ERP-VC fund investments and ERP/ Future Fund-Growth Facility

• KfW Capital invests in venture capital and venture debt funds, which in turn invest in young, innovative technology-oriented growth companies in Germany, thereby strengthening the capital base of these companies.
• KfW Capital is an institutional investor, whose investments are made pari passu with private investors. KfW Capital invests up to a maximum of EUR 25 million (for late-stage funds under the ERP / Future Fund Growth Facility, a maximum of EUR 50 million, and up to a total of 75 million euros when both programs are combined) and a maximum of 19.99% of the fund’s capital and voting rights.
• KfW Capital invests in VC-funds with proven track record, but also in first-time funds.
• KfW Capital applies a VC-oriented sustainability concept in the investment process.

• The target funds have their fund domicile in Europe.
• The target funds should generally have a volume of at least EUR 50 million and mainly private investors, with no single investor holding a majority stake.
• The target funds invest at last the amount of our commitments into young, innovative technology-oriented growth companies based in Germany.
• The target funds have an independent private management team with experience and track record relevant to the investment strategy.
• The target funds must have clear investment and exit strategies.

KfW Capital does not invest in funds that violate the exclusion criteria: Exclusion criteria KfW Capital(PDF, 115 KB, non-accessible)

Are you a VC fund and have questions about the programs? Contact us at .

More information regarding the Zukunftsfonds: BMWK – Future Fund.

In addition, KfW Capital is a large investor in the High-Tech Gründerfonds and in coparion alongside the Federal Ministry for Economic Affairs and Climate Action (BMWK).