Kirchliche Zusatzversorgungskasse (KZVK)

Since January 2025, Christoph Metz has led the capital investment management function, taking over from former Head of Capital Investment Stefan Heidel. The management board, chaired by CEO Christian Loh, governs the fund within a supervisory structure chaired by Dr. Daniel von Borries. Investment decisions are made by the in-house team rather than outsourced entirely to external managers, reflecting KZVK's preference for direct asset ownership in real estate and infrastructure.

KZVK does not publicly disclose its sourcing model, but the fund's membership in the AKA (Association of Municipal and Church Supplementary Pension Funds) and the broader Infrastructure Investor Network suggests it accesses deal flow through a combination of long-standing German institutional relationships, co-investment networks, and its own direct origination in its home market of Cologne, where it owns multiple named properties. Its cross-border logistics and infrastructure allocations likely involve specialist fund commitments alongside direct co-investment rights.

KZVK operates a hybrid model. The fund owns direct commercial and residential properties in Germany and Austria — including Gerling Garden and The Gate in Cologne — and holds logistics assets in the US and Asia. Concurrently, it commits to impact funds such as a European Renewable Energy Infrastructure vehicle, an Agricultural Impact Fund, and a Global Microfinance Impact Fund. This suggests a core direct-ownership strategy supplemented by fund commitments in sectors or geographies requiring specialist operational management.

KZVK is a statutory pension fund established by the Verband der Diözesen Deutschlands (Association of German Dioceses), the coordinating body of Germany's 27 Catholic dioceses. It provides mandatory supplementary pension coverage for diocesan employees, Caritas staff, and workers at affiliated church institutions. While governed under German insurance law at arm's length from the dioceses, its sponsorship informs an investment philosophy that explicitly integrates Catholic social teaching — visible in its microfinance, agricultural, and renewable energy commitments.

No. Like many German pension schemes governed under the Insurance Supervision Act (VAG) and reporting under German GAAP (HGB), KZVK does not publish an aggregate AUM figure. Its scale can be inferred from the breadth of its direct property portfolio — spanning commercial, residential, and logistics assets across three continents — and its multi-fund impact platform, but no specific number has been publicly disclosed.

KZVK has been a signatory to the United Nations Principles for Responsible Investment (PRI) since September 2023, signaling a formal commitment to ESG integration. Its portfolio substantiates this with dedicated allocations to a Renewable Energy Infrastructure Fund (Europe), an Agricultural Impact Fund, and a Global Microfinance Impact Fund. These commitments align the fund's investment strategy with the social teachings of the Catholic Church, which distinguish KZVK from secular pension peers of similar institutional profile.

While KZVK does not publicly disclose a formal co-investment program, its dual approach of direct property ownership and impact fund commitments implies the capacity and inclination to co-underwrite deals with established managers, particularly in the German real estate market where it has deep in-house expertise and named assets. Potential GPs should approach the in-house investment management team, now led by Christoph Metz, rather than treating KZVK as a passive, consultant-advised allocator.