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Kirchliche Zusatzversorgungskasse (KZVK)
The Kirchliche Zusatzversorgungskasse des Verbandes der Diözesen Deutschlands was established in 1976 as the supplementary pension vehicle for employees...
Kirchliche Zusatzversorgungskasse (KZVK)
The Kirchliche Zusatzversorgungskasse des Verbandes der Diözesen Deutschlands was established in 1976 as the supplementary pension vehicle for employees of Germany's Catholic dioceses and affiliated charitable organizations. CEO Christian Loh chairs the management board, while Dr. Daniel von Borries provides supervisory oversight, embedding a governance structure typical of German pension institutions with defined employer and religious stakeholder representation. The KZVK deploys capital across real estate, infrastructure, renewable energy, private credit, and agricultural impact strategies, weighting portfolios heavily toward tangible assets. Direct real estate holdings include the Gerling Garden mixed-use complex in Cologne and The Gate commercial property at Hildeboldplatz. The fund extends its geographic reach through residential portfolios spanning Germany and Austria, alongside logistics facilities in the United States and Asia. A dedicated renewable energy infrastructure allocation targets European assets, while a global microfinance impact fund and agricultural impact commitments round out the sustainability-oriented sleeve. An active participant in the German institutional ecosystem, the KZVK holds membership in the AKA, the professional association of municipal and church supplementary pension funds. In September 2023, the fund became a signatory to the UN Principles for Responsible Investment, formalizing its ESG integration framework. January 2025 marked a transition in capital markets leadership as Christoph Metz assumed the role of Head of Capital Investment Management, succeeding Stefan Heidel and signaling generational change within the investment function. Structurally, the KZVK operates under the dual regulatory oversight applicable to German church-affiliated pension schemes — distinct from the Bundesanstalt für Finanzdienstleistungsaufsicht framework governing commercial insurers — which shapes both its liability-driven investment posture and its capacity to hold directly owned real assets on the balance sheet rather than exclusively through fund structures.
General information
Firm type
Pension Fund
Year founded
1976
AUM
Undisclosed
Location
Region
Europe
Country
Germany
City
Cologne
Corporate office
Cologne, Germany
Principals
Christian Loh
Chairman of the Board / CEO
Christoph Metz
Head of Capital Investment Management
Dr. Daniel von Borries
Chairman of the Supervisory Board
Oliver Lang
Member of the Management Board (Finance)
Sector focus
Frequently asked questions
Who runs investment decisions at KZVK?
Christian Loh serves as Chairman of the Board and CEO, holding ultimate responsibility for the investment strategy. Day-to-day capital allocation was historically led by Stefan Heidel; as of January 2025, Christoph Metz assumed the Head of Capital Investment Management role, supported by Oliver Lang on the management board overseeing finance.
What is KZVK's real estate footprint?
The fund owns direct real estate assets concentrated in Germany and Austria, including the Gerling Garden mixed-use development and The Gate commercial property in Cologne. It also maintains a residential portfolio across Germany and Austria, and invests in logistics properties in the United States and Asia, demonstrating a willingness to deploy capital internationally within the asset class.
Does KZVK invest directly in infrastructure or only through funds?
KZVK targets renewable energy infrastructure across Europe and participates in the Infrastructure Investor Network. The direct ownership model observed in its real estate holdings suggests a preference for tangible, balance-sheet assets where possible, though the precise direct versus fund-allocated split in infrastructure is not publicly disclosed.
What is KZVK's approach to ESG and impact investing?
The fund became a UN PRI signatory in September 2023, formalizing its commitment to responsible investment. Its portfolio includes a dedicated agricultural impact fund, a global microfinance impact vehicle, and renewable energy infrastructure, indicating ESG integration as a structuring principle rather than a separate carve-out.
How is KZVK governed and regulated?
KZVK operates as a church-affiliated supplementary pension scheme under German ecclesiastical and pension law, distinct from commercial insurers supervised by BaFin. Governance includes a management board chaired by Christian Loh and a supervisory board chaired by Dr. Daniel von Borries, with stakeholder representation from the Catholic dioceses and employer organizations.
Which sectors does KZVK explicitly avoid?
As a church-linked pension fund, the investment guidelines incorporate ethical exclusions consistent with Catholic social teaching, though the specific restricted-sectors list is not publicly published. The portfolio shows no exposure to defense contractors, tobacco, or gambling — reflecting standard church-investor negative screens in Germany.
Does KZVK co-invest with other church or municipal pension funds?
KZVK participates in the AKA professional network alongside other municipal and church supplementary pension funds. While formal co-investment structures are not publicly documented, the network provides a forum for shared due diligence and potential collaboration on large-ticket real-asset deals among peer institutions.
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