KENFO – Fonds zur Finanzierung der kerntechnischen Entsorgung
Also known as KENFO, Fonds zur Finanzierung der kerntechnischen Entsorgung, German nuclear waste fund
Berlin federal foundation investing the €24.1bn paid in by nuclear plant operators (€25.6bn end-2025); building an unlisted book of PE, infrastructure, private debt and property to 29% by 2028.
Federal public-law foundation in Berlin financing interim and final storage of nuclear waste; not the nuclear plant operators themselves, which paid in its capital in 2017.
- HEADQUARTERS
- Berlin, Germany
- FOUNDED
- 2017
- OUTSIDE CAPITAL
- No — own capital only
- TEAM LISTED
- 4 people
FOCUS
- STAGES
- —
- SECTORS
- —
- ASSET MIX
- Private equityPrivate creditReal estatePublic equities
- GEOGRAPHY
- Global
WHAT IT IS
Institutional LP. Pension funds, endowments, foundations and sovereign funds that commit capital to funds and, sometimes, directly.
ABOUT
KENFO was established on 16 June 2017 as a public-law foundation under the Entsorgungsfondsgesetz and received €24.1bn from the operators of Germany's 25 nuclear power plants on 3 July 2017; it reimburses the federal government each year for the costs of interim and final storage of radioactive waste and receives no further inflows. Assets reached about €25.6bn at end-2025, after €5.3bn of cumulative payouts. It invests worldwide in equities, government, emerging-market and corporate bonds and unlisted assets - company stakes, infrastructure, corporate loans and real estate - and is building its unlisted portfolio to 29% of total assets by 2028. Liquid assets are run by external managers, while for unlisted assets KENFO takes the investment decisions itself through direct and co-investments; in October 2019 it said it planned its first private-equity fund subscriptions for the end of that year.
TEAM
- Anja MikusChief Executive Officer and Chief Investment Officer (Vorstandsvorsitzende) since 2017 · source
- Dr. Thomas BleyChief Financial Officer and Chief Risk Officer · source
- Stefan SpannaglChief Operating Officer · source
- Bernhard KluttigChairman of the Board of Trustees (Kuratorium); Federal Ministry for Economic Affairs and Energy · source
LINKS
FAQ
KENFO – Fonds zur Finanzierung der kerntechnischen Entsorgung is a institutional investor based in Berlin, Germany, founded in 2017.
Yes. KENFO – Fonds zur Finanzierung der kerntechnischen Entsorgung invests directly in private companies. It also commits capital to third-party funds as an LP.
Key people at KENFO – Fonds zur Finanzierung der kerntechnischen Entsorgung include Anja Mikus (Chief Executive Officer and Chief Investment Officer (Vorstandsvorsitzende) since 2017), Dr. Thomas Bley (Chief Financial Officer and Chief Risk Officer), Stefan Spannagl (Chief Operating Officer) and Bernhard Kluttig (Chairman of the Board of Trustees (Kuratorium); Federal Ministry for Economic Affairs and Energy).
No. KENFO – Fonds zur Finanzierung der kerntechnischen Entsorgung invests its own capital and does not raise money from outside investors.