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Funds and portfolio

klimaVest generates its income from the ongoing operation of real investments, not from price gains on the stock exchange. The wind and solar farms in the portfolio produce and sell electricity, plus regulated fees from participation in electricity grids.

klimaVest uses several ways to sell electricity. One part is sold directly to companies via long-term purchase agreements, one part via state-regulated feed-in tariffs, and one part via direct trading on the electricity market. Around 90 percent of the revenue is based on long-term contracts with terms of usually more than 10 years. The fund management actively manages this mix and thus makes the returns predictable over years.

These revenues are the result of ongoing work on the plants. The fund management team looks after every investment from the purchase to operation and modernisation. Part of the income generated is distributed to investors annually, while part remains in the fund and increases the unit value.

klimaVest’s portfolio currently consists of solar and wind power plants as well as electricity grids. You can find an overview of all assets in the portfolio here.

The expansion of electricity grids is one of the biggest bottlenecks of the energy transition. The existing grid was built for a few central power plants, not thousands of decentralised wind and solar plants. Its conversion requires massive investments over decades, and it is precisely this permanent capital requirement that makes networks an attractive investment market in the long term. 

Added to this is their yield profile. While wind and solar farms generate their revenues depending on the weather and the electricity price, grid operators work within a regulated framework that ensures them a calculable return on the capital employed. Your returns are therefore largely independent of electricity prices and particularly predictable, which makes the portfolio more stable overall.

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.

The concrete next step is battery storage. Wind and solar farms must sell their electricity as soon as they produce it - often when many plants supply at the same time and prices are low. A memory releases this coupling: Electricity can then be marketed when it is needed and brings higher revenues. Battery storage systems are therefore among klimaVest’s primary target industries, and the fund management is considering the introduction of this technology. 

There is also repowering. The most profitable wind sites have long been outsourced, and getting new land free takes years of approval procedures. Repowering overcomes this bottleneck: Old systems at already established locations will be replaced by modern ones, which will provide many times the previous performance.  

In addition, the portfolio continues to grow through the acquisition of new wind and solar farms, for which the fund management team is constantly reviewing locations and markets in Europe.

The klimaVest portfolio consists of real tangible assets: 43 wind and photovoltaic plants in 6 European countries as well as participation in electricity grids. They are physical assets that generate and transport electricity, not equities or securities. The wind farms and photovoltaic parks generate the electricity, the grid share brings it to the consumers. 

The portfolio combines existing plants that already produce electricity with project developments that are still under construction. In the long term, it is to be expanded to include battery storage.

klimaVest is intended as a strategic addition. Most private custody accounts consist largely of equities and bonds, both of which depend on what is happening on the exchange. klimaVest, on the other hand, generates its income from the operation of real energy infrastructure, i.e. from electricity actually produced and sold as well as from regulated grid charges. These cash flows develop largely independently of typical stock market fluctuations.

In addition, there is access to an asset class that is otherwise barely available to private investors. Investments in wind and solar farms or electricity grids of this size were reserved for institutional investors for a long time. Via klimaVest, energy infrastructure - widely spread across countries, locations and technologies - is also available in private custody accounts. This allows the tangible asset portion of a portfolio to be expanded beyond real estate and gold.

Last year, klimaVest achieved a performance of 3.0.1 Since the launch in 2020, there has been a cumulative performance of 20.6.1 In each year since the launch, klimaVest has achieved a positive performance.1

The two numbers describe different time periods: 

  • The performance of an individual year depends on the respective market situation and can be higher or lower.
  • The development since the launch, on the other hand, comprises several years and market phases and thus shows how reliably klimaVest has worked over time.

The unit price is based on the net asset value of the Fund. It is calculated from the value of all the Fund’s assets less liabilities, provisions and any loans. Divided by the number of shares issued, this gives the net asset value per share.

The evaluation runs on two levels. The market values of the individual investments in the portfolio are determined quarterly and monitored by the depositary. The unit price itself is recalculated on each banking day, so that a current price is available for klimaVest on each trading day.

