The largest ELTIF in Europe¹Invest in renewable energies and energy infrastructure. And renew your investment strategy.

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 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.²

The total expense ratio¹⁰ 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%.¹¹ When purchasing your klimaVest shares, a one-off initial charge of max. 5% is also charged.¹²

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.

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.¹³ 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%.¹³

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 2³ 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.

klimaVest is suitable for investors who 

• want to invest in the medium to long term, with a horizon of more than five years,
• want to expand their portfolio with tangible assets from the renewable energy sector,
• invest in returns that are largely independent of the stock market,
• prefer broad diversification across many assets, countries and technologies to individual participation.

klimaVest is less suitable for investors who 

• have short-term access to their invested capital,
• expect a high return in a short time,
• have little experience with tangible assets or investments outside the stock exchange. 

Regardless of the investment profile, fixed conditions currently apply for an investment in klimaVest: The minimum investment amount is EUR 10,000 and may not exceed 10% of the investable private assets. This results in an investable asset of at least EUR 100,000 for an entry. The 10% limit does not apply to assets exceeding EUR 500,000. The prerequisite is also investment advice with a suitability check, in which it is clarified whether klimaVest is suitable for your personal situation. 

As of September 1, 2026, these requirements will change:

• The minimum investment amount will be eliminated.
• A twelve-month notice period will apply to all new investors. Existing investors who joined by August 31, 2026, will be grandfathered in.
• Investment advice will no longer be provided; this will be a non-advisory transaction involving a suitability assessment and declaration. Investment advice will then be optional.