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Family HoldingPuts its own capital into companiesActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 22 SOURCES

KIRKBI

Also known as KIRKBI A/S, KIRKBI AG

Billund holding company of the Kirk Kristiansen family and owner of the LEGO Group; reinvests LEGO proceeds in climate and education businesses and runs a DKK 81bn financial investment portfolio.

USEFUL FOR Fund managers raising capital · Business owners seeking a long-term partner · Co-investors

Holding and investment company of the Kirk Kristiansen family and holding company of the LEGO Group. Not the LEGO Group itself, nor the family's associated foundations (Ole Kirk's Fond, the LEGO Foundation, the QATO Foundation, K2 Fonden af 2023).

Family & background

FAMILY
Kirk Kristiansen
WEALTH ORIGIN
Toys (LEGO Group, founded 1932 by Ole Kirk Kristiansen)
HEADQUARTERS
Billund, Denmark
AUM
DKK 81B (2025)

Investment approach

SECTORS
Climate & EnergyEducationHealthTechFood & Agriculture
GEOGRAPHY
Global
STAGES
GrowthBuyout
ROUTES
Companies (own capital) · Funds (as LP)
STRATEGIES
Direct investmentsPublic equitiesReal estateFunds (as LP)
LATEST DEAL
Highview (Follow-on investment (part of GBP 130M raise)) · Nov 2025

Overview

KIRKBI A/S is the holding company of the LEGO Group and other companies owned by the Kirk Kristiansen family, who founded the LEGO Group in 1932; in 2023 the family completed a generational handover to the fourth generation, with Thomas Kirk Kristiansen as Chair. It reinvests proceeds from the LEGO Group into three business areas, LEGO Holding, KIRKBI Climate and KIRKBI Education, and a portfolio of financial investments in fixed income, equities and real estate managed by KIRKBI Investment Management, which became an independent entity on 1 January 2026 and manages a globally diversified portfolio of approximately DKK 80 billion. KIRKBI Climate, established in 2025, holds a DKK 10.3 billion portfolio in energy transition, circular plastics and land sustainability and aims to deploy up to an additional DKK 10 billion by 2030; KIRKBI Education owns 100% of BrainPOP. Direct minority investments include Kerecis ($40 million, 2022, since acquired by Coloplast) and AMBOSS (2025).

Investment thesis

Builds a better future for children by reinvesting LEGO Group proceeds with purpose: enabling children to learn through play, and driving impact on global climate issues through systemic investing with patient capital in energy transition, circular plastics and land sustainability, alongside responsible financial investments in which ESG factors are fundamental.

Holdings & investments (13)

  • LEGO GroupNOTABLE
    Consumer & E-commerce
  • BrainPOPNOTABLE
    Education · since 2022
  • KerecisNOTABLE
    HealthTech · since 2022 · Acquired (Coloplast, 2023)
  • AMBOSS
    Education · since 2025
  • Highview Power
    Climate & Energy · since 2024 · Minority stake
  • Tidal Vision
    Climate & Energy · since 2024 · Minority stake
  • Infinity Recycling – Circular Plastics Fund
    Climate & Energy · since 2024 · (fund commitment)
  • Monolith
    Climate & Energy · since 2022 · Minority stake
  • Closed Loop Partners – Closed Loop Leadership Fund
    Climate & Energy · since 2022 · (fund commitment)
  • Ambercycle
    Climate & Energy · since 2021 · Minority stake
  • Adapture Renewables
    Climate & Energy · since 2019 · Ownership 100%
  • Burbo Bank Extension (offshore wind farm, UK)
    Climate & Energy · since 2016 · Minority stake
  • ISS A/S (listed)
    About 4.1% retained after selling about 5.0% in February 2025

People

  • Morten Borge
    Chair, KIRKBI Investment Management · source
  • Thomas Kirk Kristiansen
    Chair of the Board · source
  • Agnete Kirk Kristiansen
    Deputy Chair of the Board · source
  • Søren Thorup Sørensen
    Chief Executive Officer · source
  • Jesper Ridder Olsen
    Chief Financial Officer · source
  • Anupam Bhargava
    CEO, KIRKBI Climate · source
  • Peter Bason
    Head of Private Capital · source
  • Malou Aamund
    Member of the Board · source
  • Jeppe Christiansen
    Member of the Board · source
  • Alessandro Nasi
    Member of the Board · source
  • Anne Sweeney
    Member of the Board · source
  • Caroline Knudsen
    Chief People Officer · source
  • Louise Refsgaard Klinge
    Chief Communications and Corporate Affairs Officer · source
  • Lars Villadsen
    CFO/COO, KIRKBI Climate (appointed; joins 1 December 2026) · source
  • Emma Nehrenheim
    Head of Energy Transition, KIRKBI Climate (appointed; joins 1 November 2026) · source
  • Craig Arnold
    Head of Circular Plastics, KIRKBI Climate (appointed; joins 1 January 2027) · source
  • Peter Vind Larsen
    Director, Land Sustainability, KIRKBI Climate · source

Frequently asked questions

KIRKBI is a family holding based in Billund, Denmark.

KIRKBI invests on behalf of the Kirk Kristiansen family (Toys (LEGO Group, founded 1932 by Ole Kirk Kristiansen)).

KIRKBI invests its own capital into companies and in third-party funds as an LP. Its stated asset mix includes direct investments, public equities, real estate and funds (as lp).

KIRKBI invests at Growth and Buyout stages in Climate & Energy, Education, HealthTech and Food & Agriculture.

Key people at KIRKBI include Thomas Kirk Kristiansen (Chair of the Board), Agnete Kirk Kristiansen (Deputy Chair of the Board), Søren Thorup Sørensen (Chief Executive Officer) and Jesper Ridder Olsen (Chief Financial Officer).

KIRKBI's holdings and investments include LEGO Group, BrainPOP, Kerecis, AMBOSS, Adapture Renewables, Highview Power, Monolith and Tidal Vision, among others.

The most recent publicly reported investment by KIRKBI is Highview (Follow-on investment (part of GBP 130M raise)), announced in Nov 2025.