On this basis, klimaVest names two prizes: the issue price at which shares are purchased and the redemption price at which they are redeemed. The issue price also includes the initial charge that is incurred once upon purchase. The return price is calculated without this surcharge.

An up-to-date overview of klimaVest assets can be found at klimavest.de/portfolio as well as in the current half-yearly report and annual report in the download area.

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.1 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.

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%.1

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 returns1 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.1 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.

Project developments offer a profitable return on purchase, but above all they enable early shaping influence on planning, the selection of significant contractual partners and manufacturers, and the definition of essential contractual conditions. This creates the best conditions for convincing market positioning, long-term constant earnings and value-adding potential for klimaVest. This also includes the expansion and repowering of existing investments. The latest project developments can be found in the latest half-yearly report and annual report in the download area.

klimaVest invests directly in real wind and solar farms as well as electricity grids. Instead, many other funds in the industry invest in shares of energy companies and are thus linked to stock market fluctuations. At klimaVest, on the other hand, the income is based on the electricity actually produced and sold. Around 90 percent of the revenue comes from long-term contracts, usually with a term of more than 10 years. This makes returns predictable over years and largely independent of the stock market. 

Compared to other real tangible asset funds, klimaVest impresses with the breadth and quality of its portfolio. While many are limited to individual projects or electricity generation alone, klimaVest distributes the capital to 43 assets in 6 European countries and across multiple technologies, from generation to the grid infrastructure that transports the electricity. A portfolio of this size was reserved for institutional investors for a long time. klimaVest is also open to private investors. 

Such a range is only possible if it is led by an experienced team. klimaVest is managed by Commerz Real10, 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.1

klimaVest is designed for a medium-term (3 to 5 years) to long-term (over 5 years) investment horizon. The fund invests in real energy infrastructure whose income is generated over long periods of time, for example through electricity purchase agreements with maturities of usually 10 years or more. An investment therefore develops its strength over several years, not over short periods of time. 

Nevertheless, the capital is not firmly tied. Shares can be redeemed on any trading day, up to EUR 500,000 without notice. The stated horizon is therefore not a blocking period, but rather the period over which an investment in this asset class can make sense. Effective September 1, 2026, a twelve-month notice period will apply to all new investors.

The term of the fund itself can be distinguished from the investment horizon: klimaVest is invested for 50 years, with the option of two extensions of five years each.

klimaVest is classified in the risk class 211 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.

Purchase, sale and shares

Units are issued daily by the management company. The unit value is calculated by dividing the net assets of the fund by the number of units outstanding at the valuation day plus an initial charge. Fractions of units may be issued. Fractional units are issued with up to three decimal places. Fractions do not confer any voting rights. However, the unit holder is entitled to pro rata distributions of fractions. Initial charge: The initial charge is up to 5 percent at the discretion of the respective sales partner.

The fund units are distributed to professional, semi-professional and private investors who, within the meaning of Section 1 para. 19 Nos. 31, 32 and 33 of the German Capital Investment Code ("KAGB") meet the requirements for qualified investors. This makes klimaVest one of the first ELTIFs for private investors. The investment requirement is investment advice (suitability and suitability check) and a minimum investment amount of , which may not exceed 10% of the investable private assets.

The klimaVest issue price is currently 114.94. The current buy-back price is 110.04. 

Once the subscription has been completed, the fund units will be booked into your custody account and held there like other securities. From this point on, klimaVest fund management will take over the management of the invested capital.

The value of the units is reassessed on each trading day and can thus be tracked on an ongoing basis. klimaVest also provides information on the fund’s performance in a half-yearly and annual report. Once a year, at the end of the year, part of the income generated is distributed to investors.

The units remain available: They can be redeemed every trading day for amounts up to EUR 500,000 without notice.6 Effective September 1, 2026, a twelve-month notice period will apply to all new investors.

