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Institutional LPPuts its own capital into companiesLAST VERIFIED Oct 2026 · 9 SOURCES

Versorgungswerk der Zahnärztekammer Berlin (VZB)

Also known as VZB, Versorgungswerk der Zahnärztekammer Berlin

Dentists' pension scheme for Berlin, Brandenburg and Bremen; €2.0bn of investments (2023) incl. direct stakes in start-ups and hotels, PE funds of funds and infrastructure.

Dentists' pension scheme for Berlin, Brandenburg and Bremen; not the Berliner Ärzteversorgung (doctors) or the Versorgungswerk der Zahnärztekammer Hamburg.

HEADQUARTERS
Berlin, Germany
FOUNDED
—
AUM
€2B (2023)
OUTSIDE CAPITAL
No — own capital only
TEAM LISTED
4 people

Focus

STAGES
—
SECTORS
—
ASSET MIX
Direct investmentsPrivate equityPrivate creditFunds (as LP)Real estate
GEOGRAPHY
GermanyEuropeGlobal

Overview

The Versorgungswerk der Zahnärztekammer Berlin (VZB) is a partly autonomous institution of the Zahnärztekammer Berlin, a public-law corporation, and is the pension scheme for dentists in the chamber areas of Berlin, Brandenburg and Bremen. Its investments totalled €2,033.9M at book value at end 2023, of which €400.1M in affiliated companies and €251.9M in participations; its accounts describe these as mainly direct stakes in companies plus participations in private equity, private debt and infrastructure vehicles, VZB-owned holding companies and real-estate participations. It began in private equity with funds of funds from Golding and Partners Group and later took direct stakes in companies such as Element Insurance and Cargonexx. Its governing committee was replaced in 2025, and it has filed a damages action over past investments (reported by portfolio institutionell).

PORTFOLIO (11)

  • Element Insurance AG (Berlin insurtech; VZB invested from 2017 and held over 80%; preliminary insolvency proceedings opened 8 Jan 2025)
    Fintech · since 2017 · Insolvent
  • Cargonexx (Hamburg digital freight forwarder; €12M convertible loan Dec 2019, later further tranches; insolvency filed Jul 2025)
    Mobility & Logistics · since 2019 · Insolvent
  • 12.18. group (premium hotel and resort developer; VZB a strategic partner and co-shareholder)
    Real Estate & PropTech
  • Engel & Völkers Capital AG (20% stake, per 2018 events)
    Real Estate & PropTech
  • MAGNA Real Estate AG (10% stake taken in 2018)
    Real Estate & PropTech · since 2018
  • R-Planet-Earth (PET recycling plant in Los Angeles, co-developed with Oaktree; productive since end 2018)
    Climate & Energy
  • Kapilendo (SME financing platform, incl. seed money)
    Fintech
  • Finleap (fintech company builder)
    Fintech
  • 7-Orca (overlay manager)
    Fintech
  • SUSI Energy Storage Fund (SUSI Partners; LP at final close, May 2018)
    Climate & Energy · since 2018
  • Golding and Partners Group private equity funds of funds (initial PE allocation)

People

  • Thomas Schieritz
    Chairman of the Administrative Committee (Verwaltungsausschuss, the managing body) · source
  • Dr. Uwe Matzen
    Deputy Chairman of the Administrative Committee · source
  • Jürgen Herbert
    Chairman of the Supervisory Committee (Aufsichtsausschuss) · source
  • Georg Geenen
    Management (Direktion) · source

Links

Frequently asked questions

Versorgungswerk der Zahnärztekammer Berlin (VZB) is a institutional investor based in Berlin, Germany.

Yes. Versorgungswerk der Zahnärztekammer Berlin (VZB) invests its own capital in private companies. It also commits capital to third-party funds as an LP.

Key people at Versorgungswerk der Zahnärztekammer Berlin (VZB) include Thomas Schieritz (Chairman of the Administrative Committee (Verwaltungsausschuss, the managing body)), Dr. Uwe Matzen (Deputy Chairman of the Administrative Committee), Jürgen Herbert (Chairman of the Supervisory Committee (Aufsichtsausschuss)) and Georg Geenen (Management (Direktion)).

Versorgungswerk der Zahnärztekammer Berlin (VZB)'s investments include Element Insurance AG (Berlin insurtech; VZB invested from 2017 and held over 80%; preliminary insolvency proceedings opened 8 Jan 2025), Cargonexx (Hamburg digital freight forwarder; €12M convertible loan Dec 2019, later further tranches; insolvency filed Jul 2025), 12.18. group (premium hotel and resort developer; VZB a strategic partner and co-shareholder), Engel & Völkers Capital AG (20% stake, per 2018 events), MAGNA Real Estate AG (10% stake taken in 2018), R-Planet-Earth (PET recycling plant in Los Angeles, co-developed with Oaktree; productive since end 2018), Kapilendo (SME financing platform, incl. seed money) and Finleap (fintech company builder), among others.

No. Versorgungswerk der Zahnärztekammer Berlin (VZB) invests its own capital and does not raise money from outside investors.