Versorgungsanstalt des Bundes und der Länder

Versorgungsanstalt des Bundes und der Länder

Versorgungsanstalt des Bundes und der Länder was established in 1929 to provide supplementary old-age, disability and survivors' pensions for public sector workers. Angelika Stein-Homberg serves as chief executive. The institution operates under supervision of the Federal Ministry of Finance and BaFin. VBL allocates across fixed income (37 percent of assets), direct and indirect real estate (17 percent), private debt (13.5 percent) and commodities including gold (3 percent). Confirmed holdings include a 50.1 percent stake in Deutsche Konsum REIT-AG obtained via debt-to-equity swap in February 2026, a 4.37 percent position in TAG Immobilien AG as of December 2024, and infrastructure debt mandates with Allianz Global Investors and Global Infrastructure Partners. The portfolio spans Germany and broader Europe with additional exposure through Nordea Asset Management equity mandates. The firm employs 841 professionals at its Karlsruhe headquarters. It maintains a 11 billion EUR real estate portfolio and a 2.1 billion USD commodities allocation. VBL participates in the Fiduciary Investors Symposium and BAI Private Debt Symposium. In February 2026 it completed the debt-to-equity conversion that gave it majority control of Deutsche Konsum REIT-AG. VBL functions as an institution under public law with governance shared among federal and state representatives plus union input from ver.di and dbb. This structure imposes statutory investment limits and transparency obligations distinct from private pension vehicles.