The minimum investment amount in klimaVest is 10,000 euros. This amount may not exceed 10 percent of investable personal assets. This limit does not apply to investors with investable assets exceeding 500,000 euros. As of September 1, 2026, the minimum investment amount will be eliminated.

Another requirement for an investment is investment advice in the form of a suitability assessment. As of September 1, 2026, this requirement will be waived, and the transaction will be conducted without mandatory advice, subject only to a suitability assessment and declaration. Investment advice will then be optional.

The Management Company has not admitted the Shares of the Fund to trading on a stock exchange. The Shares are also not traded on organised markets with the approval of the Management Company. It cannot be ruled out that the Shares will be traded on a stock exchange or on an organised market. However, the Management Company assumes no responsibility for trading the Shares on a stock exchange or on an organised market. The market price underlying stock exchange trading or trading in other markets is determined not only by the value of the assets held in the Fund, but also by supply and demand. Therefore, this market price may differ from the Net Asset Value. Should the Management Company list the Shares on the stock exchange, this Information Memorandum will be updated in particular taking into account the Law of 16 July 2019 via the securities prospectus.

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.6 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.

In most cases, yes. The units will be transferred to your existing custody account after the subscription has been completed. This is possible with comdirect, ING, Commerzbank, DKB, BW-Bank/LBBW, savings banks, Volksbanken, Consorsbank and many more.

If you do not yet have a custody account, you can open a new one with our partner comdirect as part of your investment. A custody account is therefore not a prerequisite that must be met in advance, but is part of the investment process.

As a Luxembourg ELTIF, klimaVest has an “EU passport”. However, it is mainly distributed in Germany. Registration for distribution in other EU countries is currently not planned. US persons are generally excluded.

The ELTIF klimaVest can currently only be purchased as part of investment advice.

This obligation protects investors: During the consultation, a suitability check is carried out to determine whether klimaVest is suitable for a person’s knowledge and experience, financial situation and investment objectives. For ELTIFs, this protection is firmly anchored in European regulation.

Both the digital route and personal advice at a financial institution meet this requirement.

Effective September 1, 2026, investment advice will no longer be provided, and the transaction will be conducted without advice, subject to a suitability assessment and declaration. Investment advice will then be optional.

ELTIF 2.0 and innovations

Yes, investors who purchase further units of the existing klimaVest (KLV100) up to and including 31 August 2026 will also benefit from grandfathering provisions for these units.

The transition of klimaVest to ELTIF 2.0 will take place on 1 September 2026. klimaVest (WKN KLV100) can still be purchased until the end of August 2026. The last trading day is 31 August 2026, with a cut-off time of 4.00 pm at the custodian. From 1 September 2026, klimaVest will operate under the ELTIF 2.0 regime (WKN KLV200) and from that date onwards, only klimaVest 2.0 will be available for purchase.

Yes, investors who have acquired shares in klimaVest by 31 August 2026 (share class 1) will retain grandfathering rights for these shares under the previous redemption rules. The following continues to apply:
• No notice period for redemptions of up to EUR 500,000 per annum 
• A twelve-month notice period for redemptions exceeding EUR 500,000 per annum

The ELTIF 2.0 Regulation (EU Regulation 2023/606 reforming the ELTIF Regulation 2015/760) relaxes strict distribution barriers and increases the flexibility of the funds. The new structure makes it easier for investors to access the funds and for distribution partners to provide advice. With this transition, klimaVest is taking advantage of the benefits of the ELTIF 2.0 regulation well before the statutory transition period expires in early 2029.

New opportunities also open up for existing ELTIFs, as it is possible to transfer an existing product under ELTIF 1.0 to ELTIF 2.0. Providers of already successful funds can therefore first observe the effects of the regulatory changes and then switch their funds if it seems appropriate. Tried-and-tested system concepts do not need to be converted overnight. 

Access requirements can be simplified by adding newly authorised asset classes to portfolios on a selective basis - without changing the core of a tried-and-tested concept. Scope analyst Sonja Knorr recommends retail investors to choose “provers with a strong history” anyway, because such established companies would have “already proven” that they are successful even in difficult market phases.5 For the first generation of ELTIFs, this speaks more for consolidating their strengths than giving them up.

