Commerz Real
Asset-management subsidiary of Commerzbank AG
Also known as Commerz Real AG, Commerz Real Gruppe, Commerz Real Fund Management S.à r.l., CommerzLeasing und Immobilien AG, Commerz Grundbesitz
Commerzbank's Wiesbaden real-asset manager running renewables and infrastructure funds (klimaVest, infraVest, institutional wind funds) beside its larger real-estate business; EUR 55bn AuM.
Wiesbaden real-asset manager of the Commerzbank group. Since 2025 it also holds Commerzbank's other asset-management stakes, including Aquila Capital (Hamburg) and Yellowfin Asset Management. Not to be confused with Commerzbank's leasing brand Commerz Leasing, which it also runs.
- HEADQUARTERS
- Wiesbaden, Germany
- FOUNDED
- 1972
- AUM
- €55B (2026)
- OUTSIDE CAPITAL
- Yes
- TEAM LISTED
- 9 people
FOCUS
- STAGES
- Growth
- ASSET MIX
- Private equityReal estateImpact
- GEOGRAPHY
- EuropeGermanyGlobal
WHAT IT IS
Private Equity Fund. A fund manager investing limited-partner capital into mature private companies.
- Hamburg real-asset manager focused on energy infrastructure, part of the Commerz Real group since 2025
- Renewable-energy and grid infrastructure ELTIF for private investors
- Infrastructure ELTIF (towers, fibre, rail, social infrastructure)
- Open-ended real-estate fund for private investors since 1972
- Yellowfin Asset ManagementBoutique for liquid investment strategies within the Commerz Real group
ABOUT
Commerz Real AG, based in Wiesbaden, is the asset manager of the Commerzbank group; it was formed in 2007 from Commerz Grundbesitz and CommerzLeasing und Immobilien, with roots back to 1972. It pools private and institutional capital into real estate, renewable energy and infrastructure, with more than EUR 55bn under management, about 1,000 staff and since 2025 also the Commerzbank stakes in Aquila Capital and Yellowfin Asset Management. Beyond the open-ended real-estate fund hausInvest, it runs klimaVest (renewables and grid ELTIF, about EUR 1.8bn, 43 investments in six EU countries) and infraVest (infrastructure ELTIF launched December 2025), and institutional funds and mandates such as a stake in the Veja Mate offshore wind farm and, from 1 January 2027, management of the Pangaea Life Blue Energy fund for insurer die Bayerische.
INVESTMENT THESIS
Real assets with long-term contracted or regulated cash flows: European wind, solar, storage and transmission grids (klimaVest), core infrastructure such as towers, fibre, rail and social infrastructure (infraVest), and commercial and residential real estate (hausInvest and institutional funds).
PORTFOLIO (7)
- Railpool (via Palladio Partners fund, infraVest)Mobility & Logistics · since 2026
- ATC Europe (tower operator, with Allianz Global Investors, infraVest)Industrial & Manufacturing
- Amprion (indirect ~4.5% via M31 Beteiligungsgesellschaft, klimaVest)Climate & Energy · since 2025
- Veja Mate offshore wind farm (402 MW, institutional fund)Climate & Energy
- Stoneybatter Place student housing, DublinReal Estate & PropTech
- voco and Indigo Brisbane City Centre hotelsReal Estate & PropTech · since 2017
- Maximilianstraße 12-14, Munich (individual mandate)Real Estate & PropTech
TEAM
- Henning KochChief Executive Officer (since 2021) · source
- Christian HorfBoard member (finance, legal, leasing) · source
- Dirk SchusterBoard member (risk, compliance, technology, people) · source
- Thomas SchauflerChair of the Supervisory Board · source
- Michael HennGlobal Head of Green Deal Infrastructure · source
- Timo WernerFund manager, klimaVest · source
- Sandro BerweilerFund manager, infraVest · source
- Kerstin StruckmannGlobal Head of Product Management Institutional Clients · source
- Dirk DrewsHead of Sales · source
LINKS
FAQ
Commerz Real is a private equity fund based in Wiesbaden, Germany, founded in 1972.
Yes. Commerz Real invests directly in private companies.
Commerz Real invests at Growth stage in Real Estate & PropTech, Climate & Energy and Mobility & Logistics.
Key people at Commerz Real include Henning Koch (Chief Executive Officer (since 2021)), Christian Horf (Board member (finance, legal, leasing)), Dirk Schuster (Board member (risk, compliance, technology, people)) and Thomas Schaufler (Chair of the Supervisory Board).
Commerz Real's investments include Railpool (via Palladio Partners fund, infraVest), ATC Europe (tower operator, with Allianz Global Investors, infraVest), Amprion (indirect ~4.5% via M31 Beteiligungsgesellschaft, klimaVest), Veja Mate offshore wind farm (402 MW, institutional fund), Stoneybatter Place student housing, Dublin, voco and Indigo Brisbane City Centre hotels and Maximilianstraße 12-14, Munich (individual mandate).
The most recent publicly reported investment by Commerz Real is Railpool (Munich electric-locomotive leasing company), stake via a Palladio Partners fund for infraVest (Infrastructure equity (indirect stake)), announced in Jun 2026.
Yes. Commerz Real manages capital from outside investors.