Institution: Kirchliche Versorgungskassen KZVK und VKPB
Headquarters:Â Dortmund, Germany
AUM: €32.4 billion
Allocation to private real estate: 14%
Kirchliche Versorgungskassen KZVK und VKPB (KZVK & VKPB), a German pension plan, is under-allocated to real estate, a source at the pension fund has confirmed.
The pension has an allocation of 14 percent, amounting to €4.5 billion, compared with its target allocation of 24 percent. It mainly focuses on investments in real estate through core, core-plus and value-add funds across Europe and has a bitesize between $75 million and $150 million.
The Evangelical Church of Westphalia and the Evangelical Church in the Rhineland founded KZVK and VKPB in 1955 to manage both churches’ pension funds. The two pension schemes are separate legal institutions but managed through a single investment team and fund led by Wolfram Gerdes.
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