No. ELTIF 2.0 has made access easier for retail investors, but has also tended to make the product itself a little more risky. The permitted leverage has increased from 30 to 50 percent, the maximum concentration per individual investment from 10 to 20 percent. Both increase the risk to first generation ELTIFs. Whether a specific ELTIF is safe therefore depends on the fund concept, asset management and track record, not the reform label.

Investors who invest by 31 August 2026 (ELTIF 1.0), as well as those who invest from 1 September 2026 (ELTIF 2.0), will be invested in the same klimaVest fund. The investment strategy and fees of klimaVest remain unchanged. The fund continues to invest in renewable energy generation, such as wind and solar farms, in energy grids and, in the future, also in energy storage. For the 2025/2026 financial year, the fund management continues to aim for a target return of 3 to 4 per cent per annum.

On 1 September 2026, klimaVest will introduce two share classes: all klimaVest shares issued up to 31 August 2026 will be grouped into Share Class 1 from 1 September 2026. These shares will be subject to grandfathering provisions, meaning that key provisions, such as the option to redeem shares on a daily basis, will remain unchanged. From 1 September 2026, a new Share Class 2 will also be introduced, which will be fully subject to the requirements of the new European regulations, including ELTIF 2.0. From this date, new shares in klimaVest will only be issued under this new Share Class 2. General adjustments will apply to both share classes: for example, the existing rules on liquidity management and borrowing will be reorganised, and adjustments will be made with regard to klimaVest’s investment options.

From 1 September 2026, the provisions of the ELTIF 2.0 regime will apply to investors. 
These include, in particular:
1. Removal of the statutory minimum investment amount
2. Introduction of a twelve-month notice period (benefits for the fund’s liquidity management) 
3. Removal of the requirement to prove assets of 100,000 euros (simplifying the advisory process)
4. Simplified advisory processes: In future, it will also be possible to conduct business without formal advice, subject to a suitability  and a suitability declaration; traditional investment advice will no longer be
necessary. This will make the sales process more flexible and straightforward.

The introduction of a notice period for unit fund 2 is part of the ELTIF 2.0 Regulation. Investments in tangible assets such as wind turbines and solar power plants are generally long-term. A notice period of twelve months improves the long-term predictability of liquidity for the fund management. This benefits the fund and all investors. 

Fees and charges

The total expense ratio2 consists of fund management costs (max. 1.8% p.a.) and custody fees (max. 0.025% p.a.). For the 2024/2025 financial year, the estimated total expense ratio was 1.30%.3 When purchasing your klimaVest shares, a one-off initial charge of max. 5% is also charged.4

These costs cannot be directly compared to those of an ETF. klimaVest is based on active asset management, which selects, operates and modernises real assets. This ongoing work on real tangible assets is included in the cost level.

When the issue price is set, an initial charge is added to the Share value. The initial charge is up to 5 percent of the Share value. The Investor will not make a profit on the sale of their Shares until the increase in value (plus distributions) exceeds the initial charge paid on acquisition. For this reason, a longer investment period is recommended when purchasing Shares. The initial charge is essentially remuneration for distributing the Fund Shares. The Management Company may pass on the initial charge to any Distributor in order to cover distribution services. There is no redemption fee. 

The total expense ratio for the current financial year is 1.23. Transaction, financing, maintenance, management and administrative costs of associated companies and investments in tangible assets are not taken into account. Insofar as fund management fees have been incurred for the holdings held, these are taken into account in full in the calculation of the total expense ratio. The ratio refers to the average net fund assets according to the information memorandum.

The total expense ratio consists of fund management costs (max. 1.8% p.a.) and custody fees (max. 0.025% p.a.). When you buy your klimaVest units, a one-off initial charge of max. 5% will also be charged. 

