BVT

What BVT does

BVT (legal entity: BVT Beratungs-, Verwaltungs- und Treuhandgesellschaft für internationale Vermögensanlagen mbH) is a privately held, bank-independent German asset manager founded in 1976 by Harald von Scharfenberg and headquartered in Munich. The firm specializes in closed-end tangible asset investment products (Sachwertbeteiligungen) structured as regulated alternative investment funds (AIFs) under the German Capital Investment Code (KAGB) and, for institutional clients, as Reserved Alternative Investment Funds (RAIFs) under Luxembourg law. Four asset classes anchor the offering: (1) US residential real estate via the Residential USA series, which invests in Class-A apartment project developments on the US East Coast; (2) German commercial real estate through the Ertragswertfonds and Zweitmarkt (secondary market) portfolios; (3) energy and infrastructure, including wind, solar, hydroelectric, and increasingly adjacent themes such as EV charging and circular-economy infrastructure; and (4) private equity via the TS PE Pool fund-of-funds. Investment management is performed by the dedicated, KAGB-licensed subsidiary derigo GmbH & Co. KG, while US tax compliance for German investors is handled via the Atlanta-based subsidiary International Investor Tax Services (IITS).

BVT serves two primary customer segments: German retail investors (Privatanleger) acquiring units via public AIF (Publikums-AIF) structures, and professional and semi-professional institutional investors (pension funds, insurance companies, foundations, family offices, municipal utilities such as Stadtwerke) using Spezial-AIF or Luxembourg RAIF structures. The firm monetizes primarily through recurring fund management fees on EUR 4.4 billion of AUM distributed across 230 cumulative funds, supplemented by performance fees, structuring fees on new vintages, IITS tax-services fees in USD, and GPM property management fees.

The go-to-market is hybrid: a direct sales team (with named heads for institutional and private-customer channels) supplemented by a nationwide network of independent financial advisers (Finanzberater). Distribution is supported by content marketing assets including the BVT Newsblog, the iQ Institutional Quarterly publication, a monthly newsletter, the BVT USA-Buch, and a LinkedIn corporate presence. ESG integration is operationalized through the Concentio sustainability series and derigo's 2019 UN PRI signatory status.

Name

BVT

Legal name

BVT Beratungs-, Verwaltungs- und Treuhandgesellschaft für internationale Vermögensanlagen mbH

Website

https://bvt.de

Company type

Private

Founded year

1976

Operating status

Operating

Headcount range

101–250 employees

Short description

BVT is a privately held, Munich-based, bank-independent German asset manager founded in 1976, specializing in KAGB-compliant closed-end tangible-asset investment funds (real estate, renewable energy, private equity) for German retail and institutional investors, with EUR 4.4 billion AUM.

Ownership category

akta.pro rank

Product category

Alternative Investment Fund Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Real Estate Credit / Debt Funds (FSANAEAJ)

akta.pro secondary industries

Business Services (B2B) Growth Equity (FSANACAD), Infrastructure & Project Finance Private Debt (FSANADAH)

Keywords

• Closed-end fund management
• Tangible asset investments
• Alternative investment funds
• Renewable energy investing
• Real estate fund management

Headquarters

HQ city

Munich

HQ country

Germany

HQ region

Europe

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Fund Management Fees: BVT generates revenue through management fees charged on assets under management across its 230 launched funds. The investment management is handled by subsidiary derigo GmbH & Co. KG.
2. Investor Services: Revenue generated from investor services including US tax services (through IITS subsidiary), investor administration, and documentation services.
3. Publication Services: Free newsletter and iQ Institutional Quarterly publication services for investor communication and engagement.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

BVT is a bank-independent asset manager that originates, structures, and manages closed-end alternative investment funds (AIFs) under German KAGB regulation, focused on tangible assets across four pillars: US residential real estate (Residential USA series for Class-A apartment developments), German commercial real estate, renewable energy and infrastructure (wind, solar, hydroelectric), and private equity (TS PE Pool fund-of-funds). It serves both retail investors through Publikums-AIF structures and institutional investors through Spezial-AIF and Luxembourg RAIF vehicles, supported by in-house US tax services, property management, and investor portal capabilities.

Product overview

BVT is a bank-independent asset manager offering closed-end tangible asset investment products structured as regulated AIFs under German KAGB. The core product portfolio consists of four asset classes: (1) US Real Estate via the Residential USA Series investing in Class-A apartment developments, (2) German Real Estate through Ertragswertfonds and Zweitmarkt portfolios, (3) Energy & Infrastructure including renewable energy projects and the Concentio sustainability-focused series, and (4) Private Equity via TS PE Pool fund-of-funds. For private investors, BVT offers the Residential USA 21, Concentio Energie und Infrastruktur II, and Concentio Vermögensstrukturfonds IV funds. For institutional investors, additional products include the BVT Sustainable Energy Fund RAIF, direct property Zweitmarkt investments, and co-investment opportunities. Support services include an investor portal, US tax service (IITS) for US investment obligations, and property management via subsidiary GPM. Publications include the quarterly iQ investor magazine and monthly newsletter.

