# Caisse de pension Veska Caisse de pension Veska is a Pension Fund based in Aarau, Switzerland. ## Overview - **Organization type:** Pension Fund - **Headquarters:** Aarau, Switzerland - **Region:** Europe - **Address:** Aarau, Switzerland - **Founded:** 1963 - **Assets under management:** $2.0B – $2.5B (Altss estimate) - **Website:** veskapk.ch - **LinkedIn:** https://linkedin.com/company/veska-pensionskasse ## Regulatory record - **Reports private funds:** No ## About Founded in 1963, Caisse de pension Veska is the pension fund for professionals in Swiss healthcare and social services. Its membership base of over 8,000 insured individuals is drawn exclusively from 74 affiliated employers, including hospitals, elderly-care facilities, and home-care providers such as the Lindenhofgruppe. The fund operates under Swiss collective foundation law, with no external commercial mandate. Veska deploys capital across a multi-asset portfolio shaped by Swiss pension regulatory limits. Real estate is the largest single commitment, split between a direct Swiss mixed-use portfolio and indirect international positions accessed through Vertina Anlagestiftung and a European living fund. On the credit side, the fund allocates to senior secured loans and insurance-linked securities globally, and reports gold holdings as a portfolio diversifier. Confirmed structural vehicles include secondaries and co-investments — alongside traditional fund commitments — giving the fund flexibility to manage vintage risk and fee loads. As of mid-2025, Thomas Schmidiger had formally succeeded Martin Hammele as Managing Director, a transition noted in July 2025 reporting. Veska's governance is anchored by a board of trustees led by President Lucian Schucan and Vice Chair Guido Speck; Michael Mayer serves as Head of Finance. The fund's leadership participates actively in Swiss retirement-industry bodies, including ASIP, IZS, and the real-estate network Swiss Circle. Its real-asset vehicle Vertina Anlagestiftung also maintains membership in KGAST, reinforcing cost-efficient access to domestic residential property. Veska's structural differentiator is its monocline employer base. Every liability on its balance sheet originates from healthcare and social-welfare organizations, creating a correlated workforce-risk profile that is rare among diversified Swiss pension funds. Because the insured pool's longevity and disability patterns move together, the fund has a genuine motive to hedge systematically via insurance-linked securities — making what looks like a niche allocation in fact a first-order risk-management decision. ## Sectors - Real Estate - Private Credit - Hedge Funds - Secondaries & Special Situations - Infrastructure ## People - Thomas Schmidiger — Managing Director - Michael Mayer — Head of Finance - Lucian Schucan — President of the Board of Trustees - Guido Speck — Vice Chair of the Board of Trustees ## Questions ### Who runs investment decisions at Caisse de pension Veska? Thomas Schmidiger, the Managing Director since July 2025, oversees the fund's investment strategy. He reports to a board of trustees chaired by Lucian Schucan. The board sets the strategic asset allocation, while day-to-day manager selection and portfolio rebalancing are executed by Schmidiger's team. ### Is Veska's insured base open to companies outside the healthcare sector? No. The fund exclusively serves Spitex organizations, hospitals, nursing homes, and other social-welfare employers. This single-sector mandate is encoded in its foundation statutes and makes its liability profile unusually concentrated around nursing and care-home longevity risk. ### Does Veska invest directly in real estate or only through funds? Both. The fund holds a direct Swiss mixed-use portfolio and also accesses residential property indirectly through Vertina Anlagestiftung and a European living fund. This hybrid approach combines direct income-producing assets in Switzerland with diversified continental residential exposure. ### What role do insurance-linked securities play in the portfolio? ILS serve a dual function: they generate returns uncorrelated to equity and credit markets, and they hedge the fund's own longevity and disability risks. Because Veska's entire insured base works in healthcare, its liabilities are sensitive to the same mortality and morbidity events that drive ILS payouts, making the allocation a natural portfolio hedge. ### How is Veska governed and regulated? Veska is a Swiss collective foundation governed by a board of trustees composed of employer and employee representatives. It is supervised by the relevant Swiss cantonal authority and must comply with the Swiss Occupational Pensions Act (BVG), which imposes funding-ratio thresholds and asset-allocation limits. ### Who were the major employer partners that shaped Veska's membership base? Lindenhofgruppe AG is a major employer partner that transferred employees into Veska in 2017. Today the fund covers 74 employers — predominantly hospitals, nursing homes, and Spitex home-care organizations — concentrated in German-speaking Switzerland. ## Related profiles - [Berkshire Hathaway Energy Company (BHE)](https://altss.com/profile/berkshire-hathaway-energy-company-bhe) - [Caisse de Prévoyance des Fonctionnaires de Police et des Établissements Penitentiaires](https://altss.com/profile/caisse-de-pr-voyance-des-fonctionnaires-de-police-et-des-tablissements-penitentiaires-cp) --- Last updated: 2026-06-03T20:00:00.000Z Canonical page: https://altss.com/profile/caisse-de-pension-veska Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology