Dietmar Bank

Dietmar Bank is a lawyer (Jurist) who has spent more than two decades at the Kommunaler Versorgungsverband Baden-Württemberg (KVBW), the Karlsruhe-based public-law body that administers civil-service and supplementary pensions for municipal employees across Baden-Württemberg. Over his tenure he moved through the organisation's legal department, a staff role in the executive management office (Geschäftsführung), leadership of the Beamtenversorgung (civil-service pensions) department, and ultimately the executive division responsible for capital investments and legal affairs (Geschäftsbereich Kapitalanlagen und Recht).

As Deputy Director, Bank headed the division that manages KVBW's roughly €18.8 billion in capital investments (as of 31 December 2024), overseeing the fund's equity, bond, real-estate and alternative-investment portfolios. On 1 January 2026 he was unanimously elected by the Verwaltungsrat (Administrative Council) to a five-year term as Director (Direktor) of the KVBW, succeeding Frank Reimold, who retired after more than 35 years with the organisation and over 20 years as Director. In the same leadership transition, Dr. Thomas Zieger — previously head of the Corporate Governance & Risk Management division and branch manager — became the new Deputy Director.

Bank describes his working style in his own words as valuing "open and honest cooperation in which professionalism and humour go hand in hand," a preference for "clear structures that enable everyone to work well," and, as a lawyer, an appreciation for "well-organised thoughts and comprehensible reasoning." He has also appeared as a speaker at industry events on capital-investment and pension topics (e.g., R&W / RUW "Repool" conferences and KVBW expert forums).

• Mandate first, returns second: KVBW's stated primary objective is to secure retirement provision for civil servants and public-service employees — capital is deployed to safeguard long-term pension liabilities, not for venture-style upside.
• Institutional allocation across four buckets (as of 31 Dec 2024): ~€6.55bn in equity/bond (master-)special funds, ~€6.69bn in a direct buy-and-hold bond portfolio, ~€4.01bn in real estate, and ~€1.58bn in alternative investments.
• Alternatives via fund managers, not direct deals: Private equity, private debt and infrastructure exposure is obtained *indirectly* through external fund managers who invest in target funds — KVBW acts as a Limited Partner, not a direct/angel investor.
• Real estate — direct and regional: Property is held both indirectly (real-estate funds) and directly, with direct holdings concentrated in Baden-Württemberg; new-build targets KfW 40 energy standards.
• ESG-integrated: Applies an ESG framework with UN Global Compact-based exclusion criteria and quarterly negative lists (via ISS ESG) for equities and bonds; sustainability is explicitly framed as compatible with its fiduciary pension mandate (e.g., ~42,912 m² of photovoltaics installed, 556 subsidised/sustainable housing units).