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Wachstumsfonds Deutschland

The Wachstumsfonds Deutschland is a venture capital fund of funds that provides institutional investors with attractive investment opportunities in the Venture Capital asset class. As a fund of funds, it pursues a balanced investment strategy (risk / return).

With the final closing of the Wachstumsfonds Deutschland at its EUR 1 billion target volume, a key module of the Future Fund of the German Federal Government has been realized.That makes the Wachstumsfonds Deutschland one of the largest VC funds of funds ever to be set up in Europe. It is funded primarily by private resources. Besides the Federal Government and KfW Capital as anchor investors, the fund has more than 20 major institutional investors including insurers, superannuation funds, foundations, asset managers and large family offices.

Together with other investors, the Wachstumsfonds Deutschland invests in German and international VC funds. This will significantly improve access to urgently needed growth capital for start-ups and innovative technology firms while strengthening Europe and Germany as an innovation location. The fund will be managed by the fund service platform Universal Investment Group, legal fund counsel is Clifford Chance and BNP Paribas Securities Services functions as custodian.

An innovative parallel fund structure takes into account the different risk preferences of the individual investor groups, making it possible to attract new investors to the VC asset class. The German Insurance Association (GDV) and its member companies played a key role in structuring the Wachstumsfonds Deutschland.

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Robert Habeck, Federal Minister for Economic Affairs and Climate Action:

Dr. Robert Habeck, Bundesminister für Wirtschaft und Klimaschutz

“With the large participation of numerous private institutional investors, the target volume of EUR 1 billion was achieved in a short span of time. It speaks for the strength of Germany as a business location that the Wachstumsfonds Deutschland has accomplished this objective with its innovative model, even in a difficult macroeconomic environment. The first investments have already been made, meaning that some of the capital is already impacting the VC market. The Wachstumsfonds Deutschland contributes significantly to implementing the start-up strategy of July 2022 and strengthens Germany as a location for business and innovation.”

Christian Lindner, Federal Minister of Finance:

Christian Lindner, Bundesfinanzminister
  • "Germany is a country full of good ideas. Hence, we are delighted to be launching the Wachstumsfonds Deutschland, one of the largest venture capital funds ever formed in Europe through private capital. It offers investors excellent, broad, and diversified access to European and German venture capital. The Wachstumsfonds serves as an exemplary model of how the state and companies can work together, how capital can be released from the private sector and how growth can be accomplished. This is achieved not through government subsidies but through the commitment of private investors."

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

Profilbild Wintels, Stefan
  • "By launching the Wachstumsfonds Deutschland, we have succeeded in setting up a marketable structure for mobilising private capital. This fund is a great example showing how the public sector and private investors can jointly bolster the VC ecosystem in Germany and Europe."

Dr Sofia Harrschar, Head of Alternative Investments & Structuring at the Universal Investment Group:

  • "We are pleased to have succeeded jointly with KfW Capital in developing a customisable solution for the various groups of investors that has been so well received despite the difficult market conditions of 2023. This allows us to give institutional investors access to the innovative asset class of venture capital."

Dr Jörg Goschin, Co-CEO and Senior Managing Director at KfW Capital

Profilbild Goschin, Jörg
  • "The Wachstumsfonds Deutschland enables both experienced and new investors to benefit from the market expertise of the investment advisor KfW Capital as one of Europe's largest VC fund investors. Our holistic due diligence and our experienced investment team enable us to select highly attractive VC funds in Europe. Many investors have invested for the first time in the asset class of European venture capital, which has demonstrated very good performance in the past years and whose returns even exceeded those of the US market."

The structuring of the Wachstumsfonds was supported by the German Insurance Association (GDV)

Jörg Asmussen, Hauptgeschäftsführer des Gesamtverbands der Deutschen Versicherungswirtschaft
  • Jörg Asmussen, Managing Director at the GDV:
  • "I am delighted that the 'Wachstumsfonds Deutschland' has made EUR 1 billion in venture capital available for Europe and Germany as a location for innovation. The GDV and its member companies played a key role in structuring the fund."

Investors

Successful final closing with key investors

Further details about the investors

Investment strategy

Market expertise from investment advisor and flagship investor KfW Capital

More information about the investment strategy

Contact Investor Relations

Would you like more information on the Wachstumsfonds Deutschland? Please contact the Investor Relations team at KfW Capital: