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RAG Stiftung
The RAG Stiftung was established in 2007 by the German federal government together with the states of North Rhine-Westphalia and Saarland. Its core mandate is...
RAG Stiftung
The RAG Stiftung was established in 2007 by the German federal government together with the states of North Rhine-Westphalia and Saarland. Its core mandate is to finance long-term environmental liabilities left by the closure of domestic hard coal production. Bernd Tönjes, former CEO of RAG AG, leads the board that oversees both the liability funding and the investment portfolio. The foundation allocates across public equities, private equity, and real estate. Confirmed holdings include a 52.1 percent stake in Evonik Industries AG valued at approximately 5.1 billion USD and a minority interest in VivaWest Wohnen GmbH, which owns roughly 120,000 apartments in the Rhine-Ruhr region valued at 4.5 billion USD. A separate global capital markets book of about 12 billion USD spans equities, fixed income and alternatives. Geographic exposure centers on Germany with additional holdings through engineering subsidiaries in the United Kingdom. The organization employs 30 professionals at its Essen headquarters. It maintains membership in the Bundesverband Deutscher Stiftungen and Initiativkreis Ruhr. In June 2024 the foundation presented its annual results and investment posture at a press conference in Essen. Adjacent vehicles include the RAG-Stiftung foundation itself, which directs roughly 35 million USD annually toward education, science and culture projects in former mining districts. Ownership of RSBG SE gives the foundation full control of an industrial holding company that operates engineering and construction businesses such as Dorsch Gruppe, Pell Frischmann and Heitkamp Industrial Solutions. This structure allows direct oversight of operating cash flows that supplement portfolio returns used for the perpetual mining obligations.
General information
Firm type
Endowment / Foundation
Year founded
2007
Location
Region
Europe
Country
Germany
City
Essen
Corporate office
Im Welterbe 10, Essen, Nordrhein-Westfalen, Germany
Principals
Bernd Tönjes
Chairman of the Board of Executives
Bärbel Bergerhoff-Wodopia
Member of the Board of Executives
Michael Vassiliadis
Member of the Board of Trustees
Sector focus
Frequently asked questions
Who runs investment decisions at RAG Stiftung?
Bernd Tönjes serves as Chairman of the Board of Executives. Bärbel Bergerhoff-Wodopia sits on the same board with responsibility for philanthropic activities. The board sets allocation policy for the global capital markets portfolio and direct holdings.
How does RAG Stiftung source proprietary deal flow?
The foundation uses its ownership of RSBG SE to access operating businesses in engineering and construction. Additional flow comes through membership in Initiativkreis Ruhr and relationships with regional institutions.
Does RAG Stiftung participate in fund commitments or only direct deals?
The foundation runs both fund-of-funds exposure and direct holdings. Private equity strategies include buyout, co-investment and secondaries according to internal allocation records.
Where does the underlying wealth come from?
The foundation was capitalized by the German state and coal-mining states to meet perpetual post-mining liabilities. Investment returns on the portfolio now cover ongoing water management and cultural obligations.
What investment stages does RAG Stiftung typically target?
Private equity activity spans venture, expansion and buyout stages. The foundation also holds secondaries and mezzanine positions alongside its public equity and real estate book.
Does RAG Stiftung maintain philanthropic structures, and how are they separated?
The foundation itself directs annual grants of approximately 35 million USD to education and culture programs. These activities are funded from investment income and kept separate from the core liability reserve.
How is RAG Stiftung related to RSBG SE?
RAG Stiftung owns 100 percent of RSBG SE, the holding company that controls engineering and construction subsidiaries including Dorsch Gruppe and Heitkamp Industrial Solutions.
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