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 12 active portfolio companies and 5 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.

What are KGAL's recent exits?

Recent realized exits by KGAL include: Spalletti Solar Park (2026) to Altea Green Power; Ciekocinko Wind Farm (2026) to Octopus Energy Generation; Krasin Wind Farm (2026) to Octopus Energy Generation; Rywald Wind Farm (2026) to Octopus Energy Generation; Baeckhammar Wind Farm (2025) to Aneo.

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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

KGAL is a Gruenwald real estate firm with €15.0B AUM, 12 active companies and 5 exits.

SectorsEnergy Real Estate Industrials

Key takeaways

·5 exits in the last 5 years · consistent DPI cadence.
·Average hold across 5 realized deals: 6 years.
·Top sector focus: ClimateTech (100% of portfolio).
·Fund cadence: ~3Y between vintages · last raise 2023.

Geography breakdown

6 geographies

Germany

9 · 53%

Poland

3 · 18%

Italy

2 · 12%

Denmark

1 · 6%

Czech Republic

1 · 6%

Sweden

1 · 6%

Key facts

HQGruenwald, Germany

Founded1968

Employees350+

Websitekgal.de

Recent exits

KGAL sold Spalletti Solar Park to Altea Green Power in 2026 after 5 years.

KGAL sold Ciekocinko Wind Farm to Octopus Energy Generation in 2026 after 6 years.

KGAL sold Krasin Wind Farm to Octopus Energy Generation in 2026 after 6 years.

KGAL sold Rywald Wind Farm to Octopus Energy Generation in 2026 after 5 years.

Coverage notes

3 funds tracked, 17 portfolio companies (12 active · 5 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

Fund

Strategy

Vintage

Size

Assets

Exits

KGAL ESPF 6

Impact2023€250M2 assets

Impact

2023 · 3yr

€250M

–

Unrealized

2 held

Company	Entry
Arcadia eFuels ClimateTech · Denmark	2023
Lubmin Hydrogen Platform ClimateTech · Germany	2024

KGAL ESPF 5

Energy2020€344M8 assets1 exits

Energy

2020 · 6yr

€344M

Unrealized

8 held

Company	Entry
Bierbergen Wind Farm ClimateTech · Germany	2025
Calvoerde Ost Solar Park ClimateTech · Germany	2023
Calvoerde West Solar Park ClimateTech · Germany	2024
GP Joule Projects ClimateTech · Germany	2022
Grauingen Solar Park ClimateTech · Germany	2024
Grevesmuehlen Battery Storage ClimateTech · Germany	2026
PVPP Saxonie Solar Park ClimateTech · Czech Republic	2024
SEO Holding Battery Storage ClimateTech · Italy	2024

Realized

1 exit

Company	Entry	Exit	Type	Buyer	MOIC
Spalletti Solar Park ClimateTech · Italy	2021	2026	Trade Sale	Altea Green Power	–

KGAL ESPF 4

Energy2017€750M2 assets4 exits

Energy

2017 · 9yr

€750M

Unrealized

2 held

Company	Entry
GP Joule Projects ClimateTech · Germany	2022
Veja Mate Offshore Wind Farm ClimateTech · Germany	2019

Realized

4 exits

Company	Entry	Exit	Type	Buyer	MOIC
Baeckhammar Wind Farm ClimateTech · Sweden	2018	2025	Trade Sale	Aneo	–
Ciekocinko Wind Farm ClimateTech · Poland	2020	2026	Trade Sale	Octopus Energy Generation	–
Krasin Wind Farm ClimateTech · Poland	2020	2026	Trade Sale	Octopus Energy Generation	–
Rywald Wind Farm ClimateTech · Poland	2021	2026	Trade Sale	Octopus Energy Generation	–

Frequently asked questions

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 12 active portfolio companies and 5 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.
When was KGAL founded?: KGAL was founded in 1968.
What sectors does KGAL invest in?: KGAL invests across Energy, Real Estate, Industrials.
What are KGAL's recent exits?: Recent realized exits by KGAL include: Spalletti Solar Park (2026) to Altea Green Power; Ciekocinko Wind Farm (2026) to Octopus Energy Generation; Krasin Wind Farm (2026) to Octopus Energy Generation; Rywald Wind Farm (2026) to Octopus Energy Generation; Baeckhammar Wind Farm (2025) to Aneo.