SovereignWealthFunds.comKENFO, Nuclear Waste Disposal Fund (Germany)
Germany: what it invests in
Geography Global
Germany: how big it is, and on what basis
In US dollars: about USD 30.1B. Converted at EUR 0.85106 per US dollar on 31 December 2025.
Return 2025 6.2% (target 3.95%)
Germany: what it publishes
Published 10 · Partly 0 · Not published 0
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. KENFO is a German federal foundation that invests a one-off EUR 24.1 billion paid by nuclear plant operators in 2017 to fund interim and final storage of radioactive waste. Its investments were worth EUR 25,577 million at end 2025, about USD 30.1 billion. It invests worldwide in listed securities through external managers and builds a growing private markets book itself. S1 S3 S5
Key points
- Returned 6.2 percent in 2025 and 9.4 percent in 2024, against a 2025 target return of 3.95 percent. S1
- Paid about EUR 823 million to the federal government for disposal costs in 2025, and over EUR 5.2 billion since 2017. S1
- Mix at end 2025: equities 35.1 percent, corporate bonds 26.4, government bonds 15.7, illiquid assets 14.3, listed real estate 6.0. S1
- Committed about EUR 870 million to private equity, private debt, infrastructure and real estate in 2025, with EUR 2,778 million still uncalled. S1
- Holds about 9,000 securities in more than 90 countries; no single holding exceeds about 1 percent. S6
- Aims to cut the carbon intensity of its listed portfolio by 60 percent by 2029 against 2019, after meeting a 20 percent goal for 2024. S1
- Grew 7.9 percent in the first half of 2026. S7
Interesting facts
Mandate and goals
KENFO reimburses the federal government for the cost of storing radioactive waste from commercial nuclear power, and invests the money it received to cover those costs to the end of the century. S1 S6
- Pay the federal government's nuclear waste storage costs as they fall due. S1
- Earn at least the target return needed to fund costs over the long term. S6
- Invest worldwide at the lowest possible risk across common institutional asset classes. S6
- Reach a climate-neutral portfolio by 2050 at the latest. S1
- Return target: Target return of 3.95 percent for 2025; it is reset as cost estimates change. S1 S6
How it invests
| Industries | Technology, Industrials and manufacturing, Financial services, Healthcare and life sciences, Infrastructure and utilities, Real estate. Sector agnostic S1 |
|---|---|
| Asset classes | Public equities, Fixed income, Private equity, Private credit, Infrastructure, Real estate, Cash and money markets S6 S1 |
| Stages | Public markets, Buyout, Infrastructure, Credit, Real estate S6 |
| Geography | Global. More than 90 countries; country weights shown are for the equity book S1 S6 |
| Direct / through funds / co-invest | Yes / Yes / Yes S6 |
| Ticket size | No ticket size is published. S1 |
| External managers | External managers run listed mandates in a master fund; those that miss expectations are replaced S6 |
| Co-investment programme | Makes co-investments, mainly in infrastructure, alongside its fund commitments S1 S6 |
Asset mix: Equities 35.1%, Corporate bonds 26.4%, Government bonds 15.7%, Illiquid investments 14.3%, Listed real estate 6.0%, Other 2.5% (as of 2025-12-31) S1
Sector weights: Technology 18.7%, Industrials 13.8%, Banks 13.6%, Health care and pharma 8.1% (as of 2025-12-31) S1
Largest country weights: United States 29.0%, Japan 9.3%, United Kingdom 7.4%, Germany 5.4%, France 5.3% S1
Past investments
| Year | Investment | Type | Sector | Stage | Amount |
|---|---|---|---|---|---|
| 2025 | 2025 private market commitments. New commitments across private equity, private debt, real estate and infrastructure, including several co-investments. S1 | Fund commitment | Infrastructure and utilities | Not stated | About EUR 870M |
| 2025 | Infrastructure book. Largest part of the illiquid portfolio, 41.6 percent. S1 | Fund commitment | Infrastructure and utilities | Infrastructure | EUR 1,523M (value) |
| 2025 | Private equity book. 34.4 percent of the illiquid portfolio. S1 | Fund commitment | Multi-sector | Buyout | EUR 1,261M (value) |
| 2025 | Private debt book. 14.1 percent of the illiquid portfolio. S1 | Fund commitment | Multi-sector | Credit | EUR 515M (value) |
| 2025 | Listed real estate (REITs). 236 issuers, 47.4 percent in the United States. S1 | Direct investment | Real estate | Public markets | EUR 1,536M (value) |
Case studies
From one cheque to a global portfolio S3 S1
- What: Nuclear operators paid EUR 24.1B once; KENFO invested it across listed markets by Q4 2021 and is now building private markets.
- When: 2017 to 2025
- Size: EUR 24.1B endowment
- Why: The money must cover storage costs to about 2100 with no further inflows.
