Welcome to the website of GAC GmbH!

We would like to give you a general picture of the company in the following pages.


Having expanded by a fifth since 2011, the volume of Depot A securities held by the savings banks and cooperative banks rose by less than one billion to 530 billion euros in 2022 and still accounts for a fifth of total assets. At 180 billion euros, special funds cover a third. While savings banks kept the volume of special funds constant at EUR 105 billion, cooperative banks expanded it by EUR 4 billion at the expense of direct bonds. The strong growth of special funds thus almost came to a standstill in 2022, although the rising interest rate level did not lead to any active shift into direct bond investments.


Pension funds for liberal professions achieved an average net return of over 4% in 2021, although this was also due to the release of hidden reserves of individual investors. The transition of the asset allocation continued: In the meantime, only a good 20% is invested in direct bond investments, and another good 20% in bond funds. The share ratio was raised to almost 20% on average. Real estate investments account for almost 22% at the end of 2021, alternatives such as private equity, infrastructure or debt investments for around 16%. This means that almost 40% of the total assets are invested in illiquid asset classes.


After the youngest implementation channel of occupational pension provision in Germany did not gain the expected importance for a long time, the investment volume of pension funds has doubled to more than 60 billion euros in the last six years. Meanwhile, 26 pension funds manage assets worth billions, nine of them at least 2.5 billion euros. At around six percent, the institutions performed well in 2021. The results for the past year ranged from -0.8% to +15%, depending on the pension fund.


The investment volume of the company pension funds has risen to more than €195 billion in 2021. The equity ratio of the BPK has increased slightly to over 11% in capital-weighted terms. The real estate quota was further expanded to over 12%. Here, almost every third BPK has an allocation of at least 20%. The trend towards alternatives such as private equity, debt structures, renewable energies or infrastructure investments also continued, they now account for more than 7% of the total allocation. In the case of the mostly more broadly diversified BPK, the market value return in 2021 was predominantly in positive territory (mean +3.3%, median +2.6%). Here, the values ranged from -4.2 to +14.2% depending on the fund.


The investment capital of german life insurance companies grew by around 5% to more than EUR 1.2 trillion in 2021, with unit-linked life insurance accounting for a particularly strong 20% growth. By contrast, hidden reserves shrank by more than a quarter, with the result that life insurance companies had to report a negative market value return of almost -2% on average. Asset allocation trends continued: While the direct bond ratio shrank further to 41% and the total bond ratio to below 80%, equities (around 6%), real estate (around 7%) and alternatives (just under 7%) were further expanded.

     380 billion euros with increasingly shares, real estate and alternatives

      Corporates - Coverage ratio increases significantly

     Depot A - Funds volume at record level

     Pension Funds for liberal Professions: 45% Bonds, 18% Equities, 35% Real Estate/Alternatives

     GAC with the largest investors in Private Banking Magazine

     LI in pandemic year with 5.6% return, less equities and more real estate / alternatives

     DAX/MDAX: 5% return on plan assets of 340 billion euros

     Savings banks and cooperative banks increase special funds volume by almost 12 billion euros

     Pension funds for liberal professions: less than half fixed-income, one-third illiquid assets

     GAC in dpn: The 100 largest investors in Germany

     Pensionskassen with higher ratios for equities, real estates and alternatives

     Savings banks with significantly increased real estate investments

     Life insurance companies with very good performance 2019

     GAC in dpn: DAX/MDAX - Pension obligations and assets at the all-time high

     With God’s blessing – Church investors manage investments of over 100 billion euros

     GAC in TiAM: Company Pension Funds and Pension Funds for Liberal Professions

     GAC on the largest Depot A investors in dpn

     GAC in dpn: The largest insurance companies in the DACH region

     GAC in dpn: Asset Allocation fo pensions funds in Switzerland

     GAC with update 2019 on asset allocation and performance of life insurance companies

     GAC in IPE yearbook 2018: Equities- and real estates-exposure of 250 institutional investors

     GAC with ranking of the largest institutional investors on

     GAC discusses investments by churches in dpn-online

     GAC appears in dpn-online discussing investments by social security funds

     GAC with an update to pension funds of liberal professions (dpn)

     GAC appears in IPE addressing the structure and performance of proprietary securities account (Depot A)

     GAC in dpn: The 30 largest foundations in Germany

     GAC discusses institutional investors in sweden

     GAC discusses transition of the asset allocation (dpn)

     GAC appears in the IPE yerabook addressing asset allocation and performance of corporates

     GAC in Absolut Report: Asset Allocation and Performance of Company Pension Funds

     GAC in Absolut Report: Asset Allocation and Performance of Pension Funds of Liberal Professions