Wachstumsfonds II

The ‘Wachstumsfonds II’ is the successor to the highly successful 'Wachstumsfonds Deutschland' (Growth Fund Germany). With a volume of around one billion euros, this was one of the largest fund-of-funds ever launched in Europe, and it has now almost reached full investment. Like its predecessor, the ‘Wachstumsfonds II’ is aimed at institutional investors and is targeting a volume of around one billion euros. KfW Capital, one of the most active investors with extensive market knowledge, is responsible for structuring and coordinating the fund on behalf of the German government and KfW, as it was for the previous fund.

On 1 April 2026, KfW Capital launched a fundraising campaign for 'Wachstumsfonds II'.

'Wachstumsfonds II' is the successor to 'Wachstumsfonds Deutschland' (Growth Fund Germany), which with a volume of around one billion euros is one of the largest fund-of-funds ever launched in Europe. 'Wachstumsfonds II' also has a target volume of one billion euros.
The Federal Government and KfW Capital are once again the anchor investors. KfW Capital is structuring and coordinating the fund on behalf of the Federal Government and KfW, and is assuming the role of investment adviser and intermediary once again.
'Wachstumsfonds II' offers investors, including insurers, pension schemes, pension funds, foundations, asset managers and family offices, diversified access to the venture capital asset class.
Investments are made using a 'pick-the-best' approach in established VC managers with a proven track record. The VC funds' investment strategies have a regional focus on Germany and Europe. 'Wachstumsfonds II' pursues a return-oriented strategy with a balanced risk profile.

Katherina Reiche, Federal Minister for Economic Affairs and Energy

"Start-ups and scale-ups develop the ideas, technologies and products of tomorrow. They create jobs and safeguard our prosperity. Our task is to create the best enabling conditions for them. That is precisely where the ‘Wachstumsfonds II’ comes in. The fund enables us to attract new investors for the German venture capital market and mobilise private capital. This gives our start-ups and scale-ups the necessary financial backing to make Germany a strong and competitive business location."

Lars Klingbeil, Deputy Federal Chancellor and Federal Minister of Finance

Bundesminster der Finanzen, Lars Klingbeil

"We want to make Germany more competitive as an investment location and safeguard jobs. In order to achieve this, we need to be technological leaders in key domains, and we need to have a competitive environment for investment, a modern industrial basis and functioning capital markets. The best ideas should originate in Germany and be scaled up really big here. The ‘Wachstumsfonds Deutschland’ was a great success. It shows how effectively private investment can be unleveraged with public funds. So I am all the more pleased that we are able to build on the success of the Wachstumsfonds I and start the fundraising for the ‘Wachstumsfonds II’. After all, we now need to get things moving and ensure that young enterprises get the capital they need to become tomorrow's major players here in Germany."

Stefan Wintels, Chief Executive Officer of KfW Group and Chair of the Supervisory Board of KfW Capital:

"The continuation of the Wachstumsfonds with a second fund generation provides major impetus for the European VC ecosystem. Start-ups and scale-ups will benefit from it. Like its predecessor, the ‘Wachstumsfonds II’ is designed to be an example of the successful interplay of private and public capital."

Dr Jörg Goschin, CEO of KfW Capital

"In the past the European Venture asset class has developed very positively and surpassed not just other asset classes but other regions such as the US market in terms of profitability. This is already evident from the positive development of the portfolio of the ‘Wachstumsfonds Deutschland’. Investors are benefiting from KfW Capital's market expertise and experience. Our aim is to again achieve a benchmark volume that matches the level of the first fund. Based on talks I have had in Germany and abroad I can confirm that there is a strong interest in the asset class and the start of fundraising for the ‘Wachstumsfonds II’."

KfW Capital begins fundraising for ‘Wachstumsfonds II’ - 01/04/2026

Click here to view the press release.

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