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Versorgungswerk der Wirtschaftsprüfer und der vereidigten Buchprüfer im Lande Nordrhein-Westfalen (WPV)
The WPV was established as a multi-employer defined-contribution pension fund serving the accounting profession in Germany's most populous state. Dr.
Versorgungswerk der Wirtschaftsprüfer und der vereidigten Buchprüfer im Lande Nordrhein-Westfalen (WPV)
The WPV was established as a multi-employer defined-contribution pension fund serving the accounting profession in Germany's most populous state. Dr. Hans Wilhelm Korfmacher served as its founding Managing Director, shaping its investment strategy from inception. The fund operates alongside an affiliated advisory entity, WPV Advisory & Asset Management, where Korfmacher continues as Managing Director, creating an unusual governance loop where the former architect of strategy remains accessible to the current leadership. WPV constructs a multi-asset portfolio with heavy direct and co-investment exposure to real assets. The real estate book includes trophy office on Düsseldorf's Königsallee — the KöTower — as well as the fund's own Lindenstraße headquarters. The portfolio extends into residential and food-anchored retail across Germany and the Netherlands. A growing infrastructure sleeve targets renewable energy assets globally, reflecting a generational shift in German institutional portfolios toward energy transition investments. The asset mix includes private credit and liquid market strategies, managed under the strategic oversight of Christian Chrobok. The management board operates with a dual managing-director structure. Sascha Pinger oversees investment strategy and chairs the advisory arm, while Silke Wolf manages risk controlling and insurance operations. WPV participates in INREV, the European association for institutional real estate investors, and its leadership maintains deep ties to German professional networks including the Club of Finance, chaired by Korfmacher, and the Pensions-Akademie e.V., where Chrobok is a founding member and treasurer. WPV integrates pension administration with internal asset management through its advisory subsidiary — a structural choice that distinguishes it from peers that outsource allocation to external consultants or funds of funds. This architecture creates a closed feedback loop between actuarial liability modeling, strategic asset allocation, and direct deal execution, tailored to the unique demographic profile of a single profession in a single German state.
General information
Firm type
Pension Fund
Year founded
—
AUM
Undisclosed
Location
Region
Europe
Country
Germany
City
Düsseldorf
Corporate office
Lindenstraße 87, 40233 Düsseldorf, Germany
Principals
Sascha Pinger
Managing Director
Silke Wolf
Managing Director
Christian Chrobok
Head of Strategic Asset Allocation
Dr. Hans Wilhelm Korfmacher
Former Managing Director; Managing Director of WPV Advisory & Asset Management
Sector focus
Frequently asked questions
Who runs investment decisions at WPV?
Sascha Pinger serves as Managing Director with oversight of the investment portfolio and chairs WPV Advisory & Asset Management. Strategic asset allocation is set by Christian Chrobok, who also represents the fund in professional networks including the Pensions-Akademie e.V. The dual-board structure includes Managing Director Silke Wolf, who is responsible for risk controlling and insurance operations.
How does WPV source real estate and infrastructure deals?
WPV operates an affiliated advisory entity, WPV Advisory & Asset Management, which supports direct sourcing rather than relying exclusively on external fund managers. The fund is a member of INREV, the European association for institutional real estate investors, which provides deal-sharing and co-investment channels. Its track record includes direct ownership of commercial assets such as the KöTower on Düsseldorf's Königsallee.
Does WPV co-invest with other German pension funds?
While WPV does not publicly disclose a formal co-investment club, its INREV membership places it inside the primary European network for institutional real estate co-investment. The tightly networked nature of German professional pension funds — particularly within a single Land — makes co-investment alongside peer Versorgungswerke a plausible pattern, though no specific partnerships have been publicly documented.
What is the relationship between WPV and WPV Advisory & Asset Management?
WPV Advisory & Asset Management is an affiliated entity whose Managing Directors include Dr. Hans Wilhelm Korfmacher, the former long-time Managing Director of the pension fund itself. Sascha Pinger chairs this advisory arm while simultaneously serving as Managing Director of WPV, creating a direct pipeline between the advisory function and the pension fund's investment decision-making.
What investment stages or structures does WPV use in its alternatives portfolio?
WPV invests directly in commercial real estate, residential and mixed-use property, and global renewable energy infrastructure. The fund operates without the intermediation of a master custodian or outsourced CIO, constructing its alternatives exposure through direct ownership, co-investment, and selective fund commitments across real estate, infrastructure, and private credit.
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