SOKA-BAU

SOKA-BAU

SOKA-BAU was established in 1949 by the Industriegewerkschaft Bauen-Agrar-Umwelt, the Hauptverband der Deutschen Bauindustrie, and the Zentralverband des Deutschen Baugewerbes to administer mandatory social benefits for the German construction industry. The entity operates two core vehicles: the Zusatzversorgungskasse des Baugewerbes (ZVK) pension fund and the Urlaubs- und Lohnausgleichskasse (ULAK) leave fund. These structures collect contributions from employers and deliver benefits directly to blue-collar workers and retirees. The fund allocates across real estate, private equity, infrastructure, and private debt. Real estate forms the largest exposure through direct holdings of approximately 7,500 residential units in Germany until the 2021 sales to AEW and GWH Immobilien Holding, plus ongoing commercial assets and a joint venture in US workforce housing with Avanath Capital Partners. Private equity exposure runs at 3.5 percent with a 6 percent target and includes buyout, growth, and secondaries mandates executed via managed accounts and fund commitments. Geographic reach covers Germany, North America, and Asia-Pacific. SOKA-BAU employs 939 professionals at its Wiesbaden headquarters. Additional vehicles include the Vocational Training Fund that co-finances apprenticeships and a company kindergarten. In June 2025 Gregor Asshoff stepped down as CIO and was succeeded by Werner Schneider, previously Head of Asset Management. The firm maintains memberships in UN PRI since 2020, INREV, and the German occupational pension association aba. Governance rests with founding industry bodies that retain ownership stakes in ZVK: IG BAU at 50 percent, HDB at 25 percent, and ZDB at 25 percent. This paritarian structure separates benefit administration from investment decisions while requiring coordination with union and employer representatives on major policy changes.