KGAL
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.
Key facts
Recent exits
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.
KGAL ESPF 6Impact2023 · 3yr€250M2 active
Unrealized
2 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Energy |  Denmark | 2023 | |
| Energy |  Germany | 2024 |
Denmark· Entry 2023Germany· Entry 2024KGAL ESPF 5Energy2020 · 6yr€344M8 active · 1 realized
Unrealized
8 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Energy | Germany | 2025 | |
| Energy | Germany | 2023 | |
| Energy | Germany | 2024 | |
| Energy | Germany | 2022 | |
| Energy | Germany | 2024 | |
| Energy | Germany | 2026 | |
| Energy | Czech Republic | 2024 | |
| Energy |  Italy | 2024 |
Germany· Entry 2025Germany· Entry 2023Germany· Entry 2024Germany· Entry 2022Germany· Entry 2024Germany· Entry 2026Italy· Entry 2024Realized
1 exit| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Energy | Italy | 2021 | 2026 | Trade Sale | – |
KGAL ESPF 4Energy2017 · 9yr€750M2 active · 4 realized
Unrealized
2 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Energy | Germany | 2022 | |
| Energy | Germany | 2019 |
Germany· Entry 2022Germany· Entry 2019Realized
4 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Energy |  Sweden | 2018 | 2025 | Trade Sale | – | ||
| Energy | Poland | 2020 | 2026 | Trade Sale | – | ||
| Energy | Poland | 2020 | 2026 | Trade Sale | – | ||
| Energy | Poland | 2021 | 2026 | Trade Sale | – |
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Germany·€2.8BGet the full picture on KGAL.
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