What investment strategy does KGAL focus on?

KGAL focuses on Real Estate, Growth strategies in the private equity space.

How many portfolio companies does KGAL have?

KGAL has 10 active portfolio companies and 4 completed exits and 3 funds tracked on GP Intel.

Where is KGAL headquartered?

KGAL is headquartered in Gruenwald, Germany.

What is KGAL's assets under management?

KGAL manages approximately €15.0B in assets under management.

What sectors does KGAL invest in?

KGAL invests across Energy, Real Estate, Industrials.

Home/GPs/KGAL

KGAL

Gruenwald, Germany·Founded 1968·

Real Estate Growth Equity

·kgal.de

KGAL is a Gruenwald-based real-asset investment manager founded in 1968 that manages around EUR 15 billion for institutional and private investors across sustainable infrastructure, real estate and aviation. Its sustainable infrastructure arm has invested directly in European renewable energy since 2003 through the European Sustainable Power Fund (ESPF) series, building direct equity stakes in onshore and offshore wind, solar PV, battery storage and green hydrogen assets. The firm is led by co-CEOs Florian Martin and Andre Zuecker, with Michael Ebner responsible for the sustainable infrastructure asset class.

AUM

€15.0B

Funds

vintages 2017–2023

Portfolio

Exits

SectorsEnergyReal EstateIndustrials

Key facts

HQGruenwald, Germany

Founded1968

Employees350+

Websitekgal.de

Recent exits

Spalletti Solar Park

Energy · 2026 · 5yr hold

Krasin Wind Farm

Energy · 2026 · 6yr hold

Rywald Wind Farm

Energy · 2026 · 5yr hold

Baeckhammar Wind Farm

Energy · 2025 · 7yr hold

Coverage notes

3 funds tracked, 14 portfolio companies (10 active · 4 realized). Verified weekly from public filings and deal announcements.

Funds & portfolio

Every fund KGAL has raised, with its portfolio companies. Hand-checked from public filings.

3 funds

KGAL ESPF 6Impact

2023 · 3yr€250M2 active

Unrealized

2 held

Company	Sector	Geo	Entry
Arcadia eFuels	Energy	Denmark	2023
Lubmin Hydrogen Platform	Energy	Germany	2024

Arcadia eFuelsActive

EnergyDenmark· Entry 2023

Lubmin Hydrogen PlatformActive

EnergyGermany· Entry 2024

KGAL ESPF 5Energy

2020 · 6yr€344M6 active · 1 realized

Unrealized

6 held

Company	Sector	Geo	Entry
Calvoerde Ost Solar Park	Energy	Germany	2023
Calvoerde West Solar Park	Energy	Germany	2024
Grauingen Solar Park	Energy	Germany	2024
Grevesmuehlen Battery Storage	Energy	Germany	2026
PVPP Saxonie Solar Park	Energy	Czech Republic	2024
SEO Holding Battery Storage	Energy	Italy	2024

Calvoerde Ost Solar ParkActive

EnergyGermany· Entry 2023

Calvoerde West Solar ParkActive

EnergyGermany· Entry 2024

Grauingen Solar ParkActive

EnergyGermany· Entry 2024

Grevesmuehlen Battery StorageActive

EnergyGermany· Entry 2026

PVPP Saxonie Solar ParkActive

EnergyCzech Republic· Entry 2024

SEO Holding Battery StorageActive

EnergyItaly· Entry 2024

Realized

1 exit

Company	Sector	Geo	Entry	Exit	Type	Buyer	MOIC
Spalletti Solar Park	Energy	Italy	2021	2026	Trade Sale		–

Spalletti Solar ParkExited 2026

EnergyItaly· Entry 2021

Trade Saleto

KGAL ESPF 4Energy

2017 · 9yr€750M2 active · 3 realized

Unrealized

2 held

Company	Sector	Geo	Entry
GP Joule Projects	Energy	Germany	2022
Veja Mate Offshore Wind Farm	Energy	Germany	2019

GP Joule ProjectsActive

EnergyGermany· Entry 2022

Veja Mate Offshore Wind FarmActive

EnergyGermany· Entry 2019

Realized

3 exits

Company	Sector	Geo	Entry	Exit	Type	MOIC
Baeckhammar Wind Farm	Energy	Sweden	2018	2025	Trade Sale	–
Krasin Wind Farm	Energy	Poland	2020	2026	Trade Sale	–
Rywald Wind Farm	Energy	Poland	2021	2026	Trade Sale	–