# KfW

KfW is a Bank / Wealth / Trust based in Frankfurt am Main, Germany.

## Overview

- **Organization type:** Bank / Wealth / Trust
- **Headquarters:** Frankfurt am Main, Germany
- **Region:** Europe
- **Address:** Frankfurt am Main, Germany
- **Founded:** 1948
- **Assets under management:** Undisclosed
- **Website:** kfw.de
- **LinkedIn:** https://de.linkedin.com/company/kfw
- **Wikidata:** Q658270

## Regulatory record

- **Reports private funds:** No

## About

KfW finances projects of German and European companies to compete on global markets. It supports business start-ups, small and medium-sized enterprises, and investments in economic growth and employment projects in Germany. The ERP-Startfonds, co-financed by KfW, provides equity financing for innovative, technology-based enterprises with growth prospects.

## Sectors

- CleanTech
- Energy Transition & Renewables
- Infrastructure
- AI/ML
- Enterprise Software
- Mobility & Transportation

## Offices

- Bonn, Germany
- Berlin, Germany

## People

- Stefan Wintels — Chief Executive Officer

## Questions

### Who runs investment decisions at KfW?

Stefan Wintels has served as CEO since October 2021, overseeing the bank's entire promotional and investment mandate. The venture capital arm, KfW Capital, operates as a distinct subsidiary with its own management team responsible for fund-of-funds commitments. DEG, the development finance unit, runs its own book for emerging-market equity and debt investments.

### How does KfW source venture capital deal flow?

KfW does not invest directly in startups at scale. Through KfW Capital, it operates as a fund-of-funds, committing to German and European venture capital funds including early-stage, growth, and deep-tech managers. The subsidiary works alongside institutional co-investors and uses its mandated capital to anchor funds, drawing on Berlin and Frankfurt's dense network of tech investors and public-sector innovation programs.

### Does KfW participate in fund commitments or only direct deals?

KfW participates in both. KfW Capital makes fund commitments to European VC and growth-equity managers, with over €2 billion allocated to this program. DEG makes direct equity investments and fund commitments in emerging markets. The parent bank and KfW IPEX-Bank handle direct lending, project finance, and infrastructure debt.

### What investment stages does KfW typically target?

KfW spans the entire capital stack. KfW Capital's VC commitments cover pre-seed through growth stage. DEG targets growth-equity and expansion-stage companies in developing economies. The parent bank finances mid-cap corporate loans, large infrastructure projects, and renewable energy developments across construction, operation, and refinancing phases.

### Which sectors does KfW explicitly avoid?

KfW maintains a public exclusion list that prohibits financing for coal-fired power plants, nuclear energy projects, certain defense and armaments activities, and projects involving forced labor or severe environmental harm. Its climate transition mandate means fossil-fuel lending has been sharply curtailed, with a formal commitment to align the bank's entire portfolio with Paris Agreement targets.

### Where does the underlying capital come from?

KfW raises the majority of its funding through its own bond issuances in global capital markets, where it enjoys an AAA rating — underpinned by an explicit statutory guarantee from the Federal Republic of Germany. It takes no deposits from individuals. Equity capital comes from the German federal government and state governments, and retained earnings are fully reinvested into promotional lending rather than distributed as dividends.

## Related profiles

- [Keystone Financial Services](https://altss.com/profile/keystone-financial-services)
- [KfW Banking Group](https://altss.com/profile/kfw-banking-group)

---

Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/kfw

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology