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Institutional LPPuts its own capital into companiesLAST VERIFIED Oct 2026 · 7 SOURCES

RAG-Stiftung

Essen foundation financing the perpetual liabilities of German hard-coal mining; €15.9bn assets (end-2025); holds Evonik, Vivawest, RSBG SE and commits to external PE, infra and private-debt funds.

HEADQUARTERS
Essen, Germany
FOUNDED
2007
AUM
€15.9B (2025)
OUTSIDE CAPITAL
No — own capital only
TEAM LISTED
3 people

Focus

STAGES
Buyout
SECTORS
Industrial & ManufacturingReal Estate & PropTech
ASSET MIX
Private equityVenture capitalFunds (as LP)Private creditReal estatePublic equitiesDirect investments
GEOGRAPHY
GermanyEuropeGlobal

Investment arms & vehicles

  • RAG-S Private Equity GmbH & Co. KG (RSPE)
    Bundles the foundation's private-equity, infrastructure and non-European real-estate fund investments; the foundation selects the external fund managers.
  • RSBG SE
    Wholly owned Beteiligungsholding taking minority or majority stakes in specialised Mittelstand machinery, automation, engineering and industrial-services companies (buy-and-build).
  • Maxburg Beteiligungen II and III GmbH & Co. KG
    Private-equity funds (Sitz München) set up exclusively for the foundation, managed by Maxburg Capital Partners GmbH; both in divestment phase.
  • RAG-S Innovation GmbH (RAG-S Lending S.C.S, SICAV-RAIF)
    Pan-European private-debt investments via a Luxembourg vehicle.
  • RAG-S Real Estate GmbH
    Direct real-estate investments in Europe and the USA.
  • RAGS-FundMaster (Deka Investment GmbH) and RAGS-Immo IVG (PATRIZIA KVG)
    Special funds run by external KVGs: liquid portfolio of bonds and equities (about €4.7bn market value end-2025) and European real estate.

Overview

The RAG-Stiftung was founded in Essen on 26 June 2007 as a foundation under civil law to finance the perpetual obligations (Ewigkeitsaufgaben) left by German hard-coal mining, which ended in 2018. Its assets were €15.9bn at end-2025, consisting of the wholly owned RAG Aktiengesellschaft, about 44% of Evonik Industries, 58% of Vivawest (including RAG's shares), the wholly owned Mittelstand holding RSBG SE, and a diversified capital investment portfolio. Private-equity, infrastructure and non-European real-estate fund commitments are bundled in RAG-S Private Equity GmbH & Co. KG, where the foundation chooses external managers diversified by style and vintage; private debt runs through RAG-S Innovation and a Luxembourg RAIF. Maxburg Beteiligungen II and III were PE funds set up exclusively for the foundation and are now divesting.

Investment thesis

Broad diversification of the foundation's assets to finance perpetual mining liabilities from returns alone; in private equity the foundation selects external managers and diversifies across managers, styles and vintage years, and seeks to reduce dependence on its strategic holdings.

PORTFOLIO (10)

  • Wachstumsfonds Deutschland (VC fund of funds)
    since 2023
  • Evonik Industries AG (about 44%)
    Industrial & Manufacturing
  • Vivawest GmbH (58% incl. RAG's shares)
    Real Estate & PropTech
  • RAG Aktiengesellschaft (100%)
  • RSBG SE (100%)
    Industrial & Manufacturing
  • Dorsch Global (via RSBG SE)
    Industrial & Manufacturing
  • ICT Group (via RSBG SE)
    Software & SaaS
  • LAB14 (via RSBG SE)
    Deep Tech
  • Hahn Gruppe (via RSBG SE)
    Industrial & Manufacturing
  • United Robotics Group (via RSBG SE; insolvency proceedings opened May 2025)
    Industrial & Manufacturing · Insolvent

People

  • Bernd Tönjes
    Chairman of the Executive Board (Vorsitzender des Vorstands) · source
  • Bärbel Bergerhoff-Wodopia
    Member of the Executive Board (Mitglied des Vorstands) · source
  • Kerstin Terhardt
    Member of the Executive Board, CFO (Finanzvorständin since May 2026) · source

Links

Frequently asked questions

RAG-Stiftung is a institutional investor based in Essen, Germany, founded in 2007.

Yes. RAG-Stiftung invests its own capital in private companies. It also commits capital to third-party funds as an LP.

RAG-Stiftung invests at Buyout stage in Industrial & Manufacturing and Real Estate & PropTech.

Key people at RAG-Stiftung include Bernd Tönjes (Chairman of the Executive Board (Vorsitzender des Vorstands)), Bärbel Bergerhoff-Wodopia (Member of the Executive Board (Mitglied des Vorstands)) and Kerstin Terhardt (Member of the Executive Board, CFO (Finanzvorständin since May 2026)).

RAG-Stiftung's investments include Wachstumsfonds Deutschland (VC fund of funds), Evonik Industries AG (about 44%), Vivawest GmbH (58% incl. RAG's shares), RAG Aktiengesellschaft (100%), RSBG SE (100%), Dorsch Global (via RSBG SE), ICT Group (via RSBG SE) and LAB14 (via RSBG SE), among others.

The most recent publicly reported investment by RAG-Stiftung is Wachstumsfonds Deutschland (VC fund of funds; final close) (Fund commitment (LP)), announced in Nov 2023.

No. RAG-Stiftung invests its own capital and does not raise money from outside investors.