Bayerische Versorgungskammer (BVK) is Germany’s largest public pension group. BVK is the service and competence center for retirement pension provision for the occupational, municipal, and church sectors. It jointly manages US$ 120 billion on behalf of twelve occupational and municipal pension institutions. In Bavaria alone, one in five households is entitled to benefits from BVK. It changed strategy recently, from a conservative allocation into traditional assets, into one with real assets.