When purchasing klimaVest shares, a one-off initial charge 4 is charged. It is added to the unit value and essentially remunerates the distribution of the units. Over the digital subscription path, it currently stands at 4 percent; for an investment with personal advice, it can be between 0 and 5 percent, depending on the respective sales partner. 

In addition to this one-off premium, ongoing costs are incurred during the holding period, which are summarised in the total expense ratio. They are not part of the purchase process, but are continuously taken into account in the fund.

Financing strategy

In order to mitigate (reduce) interest rate risks, the intention is to hedge a major part of the interest payable under borrowed capital loans by concluding fixed interest rate agreements, i.e. caps or swaps. The remaining part is subject to active interest rate management by taking advantage of the respective market opportunities.

Yes, the fund is entitled to borrow capital at both fund level and property level. The realisation of tailored financing solutions (so-called leverage) increases the return on equity. Commerz Real has an international network of financing partners. Borrowing at the level of the fund is limited to a maximum of 30 percent of the fund’s equity, although borrowing may be higher for individual investments of the fund. Indirect borrowing at the level of fund-controlled, unlisted property or investment companies is limited to an average of 60 percent of the gross asset value of all non-listed property or investment companies controlled by the fund; borrowing may be higher for individual non-listed property or investment companies controlled by the fund. When calculating leverage, Commerz Real Fund Management S.à r.l. does not take into account any risk at the level of the non-listed real estate or investee companies controlled by the fund, unless the fund is required to bear any potential losses in excess of its interest in the relevant non-listed company. The concept does not provide for the fund holding companies with an obligation to make additional contributions. The fund’s current debt financing strategy can be found in the half-yearly report and annual report.

"It is part of the currency management strategy to largely hedge foreign currency risks and thus ensure stability in cash flows for investors. The fund may invest in foreign currencies. This applies without restriction to foreign currencies in the European Economic Area, whereas the assets held in the Fund may otherwise only be exposed to currency risk up to 35.00 per cent of their gross net asset value. However, assets are not considered to be subject to currency risk if the corresponding price
hedging transactions have been entered into or loans have been taken out in accordance with the ELTIF Regulation in the relevant currency. Foreign exchange forward contracts, foreign currency swaps or currency options may be used for hedging. klimaVest is currently invested exclusively in assets denominated in euros. There is therefore no unsecured foreign currency risk in the fund as at the valuation date.

Investment strategy

Valuations are carried out at least quarterly. In addition, valuations are carried out: - before purchasing an asset; - before selling an asset; at any time if, in the opinion of Commerz Real Fund Management S.à r.l. as AIFM of klimaVest, the last value determined is no longer appropriate due to changes in significant valuation factors. The valuation report prepared by an independent expert is checked for plausibility and validated by the valuation committee of Commerz Real Fund Management S.à r.l. and used as a basis for the internal valuation of the asset. The valuation committee then determines the value of the asset.

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 2030.8 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 Real9, 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.1
  • 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.  

Project developments offer a profitable return on purchase, but above all they enable early shaping influence on planning, the selection of significant contractual partners and manufacturers, and the definition of essential contractual conditions. This creates the best conditions for convincing market positioning, long-term constant earnings and value-adding potential for klimaVest. This also includes the expansion and repowering of existing investments. The latest project developments can be found in the latest half-yearly report and annual report in the download area.

Security and storage

All financial investments carry a risk of loss. With funds, a complete loss is extremely rare or virtually impossible, as all the assets in the fund must lose their entire value at the same time.

Modern plants have high availability rates of 95-98% and are typically fully insured against damage caused by storms, fire or technical failures. For funds with multiple investments in different regions, the risk is diversified through diversification. Manufacturers’ maintenance contracts and warranties ensure quick repairs. In the event of a total loss, the insurance will take effect.

klimaVest is classified in the risk class 211 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.

Taxes and tax treatment

Investors in the fund vehicle resident in Germany (hereinafter referred to as tax residents) are subject to the non-transparent taxation regime in accordance with Sections 16 to 24 of the German Investment Tax Act (Investmentsteuergesetz: InvStG). According to the Act, investors are generally subject to taxation in Germany on the investment income derived from the units in the fund vehicle. Investment income includes:

  1. Distributions of the fund vehicle;
  2. Advance lump sums in relation to units in the fund vehicle;
  3. Gains on the disposal of units in the fund vehicle.

