KfW Capital Portfolio

KfW Capital has invested in more than 160 venture capital and venture debt funds. Since December 2025, KfW Capital has been investing as a co-investor alongside venture capital fund managers in innovative startups and young technology companies that have their headquarters, a place of business, or the focus of their business activities in Germany and are seeking growth capital.

On the following pages, you will find a selection from our VC fund portfolio and our current co-investment portfolio.

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VC Fund Portfolio

KfW Capital invests in vc funds that focus on innovative companies in Germany and Europe. The aim is to improve financing opportunities for start-ups and technology-oriented growth companies and to further develop the European VC ecosystem. KfW Capital successfully built a portfolio of venture capital and venture debt funds.The following overview shows some of the funds in our portfolio.

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Scale-up Portfolio

Through the Scale-up Direct co-investment programme, KfW Capital participates directly in high-growth technology companies together with venture capital funds. The programme particularly supports later financing rounds and helps to strengthen growth financing for scale-ups in Germany.

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