klimaVestAdaptable to change.

klimaVest is a European Long-Term Investment Fund (ELTIF) - a type of fund that opens up access for private investors to long-term investments in tangible assets, which for a long time were primarily reserved for institutional investors. Specifically, klimaVest invests in 43 wind and solar power plants as well as in electricity grids in 6 European countries. The income comes from the sale of the generated electricity, often through long-term purchase agreements, which makes performance largely independent of the stock market.

The fund was launched in 2020. Since then, klimaVest has grown to a fund volume of 1.8 billion euros, in which more than 30,000 investors have now been invested. In each financial year since its launch, the fund has achieved positive performance.² The management company of klimaVest is Commerz Real Fund Management S.à r.l., the Luxembourg fund manager of Commerz Real AG, which is a wholly owned subsidiary of Commerzbank.

klimaVest invests in real tangible assets from the energy infrastructure sector, i.e. in physical assets with its own tangible value. The portfolio currently comprises 43 assets: Onshore wind farms, photovoltaic parks and participation in electricity transmission grids, distributed across 6 European countries. In the future, the portfolio is to be expanded to include battery storage systems.

In addition to its liquidity investments, the fund invests exclusively in assets and companies in this infrastructure sector. Spreading takes place on several levels:

• geographically via locations in 6 countries,
• on the uses of wind, solar and electricity grids,
• technically through a variety of different plant manufacturers and operations managers
• as well as the maturity level of the plants, from existing plants with ongoing electricity production to project developments that are still under construction.

This compensates for weather-related production fluctuations and necessary maintenance interruptions in the overall portfolio.

klimaVest combines six advantages that are available in this combination in only a few investment products for private investors:

• klimaVest invests in a structural growth market: Electricity demand in Europe is rising significantly, driven by data centres and electromobility, among other things. It is to be increasingly covered by renewable energies, whose share of German electricity consumption is to grow to at least 80 percent by 2030.⁶ klimaVest is thus investing in an asset class with long-term increasing demand, which is hardly represented in many custody accounts so far.
• It is an investment in tangible assets with current income: Behind each share are real wind and solar farms as well as electricity grids that generate revenue on an ongoing basis from the sale of the generated electricity as well as from regulated grid fees. Unlike a precious metal, this tangible asset worksand generates added value.
• The returns are largely decoupled from the stock market: What a solar park consumes depends on the amount of electricity sold and its price. Since electricity is often marketed through long-term purchase agreements, cash flows can be planned over years. This makes klimaVest a complement to a custody account that is otherwise characterised by equities and bonds.
• klimaVest provides access to an asset class that has long been closed to private investors: Investments in energy infrastructure have been reserved for institutional investors for decades. As a European Long-Term Investment Fund (ELTIF), klimaVest opens this door and at the same time spreads the capital across countries, locations and technologies, which is not possible with an individual holding in a wind farm.
• Experienced asset management is behind the fund: klimaVest belongs to Commerz Real³, a wholly owned subsidiary of Commerzbank with more than 20 years of experience in the field of renewable energies. Since its launch in 2020, the fund has achieved positive performance in each financial year.²
• With klimaVest, you are supporting the expansion of the energy transition: Their capital flows into the construction and operation of wind and solar farms as well as electricity grids. Unlike buying a share, this is based on real infrastructure that physically supports Europe’s energy supply.  

In the long term, the fund management for klimaVest aims for a target return in the range of 3.0 to 4.0% per year.⁷ This expectation relates to the medium to long-term investment horizon for which the fund is designed. Part of the income is distributed annually to investors, while part remains in the fund and increases the unit value.

The actual level of return depends on the respective financial year:

In the financial year 2024/25, klimaVest achieved a return of 3.5%.²

For the current financial year, the fund management aims for a return in the range of 3.0 to 4.0%.⁷

The past years have been characterised by a challenging market environment. The fact that the fund generated reliable returns² in this phase is due to the fund management’s balanced portfolio structure, regulated remuneration models and long-term contract structures.

The long-term perspective is therefore crucial. Since the launch in 2020, klimaVest has achieved positive performance in each individual financial year.² Over the entire period since the launch, this results in a performance of 20.6%.{{fn:alle_prod_rendite_methode}} A target return remains an expectation, not a guaranteed value. It may shift due to market changes and past performance is not indicative of future returns.

klimaVest is classified in the risk class 2⁵ on the legally prescribed risk scale from 1 to 7, whereby 2 corresponds to a low risk class. This classification is based on an assumed holding period of five years.

The reason for the low rating is the structure of the fund: klimaVest invests in tangible assets whose income is largely independent of the stock market.

However, the investment is not risk-free. As wind farms and photovoltaic systems depend on certain weather conditions, certain losses can occur if they are not used for a longer period of time. Furthermore, the value of the assets may fluctuate and there may be no distributions due to lack of liquidity.

You can find a complete overview of the opportunities and risks here.

For amounts up to 500,000 euros, no notice or minimum holding periods apply. Investors can redeem their units on any trading day. For redemptions above EUR 500,000, a notice period of twelve months applies.⁸ Effective September 1, 2026, a twelve-month notice period will apply to all new investors. Investors who joined by August 31, 2026, are protected under grandfathering provisions. 

Regardless of this, klimaVest is designed as a long-term investment with an investment horizon of more than five years.