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Versorgungswerk der Steuerberater in Baden-Württemberg
Founded in 1999, the Versorgungswerk der Steuerberater in Baden-Württemberg is a public-law pension fund that provides mandatory retirement, disability, and...
Versorgungswerk der Steuerberater in Baden-Württemberg
Founded in 1999, the Versorgungswerk der Steuerberater in Baden-Württemberg is a public-law pension fund that provides mandatory retirement, disability, and survivors' benefits exclusively to tax advisors in the state of Baden-Württemberg and their families. The membership is drawn from three regional chambers: Stuttgart, Nordbaden, and Südbaden, giving the fund a structurally captive inflow from a regulated profession. The fund invests primarily in direct real estate and real-asset fund commitments across Germany and Europe. Known portfolio holdings include the Haus der Steuerberater office building in central Stuttgart, positions in two BEOS Corporate Real Estate Fund Germany vintages, and interests in the European Cities Fund, a diversified mixed-use strategy. The investment approach favors long-duration, income-producing commercial, industrial, and residential assets that offer inflation-hedging characteristics suitable for a liability-driven mandate. The fund also holds indirect exposure through subsidiaries including astorias Immobilien and Zapf Liegenschaften GmbH & Co KG. The fund operates with a lean governance structure under chairman Michael Erhardt and managing director Bärbel Manck. In addition to its own mandate, the Versorgungswerk provides back-office and business management services to the Notarversorgungswerk Baden-Württemberg, the parallel pension fund for notaries, creating an unusual shared-services model between two professional pension institutions. The office maintains membership in the ABV, the national working group of professional pension schemes. Its structural differentiator is purely institutional: it is neither a family office nor a commercial asset manager, but a captive public-law pension fund with a non-discretionary membership base. The fund's liability profile — predictable contributions from a stable professional population and long-dated benefit obligations — dictates an investment strategy oriented toward illiquid, income-generating real assets, without the redemption or fundraising pressures that shape private-market funds.
General information
Firm type
Pension Fund
Year founded
1999
Location
Region
Europe
Country
Germany
City
Stuttgart
Corporate office
Stuttgart, Germany
Principals
Michael Erhardt
Chairman of the Board and Chairman of the Investment Committee
Bärbel Manck
Managing Director
Sector focus
Frequently asked questions
Who runs investment decisions at the Versorgungswerk der Steuerberater in Baden-Württemberg?
The Chairman of the Board, Michael Erhardt, also serves as Chairman of the Investment Committee and leads asset-allocation and investment decisions. Day-to-day management is handled by Managing Director Bärbel Manck. This dual structure concentrates strategic and operational investment authority within a small, internally governed leadership team.
How is the Versorgungswerk funded, and who are its members?
Funding comes from mandatory contributions by tax advisors in Baden-Württemberg, covering members of the Stuttgart, Nordbaden, and Südbaden tax advisor chambers. It is a public-law pension fund, not a private entity or family office. Contribution levels are set by statute, creating a captive and predictable inflow unmatched by voluntary savings schemes.
What types of assets does the fund invest in?
The portfolio emphasizes direct and indirect real estate, including commercial offices, industrial properties, and mixed-use developments, predominantly in Germany with some European exposure. Confirmed holdings include the Haus der Steuerberater in Stuttgart, interests in BEOS Corporate Real Estate Fund Germany III and IV, and the European Cities Fund. The fund also holds residential assets through its subsidiaries astorias Immobilien and Zapf Liegenschaften.
Does the Versorgungswerk invest in public equities or hedge funds?
There is no public evidence that the fund allocates significant capital to public equities, hedge funds, or venture strategies. Its observable portfolio is concentrated in real assets — primarily real estate — consistent with a liability-driven investment approach aimed at long-duration, inflation-sensitive cash flows that match its pension obligations.
What is the relationship with the Notarversorgungswerk Baden-Württemberg?
The Versorgungswerk der Steuerberater provides business management services — known as Geschäftsbesorgung — to the Notary Pension Fund of Baden-Württemberg. This arrangement creates a shared-services platform between two independent professional pension institutions, reducing operational overhead while maintaining separate legal identities and investment portfolios.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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