Under certain conditions, a flat-rate exemption (partial exemption) may be possible for certain investment income from the units in the fund vehicle. Due to the planned structuring of the fund, no partial exemption is currently expected. However, partial exemption (equity exemption) cannot be definitively ruled out. The possibility of claiming such a partial exemption will be reviewed on an ongoing basis.

Private investors subject to income tax: 

For the investor group of natural persons in focus here, the following consequences arise: 

  • For private investors subject to income tax, investment income is regarded as income from capital assets.
  • Subject to the application of a partial exemption from investment income (see above), the investment income is fully taxable.
  • The savings allowance (€1,000 or €2,000 for jointly arranged spouses and partners) can be taken into account for tax purposes.
  • The taxable capital income is generally subject to a special income tax rate of 25 percent (plus a solidarity surcharge of 5.5 percent of the income tax incurred as well as any church tax on income tax).
  • Tax is generally withheld as withholding tax from the paying office (deductible tax).

Income taxable corporate investors:

  • In principle, there is also income from capital assets, but insofar as the units in the fund vehicle are held as business assets for tax purposes, the investment income from units in the fund vehicle is reclassified as business income.
  • Subject to the application of a partial exemption, which cannot be ruled out (see above), the investment income is also fully taxable.
  • Investment income is subject to general taxation at a progressive rate of up to 45 percent (likewise plus solidarity surcharge and church tax, if applicable).
  • If the units in the fund vehicle are held in a German industrial or commercial enterprise, the investment income is also subject to trade tax. A reduction in trade tax on income from units in the fund vehicle is possible under certain conditions.
  • Any resulting trade tax burden can be offset against the income tax liability on a flat-rate basis.

Other investors:

In case of doubt, there are specific tax assessments for another group of investors (institutional investors), each of which should be subjected to individual considerations at investor level. 

Foreign investors: 

No generally valid statements can be made for investors resident abroad. Investors resident abroad should inform themselves in detail about the respective tax consequences by consulting a tax adviser before acquiring units.

All distributions from the fund vehicle generally represent taxable investment income (income from capital assets) for tax residents. This also applies to any disbursements of excess liquidity of the fund vehicle. Tax-neutral distributions (capital repayments) are only possible in the context of the settlement of the fund vehicle in accordance with the special provisions in Section 17 of the German Investment Tax Act (Investmentsteuergesetz: InvStG).

Paragraph 14 of the Information Memorandum briefly summarises some important tax principles for Luxembourg that may be or become relevant in relation to the Fund. This summary is based on the laws, regulations and practices in force and applied in Luxembourg as at the date of the Information Memorandum. The statements are subject to possible changes in the laws or their interpretation that become effective after this date (possibly with retroactive effect).

Although this summary is based on the laws currently in force in Luxembourg, it does not constitute legal or tax advice and should not be construed as such. It is provided for information only. Prospective Investors are advised to consult their own tax advisers regarding the tax consequences of an investment in the Fund. This includes, but is not limited to, the effect of state or local taxes or church taxes under Luxembourg law and, in the case of Investors not resident in Luxembourg, the tax consequences in the respective countries of residence. This also applies to cases where there are doubts about the tax position of certain aspects or transactions associated with an investment in the Fund. This summary is a brief outline of the Fund’s view on the tax implications of an investment in the Fund. However, it does not constitute a guarantee that these tax and legal consequences will also occur.

The summary may not form the sole basis for assessing the tax impact of an investment in the Fund, in particular because the tax impact will depend on the specific situation of each Investor. The brief outline is therefore limited to a summary of possible tax effects. We do not claim that this paragraph fully summarises the tax rules and practice currently in force in Luxembourg, nor that it contains any explanations of the tax treatment of an investment in the Funds in jurisdictions other than Luxembourg. In addition, this section does not address how the taxation of the fund is structured in other jurisdictions or how the taxation of subsidiaries, partnerships and intermediary companies of the fund or investment structures in which the fund has a holding in a specific jurisdiction is structured.

