovereign funds that commit capital to funds and, sometimes, directly.
ABOUT
The Versorgungsanstalt des Bundes und der Länder (VBL) is a public-law institution (Anstalt des öffentlichen Rechts) carried by the Federation and the Länder and the largest German supplementary pension fund for public-sector employees. It was founded in Berlin on 26 February 1929 and has been based in Karlsruhe since 1952; more than 5,400 public employers insure over five million employees with it. At end-2024 its investments were about €65.08bn at market value (€39.79bn book value). Its strategic asset allocation for 2025 sets private equity targets of 3.5% to 4.5% and private debt targets of 11.5% to 17% across its funding pools, and expanding these illiquid classes is a strategy that applies to all pools.
INVESTMENT THESIS
Expand the illiquid asset classes private debt and private equity across all funding pools to earn illiquidity premia, alongside a broadly diversified bond, equity and increasingly international real-estate portfolio.
TEAM
- Angelika Stein-HombergPresident and Chair of the Vorstand · source
- Dr. Michael LeinwandMember of the Vorstand (investment strategy, real estate, IT) · source
- Peter RötzerMember of the Vorstand (participation management, customer and benefits management) · source
- Stefan SchütteHead of Fixed Income and Private Debt · source
LINKS
FAQ
Versorgungsanstalt des Bundes und der Länder (VBL) is a institutional investor based in Karlsruhe, Germany, founded in 1929.
Yes. Versorgungsanstalt des Bundes und der Länder (VBL) invests directly in private companies. It also commits capital to third-party funds as an LP.
Key people at Versorgungsanstalt des Bundes und der Länder (VBL) include Angelika Stein-Homberg (President and Chair of the Vorstand), Dr. Michael Leinwand (Member of the Vorstand (investment strategy, real estate, IT)), Peter Rötzer (Member of the Vorstand (participation management, customer and benefits management)) and Stefan Schütte (Head of Fixed Income and Private Debt).
No. Versorgungsanstalt des Bundes und der Länder (VBL) invests its own capital and does not raise money from outside investors.