KfW Capital
Government fund of funds Germany
KfW Capital reports 18 venture funds.
Holdings are from its report as of October 11, 2026.
Updates from KfW Capital
Largest venture holdings
From its report as of October 11, 2026.
| Fund, as reported | Manager | Vintage | Amount |
|---|---|---|---|
| Aenu | AENU | — | — |
| Cherry Ventures Management GmbH | Cherry Ventures | — | — |
| Earlybird | Earlybird Venture Capital | — | — |
| Felix Capital | Felix Capital | — | — |
| HV Capital | HV Capital | — | — |
In the app: 13 more venture funds. Open KfW Capital in LP Intelligence for every fund it holds and how to reach it, or find the LPs that back firms like yours.
How to submit
It takes submissions from fund managers. See how to submit, on its site.
Emerging-manager program: Emerging Manager Fazilität.
In its words: “Managers check KfW Capital's investment criteria (European VC or venture debt funds with demonstrated investment in German start-ups, majority private investors, minimum fund size €50 million) and, if they fit, send their current deck to KfW Capital's dealflow mailbox. Its Emerging Manager facility also considers funds under €50 million whose management team, senior investment team or investment committee meets set shares of women and/or non-binary members.”
Read from its own pages on October 19, 2026: kfw-capital.de/Investmentprogramme, kfw-capital.de/Dokumente/Onepager-Investement/Onepager-03…. Programs change; its site is the record.
About this data
Holdings as this LP reports them, fund by fund. The report names the funds it holds and gives no amount for them, so none is shown. As of October 11, 2026. Source: KfW Capital portfolio: venture capital and venture debt funds (a selection). Funds are linked to a manager by name; a match can be wrong, and the original filing is the record. How Hottub reads its sources.
KfW Capital, the venture capital arm of Germany's state development bank KfW, invests as a limited partner in European venture capital and venture debt funds. Its website names 83 fund managers it is invested with and says the list is a selection ("Eine Auswahl"), so it is not the whole portfolio. The page names managers, not the individual funds, and gives no amount, so each entry here is a manager's name as KfW Capital prints it and the commitment and every other amount, the vintage year, multiple and IRR are blank; nothing is converted from euro because no amount is published. Venture debt managers are in the list and are not marked as such. The page carries no date: the as-of date is the day it was read.
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