Skip to content
Institutional LPInvests directly in companiesLAST VERIFIED Oct 2026 · 3 SOURCES

Versicherungskammer Bayern

Sole guarantor (Gewährträger) of Sparkassenverband Bayern

Also known as Konzern Versicherungskammer, Versicherungskammer Bayern Versicherungsanstalt des öffentlichen Rechts, VKB, Versicherungskammer

Munich public-sector insurance group of the Sparkassen-Finanzgruppe; €63.4bn investments at end-2025, incl. €2.4bn private equity and €1.8bn infrastructure equity exposure.

Public-sector insurance group of the Sparkassen-Finanzgruppe, Munich. Not to be confused with the Bayerische Versorgungskammer (BVK), the Bavarian pension authority that runs the professional Versorgungswerke.

HEADQUARTERS
München, Germany
FOUNDED
—
AUM
€63.4B (2025)
OUTSIDE CAPITAL
No — own capital only
TEAM LISTED
8 people

Focus

STAGES
—
SECTORS
—
ASSET MIX
Private equityVenture capitalReal estatePublic equities
GEOGRAPHY
—

Investment arms & vehicles

  • Versicherungskammer Tecta Invest GmbH
    Group-owned (100%) portfolio management company in Munich (renamed from Tecta Invest GmbH)
  • Versicherungskammer Real Estate GmbH
    Group real-estate company (100%), Munich
  • Bayern-Versicherung Lebensversicherung AG
    Life insurer of the group
  • Union Krankenversicherung AG
    Health insurer of the group (Saarbrücken)
  • Bayerische Beamtenkrankenkasse AG
    Health insurer of the group
  • Versicherungskammer Bayern Pensionskasse AG
    Pensionskasse of the group

Overview

Konzern Versicherungskammer is the insurance group of the Sparkassen-Finanzgruppe headed by Versicherungskammer Bayern Versicherungsanstalt des öffentlichen Rechts in Munich, one of Germany's ten largest insurers with about 7,900 staff; the Sparkassenverband Bayern is its sole guarantor. Group investments were €63,432.8M at end-2025. Its equity-risk exposure of €11,771.3M included €2,390.3M of private equity and €1,765.4M of infrastructure equity. Its holdings list includes stakes in health-tech VC funds heal.capital I and II, MVP Fund II, FinLeap, Odewald KMU funds, the regional equity providers BayBG and MBG Berlin-Brandenburg, and infrastructure funds from Macquarie and Pan-European Infrastructure.

PORTFOLIO (12)

  • heal.capital I GmbH & Co. KG (5.16%)
    HealthTech
  • heal.capital II GmbH & Co. KG (5.66%)
    HealthTech
  • MVP Fund II GmbH & Co. KG (7.75%)
  • FinLeap GmbH (6.15%)
    Fintech
  • Karla Plattform GmbH (23.26%)
  • BayBG Bayerische Beteiligungsgesellschaft mbH (6.80%)
  • Mittelständische Beteiligungsgesellschaft Berlin-Brandenburg GmbH (0.89%)
  • ODEWALD KMU II GmbH & Co. Beteiligungsgesellschaft für Vermögensanlagen KG (5.00%)
  • Odewald KMU GmbH & Co. Beteiligungsgesellschaft für Vermögensanlagen KG i.L. (7.32%)
  • Macquarie Super Core Infrastructure Fund SCSp (2.06%)
  • PAN-EUROPEAN INFRASTRUCTURE III, SCSp (3.25%)
  • VRP Venture Capital Rheinland-Pfalz GmbH & Co. KG i.L. and Nr. 2 i.L. (16.65% each)

People

  • Prof. Dr. Frank Walthes
    Chair of the Vorstand · source
  • Andreas Kolb
    Deputy Chair of the Vorstand · source
  • Dr. Markus Juppe
    Member of the Vorstand · source
  • Dr. Stephan Spieleder
    Member of the Vorstand · source
  • Katharina Jessel
    Member of the Vorstand · source
  • Isabella Martorell Naßl
    Member of the Vorstand · source
  • Klaus G. Leyh
    Member of the Vorstand · source
  • Matthias Dießl
    Chair of the Verwaltungsrat (President, Sparkassenverband Bayern) · source

Links

Frequently asked questions

Versicherungskammer Bayern is a institutional investor based in München, Germany.

Versicherungskammer Bayern invests directly and through funds. Capital origin: institutional capital. Stated strategies include private equity, venture capital, real estate and public equities.

Key people at Versicherungskammer Bayern include Prof. Dr. Frank Walthes (Chair of the Vorstand), Andreas Kolb (Deputy Chair of the Vorstand), Dr. Markus Juppe (Member of the Vorstand) and Dr. Stephan Spieleder (Member of the Vorstand).

Versicherungskammer Bayern's disclosed investments (funds and companies) include heal.capital I GmbH & Co. KG (5.16%), heal.capital II GmbH & Co. KG (5.66%), MVP Fund II GmbH & Co. KG (7.75%), FinLeap GmbH (6.15%), Karla Plattform GmbH (23.26%), BayBG Bayerische Beteiligungsgesellschaft mbH (6.80%), Mittelständische Beteiligungsgesellschaft Berlin-Brandenburg GmbH (0.89%) and ODEWALD KMU II GmbH & Co. Beteiligungsgesellschaft für Vermögensanlagen KG (5.00%), among others.