# VSM Sammelstiftung für Medizinalpersonen

VSM Sammelstiftung für Medizinalpersonen is a Pension Fund based in Bern-Liebefeld, Switzerland.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Bern-Liebefeld, Switzerland
- **Region:** Europe
- **Address:** Hohle Gasse 4 PO Box 7, 3097 Bern-Liebefeld, Switzerland
- **Founded:** 1971
- **Assets under management:** Undisclosed
- **Website:** www.vsmed.ch
- **LinkedIn:** https://www.linkedin.com/company/vsmed

## Regulatory record

- **Reports private funds:** No

## About

VSM Sammelstiftung für Medizinalpersonen was established in 1971 to serve companies and organizations of physicians with collective pension arrangements. Its board is led by President Kerstin Windhövel. The foundation also maintains a sister vehicle, VSMplus Sammelstiftung für Personalvorsorge, focused on executive pensions. Investment activity centers on direct Swiss real estate holdings capped at five percent per property, a domestic mortgage portfolio, and limited-partner commitments to private equity and alternative strategies that include hedge funds, insurance-linked securities and infrastructure. Public equity and fixed-income exposure is implemented via mandates placed with UBS, Zürcher Kantonalbank and Zähringer Privatbank since 2017. Allocations remain concentrated in Switzerland with supplementary global reach. The foundation employs seven professionals at its Bern-Liebefeld headquarters and belongs to the Swiss Pension Fund Association (ASIP). External service providers include BDO as auditor and PensionTools as investment consultant. No material operational events have been recorded in the last 24 months. Governance is anchored in shared board membership with the Schweizerischer Verband Selbständiger Medizinalpersonen and historical ties to Sympany, creating a closed network that channels deal flow and oversight within the Swiss medical sector.

## Sectors

- Healthcare Services
- Real Estate
- Private Equity

## People

- Dr. rer. pol. Kerstin Windhövel — President of the Foundation Board

## Questions

### Who runs investment decisions at VSM Sammelstiftung für Medizinalpersonen?

The Foundation Board, chaired by President Kerstin Windhövel, sets investment policy. Day-to-day implementation is supported by external consultants including PensionTools GmbH and Dipeka AG.

### Does VSM Sammelstiftung für Medizinalpersonen participate in fund commitments or only direct deals?

The foundation acts as a limited partner in private equity and alternative investment vehicles while also holding direct Swiss real estate and mortgage assets.

### What asset classes does VSM Sammelstiftung für Medizinalpersonen hold?

Holdings include Swiss residential and commercial real estate, mortgages to members, private equity, hedge funds, insurance-linked securities, infrastructure and public equity and fixed-income mandates.

### Where does VSM Sammelstiftung für Medizinalpersonen source its investments?

Sourcing occurs through its network with the Swiss medical association SVM and through mandates placed with UBS, Zürcher Kantonalbank and Zähringer Privatbank.

### How is VSM Sammelstiftung für Medizinalpersonen related to Sympany?

Former VSM Chairman Siegfried Walser also chaired Sympany, creating an ongoing leadership overlap between the two organizations.

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Last updated: 2026-06-03T20:00:00.000Z

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