Prospective investors are advised to consult their own professional tax advisers with respect to the potential tax consequences of buying, holding, redeeming, converting or selling shares in the fund under the laws of their country of citizenship, residence, domicile and incorporation. Investors are fully responsible for the fulfilment of their obligations under the respective national tax law.

Corporate Governance

The management company and alternative investment fund manager of the fund is Commerz Real Fund Management S.à r.l. at 8 Rue Albert Borschette, Building C, L-1246 Luxembourg, Luxembourg; R.C.S. Luxembourg Section B, No. 189,252, Regulatory Authority Commission de Surveillance du Secteur Financier ("CSSF").

The Commerz Real Group began its infrastructure investments in 1995 with the acquisition of the Leipzig gas network. Since then, Commerz Real Group has implemented 80 projects with a total transaction volume of around €4.9 billion. Since 2009, assets under management in the infrastructure sector have increased by almost €3 billion. In the area of renewable energies, the Commerz Real Group can look back on 20 years of experience from the implementation of a total of 63 projects with around 1 gigawatt rated output. These include 50 ground-mounted solar power plants with 380 MW, 12 onshore wind farms with 170 MW and the Veja Mate offshore wind farm with 402 MW rated output.

Performance and return

"After another successful financial year, klimaVest distributed a total of around 30 million euros to its over 30,000 investors. From 1 September 2024 to 31 August 2025, the fund achieved an annual return of 3.5 percent 1.

The dividend amount for the past financial year was EUR 1.94 per klimaVest share. The total distribution was made on 16 December 2025 and amounted to a total of EUR 29,741,570.00 as at the share issue date of 31 August 2025. You can find all further information about the distribution and distribution history of klimaVest here.

klimaVest distributes the income generated to investors once a year at the end of each year. Most recently, a total of around EUR 30 million was distributed on 16 December 2025, which corresponds to EUR 1.94 per share.

The amount of the distribution depends on the earnings of the past financial year and may therefore vary from year to year. Anyone holding fractional shares is entitled to a pro rata distribution.

The distribution is only part of the income. Another part remains in the fund and increases the unit value. The total return for a financial year is therefore made up of two components: the distribution and the appreciation of the unit.

Market and developments

  • The values of infrastructure investments and liquidity investments may fluctuate.
  • Specific risks such as wind conditions, solar radiation, general climate change, technological developments, and power transmission in connection with investments in renewable energy
  • Despite extensive currency hedging, a residual currency risk remains
  • Distributions may not be made.
  • Certain conditions apply to the redemption of shares.
  • The limited marketability of illiquid investments in tangible assets entails the risk of a temporary suspension of the redemption of shares up to the orderly dissolution of the fund in the event of liquidity bottlenecks.
  • Subsequent changes to the feed-in tariff by the state at the expense of investors are possible.
  • Changes in legal requirements may result in the Fund’s assets no longer complying with regulatory requirements and may subsequently have to be sold at a loss.
  • Construction and development risks in infrastructure projects, such as price fluctuations in building materials.

An overview of the opportunities and risks of klimaVest can be found here.

Service, purchase and contact

The following are available: Information memorandum (prospectus); key information document; reporting in the form of a half-yearly and annual report. You can find the latest version in the download area on our website.

Sustainability and ESG

When selecting its assets, klimaVest relies on three dimensions that check the suitability of the respective asset in the sense of the RSF framework. On the one hand, this involves the profitability (Return) of the asset. In the next step, its Sustainability is assessed. Then there are formal criteria (formal) that the asset must meet in order to be included in the klimaVest portfolio.

The RSF procedure identifies assets that both contribute to an attractive risk-adjusted return and demonstrably contribute to achieving the defined sustainability goals without violating formal criteria.