Differentiator

Problem solved

Functional benefit

Brands

• derigo: BVT's investment management company operating under KAGB regulations, unifying expertise in tangible asset and private equity investment
• Concentio
• Residential USA
• International Investor Tax Services (IITS)

Products and services

• BVT Residential USA Series Closed-end fund series investing in Class-A apartment project developments on the US East Coast, allowing investors to participate along the project development value chain rather than acquiring already-completed assets.
• BVT Ertragswertfondsserie (German Real Estate) German commercial and residential real estate fund series offering broad diversification across usage types and tenants, designed to deliver stable income through regular distributions.
• BVT Energie und Infrastruktur Fund Series Closed-end funds investing in renewable energy projects (wind, solar, hydroelectric) and sustainable infrastructure, available as both individual single-project investments for institutional clients and diversified portfolio funds.
• TS PE Pool (BVT Private Equity Fund-of-Funds) Private equity fund-of-funds pooling capital across multiple target fund managers, providing professional and semi-professional investors access to diversified PE exposure managed on a portfolio basis.
• BVT Concentio Multi-Asset Portfolio Series Multi-asset fund series combining tangible assets and corporate equity participations across different asset classes over multi-year investment periods, including sustainability-focused variants such as Concentio Energie und Infrastruktur II and Concentio Vermögensstrukturfonds IV.
• BVT Sustainable Energy Fund SCS SICAV-RAIF Reserved alternative investment fund (RAIF) under Luxembourg law focused on sustainable energy investments for professional and semi-professional investors, structured in cooperation with VP Fund Solutions (Luxembourg) SA.
• US Tax Service (IITS) Comprehensive US tax return preparation and filing service for German investors with US tax obligations arising from participations in BVT Residential USA funds, including ITIN application processing and IRS correspondence, delivered via BVT's Atlanta-based subsidiary International Investor Tax Services, LLC.
• BVT Investorenportal (Investor Portal) Online investor portal for existing BVT investors to access their investment data, fund documents, tax information, and account details across the company's closed-end fund universe.
• GPM Property Management GmbH Property management subsidiary within the BVT Group providing commercial and technical management of German commercial real estate for domestic and international clients.

Quantifiable outcome

• EUR 9.5 billion total investment volume over 50 years
• +3 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• UN PRI (Principles for Responsible Investment)coreOthers · 1 January 2019derigo signed the UN PRI in 2019, committing to integrate ESG criteria at corporate level and in investment processes. UN PRI has over 2,300 signatories managing USD 86.3 trillion in assets.
• derigo GmbH & Co. KGcoreTechnology or IntegrationBVT's investment management subsidiary established under KAGB framework. derigo serves as the consolidated investment management company unifying tangible asset and private equity expertise across the BVT Group. Operates as licensed Kapitalverwaltungsgesellschaft (KAGB-compliant).
• GPM Property Management GmbHcoreImplementation/ SI/ Consulting PartnerProperty management subsidiary bundling BVT's property management expertise for commercial real estate. Provides commercial and technical management services for German commercial properties for both domestic and international clients.
• BVT-ADMODUS Mezzanine GmbH & Co. KGcoreStrategic or Co-development PartnerJoint venture company providing mezzanine capital for residential and commercial real estate development in Germany and Austria. Offers co-investment opportunities in project developments.
• VP Fund Solutions (Luxembourg) SAcoreTechnology or IntegrationLuxembourg-based fund management company that structures and manages the BVT Sustainable Energy Fund SCS SICAV-RAIF for institutional investors.
• International Investor Tax Services, LLC (IITS)coreImplementation/ SI/ Consulting PartnerBVT subsidiary based in Atlanta, USA providing US tax services for German investors in US funds. Handles US tax return preparation, ITIN applications, and correspondence with IRS. 35 years of experience in US tax law for German investors.
• Geipel & Kollmannsberger Partnerschaft mbBminorImplementation/ SI/ Consulting PartnerMunich-based trust service for US tax refunds, enabling Euro transfers of US tax refunds for BVT clients using IITS services.
• Project 29 GmbH & Co. KGminorOthersExternal data protection officer (Datenschutzbeauftragter) service provider contracted by BVT for GDPR compliance.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Wealthcap: UniCredit subsidiary managing closed-end tangible asset investment funds (real estate, infrastructure, private equity) for German retail and institutional investors, directly comparable in product structure, regulatory framework, and target audience.
• KGAL Group: German-based asset manager focused on long-term real asset investments including real estate, infrastructure, and aviation, distributing to German retail and institutional investors through closed-end fund structures closely paralleling BVT's model.
• US Treuhand (UST): German asset manager specializing in US real estate investments for German retail and institutional investors, overlapping with BVT's Residential USA franchise on target asset class, geography, and German-distributed closed-end fund structure.
• Real I.S. AG: German real estate investment manager operating regulated special and open-ended real estate funds for institutional clients across Europe, comparable in fund-vehicle architecture and German regulatory positioning to BVT's Ertragswertfondsserie.
• Jamestown: US-headquartered real estate investment manager specializing in US apartment and mixed-use developments distributed to German and European investors, directly mirroring BVT's Residential USA series value chain from project development to investor servicing.
• Habona Invest: German asset manager issuing closed-end retail and semi-professional AIFs focused on retail real estate, supermarkets, and renewable energy infrastructure, a near-direct peer in product category, investor base, and KAGB distribution model.
• KanAm Grund Real Estate: German real estate asset manager with open-end and closed-end fund products for institutional and retail investors, comparable as a KAGB-regulated fund sponsor operating in the German tangible-asset investment market.

Regional players

• Catella Real Estate: European (Munich-headquartered) real estate investment manager with German and Nordic fund products for institutional and select retail investors, overlapping with BVT's German real estate franchise while expanding geographically beyond BVT's German-only investor focus.

Broad incumbents

• INTREAL: Hamburg-based third-party AIF management company (KVG) providing regulated fund administration for real estate and infrastructure fund initiators; comparable as a regulated German investment management platform operating within the same KAGB framework as BVT's derigo subsidiary.

Emerging players

• Project Vermögensverwaltung: German asset manager offering closed-end funds focused on US residential real estate (apartment developments) for German retail investors, directly comparable to BVT's Residential USA series on asset class, geography, and target investor segment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/bvt-gruppe

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BVT