- Outcome: Worth EUR 25,577M at end 2025 after over EUR 5.2B of payouts.
Carbon targets in a listed portfolio S1
- What: KENFO cut the carbon footprint of its listed holdings by 20 percent by 2024, then set a 60 percent cut in carbon intensity by 2029.
- When: 2019 to 2029
- Size: Not published
- Why: Its ESG approach is return-oriented and written into the investment guidelines.
- Outcome: First five-year goal met.
Investment process
The Board of Trustees, with ministry and Bundestag members, decides fundamental questions; a five-member Investment Council advises it. The Management Board runs the fund under guidelines issued by the Federal Ministry of Finance. S1 S4
| Committee | Role |
|---|---|
| Board of Trustees (Kuratorium) | Supervisory body; met three times in 2025 S1 |
| Investment Council (Anlagebeirat) | Advises the Trustees on investment S4 |
| Audit committee | Set up in 2023 S1 |
- The Finance Ministry's investment guidelines set allowed assets and limits. S1
- The Trustees approve the strategic allocation, advised by the Investment Council. S1
- External managers run listed mandates; KENFO's team selects private funds and co-investments. S6
- Payouts go to the environment ministry each year as disposal costs arise. S1
How to approach: No intake route is published. Asset managers are chosen by KENFO for mandates; the press page lists contacts. S6 S7
Size and returns
- Headline size: EUR 25,577M (Fund market value, as of 2025-12-31) S1
- In US dollars: about USD 30.1B. Converted at EUR 0.85106 per US dollar on 31 December 2025.
- Book value of the endowment: EUR 20,873M (Net assets or equity, as of 2025-12-31) S1
- Uncalled private market commitments: EUR 2,778M (Committed or authorised capital, as of 2025-12-31) S1
- Return, 2025: 6.2 percent (target 3.95 percent) S1
- Return, 3 years to 2025: 8.9 percent a year S8
- Return, 5 years to 2025: 4.1 percent a year S8
- Staff: 53 people including the Management Board; 64 posts planned S1
- Size over time (EUR million): 2017 23,851, 2020 24,462, 2021 25,492, 2022 21,737, 2023 23,490, 2024 24,881, 2025 25,600 S3
Leadership
| Name | Title | Since |
|---|---|---|
| Anja Mikus | Chief Executive Officer and Chief Investment Officer S4 | 2017-06 |
| Thomas Bley | Chief Financial Officer and Chief Risk Officer S4 | 2017-12 |
| Stefan Spannagl | Chief Operating Officer S4 | Not published |
| Bernhard Kluttig | Chair, Board of Trustees S1 | 2025-10 |
| Olav Gutting | Deputy Chair, Board of Trustees S1 | 2025-10 |
| Immo Querner | Chair, Investment Council S4 | Not published |
Governance and transparency
- Legal basis: Nuclear Waste Disposal Fund Act (Entsorgungsfondsgesetz) of 2017, amended 2021; statute last amended 30 April 2025 S1
- Oversight: Legal supervision by the economy ministry in agreement with the finance and environment ministries S4
- Auditor: Independent statutory auditor; clean opinion on 2025 accounts S1
- Not an IFSWF member. S2
- Publishes annual corporate governance and sustainability reports. S8
Transparency score: 10 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.
History
| Date | Event |
|---|---|
| 2016 | State commission recommends a public-law foundation. S3 |
| 2017-06-16 | KENFO established. S3 |
| 2017-07-03 | EUR 24.1B received from plant operators. S3 |
| 2019-06-02 | ESG principles adopted. S3 |
| 2021 | Listed portfolio build-up completed in Q4. S1 |
| 2025 | Return of 6.2 percent; new 2029 carbon target. S1 |
| 2026-07-15 | First-half 2026 growth of 7.9 percent reported. S7 |
For family offices
KENFO has no programme for private investors. Families meet it as fellow LPs in private equity, private debt and infrastructure funds, or alongside it in infrastructure co-investments. S1 S6
Reports
- Annual report 2025 (German): https://www.kenfo.de/fileadmin/geschaeftsberichte/KENFO_Geschaeftsbericht_2025_final.pdf S1
- Downloads: reports, portfolio files and guidelines: https://www.kenfo.de/downloads S8
Common questions
How big is KENFO?
EUR 25,577 million at market value on 31 December 2025, about USD 30.1 billion. S1 S5
Who runs KENFO?
A three-member Management Board led by CEO and CIO Anja Mikus, supervised by a Board of Trustees chaired by Bernhard Kluttig. S4 S1
What was its 2025 return?
6.2 percent, against a target of 3.95 percent. S1
Does KENFO receive new money?
No. After the EUR 24.1 billion endowment in 2017 it receives no further payments. S3
Does it invest in crypto or commodities?
No. KENFO says it does not invest in either. S6
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All sovereign wealth funds in Europe · All savings and future generations funds · All funds in Germany
Sources
Disclaimer
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