Pension Fund

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Versorgungswerk der Landesärztekammer Hessen

Founded in 1968 and based in Frankfurt, the Versorgungswerk der Landesärztekammer Hessen serves as the mandatory occupational pension scheme for physicians in...

Versorgungswerk der Landesärztekammer Hessen

Founded in 1968 and based in Frankfurt, the Versorgungswerk der Landesärztekammer Hessen serves as the mandatory occupational pension scheme for physicians in the German state of Hesse. The chairmanship is held by Dr. Titus Freiherr Schenck zu Schweinsberg, with Dr. Susan Trittmacher acting as his deputy at the board level. The fund operates as a sub-entity of the Hessian Medical Association and provides old-age, disability, and survivor benefits to its member doctors. Asset management, led by Claudia Blauth and deputy Jens Troll, spans a mix of real assets and fund commitments. The real estate portfolio includes the current headquarters at Hanauer Landstraße in Frankfurt, a former headquarters-turned-residential project at Mittlerer Hasenpfad, a residential development in Berlin-Charlottenburg, and the Future Living Quarter mixed-use complex in Leipzig. Beyond real estate, the fund holds a direct bond portfolio focused on Germany and allocates to private markets via fund-of-funds, secondaries, venture capital, growth equity, and buyout strategies. The fund's participation in the Infrastructure Investor Network signals a formal interest in unlisted infrastructure. The fund's asset base is not publicly disclosed, though member benefit adjustments offer scale signals. In September 2025, the delegate assembly approved a 1.2% pension increase effective January 2026, alongside an up to 1.5 percentage-point bonus crediting rate on 2024 contributions. The fund is a member of ABV, the association of German professional pension funds, and ECORE, a network developing ESG scoring standards for real estate. A March 2026 governance change introduced a more flexible partial retirement option, allowing members to delay initial pension drawdowns until age 75. Unlike many German Versorgungswerke that rely heavily on fixed-income allocations, the Hesse doctors' fund maintains an actively managed in-house real estate team alongside external fund commitments — blending direct operational control of physical assets with a diversified private-markets program. The direct bond portfolio anchors the fixed-income sleeve, while the combination of co-investment club access through ECORE and the Infrastructure Investor Network provides an institutional-quality sourcing pipeline not always available to specialist occupational pension schemes.

General information

Firm type

Pension Fund

Year founded

1968

Location

Region

Europe

Country

Germany

City

Frankfurt

Corporate office

Hanauer Landstraße 150, Frankfurt am Main, Hessen, Germany

Principals

Dr. Titus Freiherr Schenck zu Schweinsberg

Chairman of the Board of Directors

Dr. Susan Trittmacher

Acting Chair of the Board of Directors

Claudia Blauth

Head of Asset Management

Jens Troll

Deputy Managing Director of Asset Management

Sector focus

Real EstateVenture CapitalGrowth EquityBuyoutPrivate CreditSecondaries & Special SituationsFund of Funds

Frequently asked questions

Who is responsible for investment decisions at the Versorgungswerk?

Claudia Blauth serves as Head of Asset Management, with Jens Troll as her deputy. The ultimate governance sits with the Board of Directors, chaired by Dr. Titus Freiherr Schenck zu Schweinsberg with Dr. Susan Trittmacher as acting chair. The delegate assembly — representing the member doctors — approves major parameters such as pension increases and the annual accounts.

What does the fund's real estate portfolio consist of?

Known properties span commercial and residential assets concentrated in Frankfurt, Berlin, and Leipzig. Holdings include the fund's own headquarters on Hanauer Landstraße in Frankfurt, a converted former headquarters at Mittlerer Hasenpfad, a residential project in Berlin-Charlottenburg, and the Future Living Quarter mixed-use development in Leipzig. The real estate arm participates in ECORE, an ESG scoring network for real estate investors.

Does the Versorgungswerk invest directly in private equity or only through funds?

The fund uses both approaches. Its strategy tags cover direct buyout, growth equity, venture capital, and secondaries, alongside fund-of-funds and co-investment programs. The allocation model combines direct real estate operations with external fund commitments across private markets — a hybrid architecture that gives the in-house team both control over physical assets and diversified fund exposure.

Is the AUM publicly disclosed?

No. The Versorgungswerk does not publish its total assets under management. The only public financial signals come from periodic member updates — for example, the 1.2% pension increase approved in September 2025 and a flexible partial-retirement mechanism adopted in March 2026 — which imply a stable, well-funded asset base, but no precise figure is available from primary sources.

How does the fund source private-markets deal flow?

Beyond standard GP relationships through its fund commitment programs, the Versorgungswerk accesses deal flow via two institutional networks: ECORE, which focuses on ESG scoring standards for real estate assets, and the Infrastructure Investor Network, a global community for limited partners in unlisted infrastructure. These memberships provide co-investor visibility and sector-specific sourcing channels often unavailable to smaller occupational pension schemes.

Are the pension benefits linked to contributions from the German statutory pension system?

No. The Versorgungswerk is a separate occupational pension institution for physicians in Hesse, independent of the Deutsche Rentenversicherung. Contribution rates and benefit calculations follow the fund's own rules, although the statutory contribution assessment ceiling does influence the maximum insurable income — which rose to €8,450 per month for 2026.

What governance changes were approved in the March 2026 delegate assembly?

The assembly introduced a more flexible partial retirement rule effective July 2026. Previously, the first tranche of a partial pension had to be drawn before age 67; under the new rule, members can defer the start of that initial payment until age 75. This allows physicians to phase into retirement over a longer window while keeping a portion of their pension assets accruing.

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