Windrad aus Vogelperspektive mit Nebel

klimaVest¹ impact fund Innovation meets unlimited resources.

renewable energies fund

From big opportunities to big impact

Key facts on klimaVest


Fund launch

1,3 Mrd.

Fund volume

> 10.000



Wind and solar farms as well as project developments in the fund portfolio

3,5 bis 4,5 % p.a.

Target returns³


Euro minimum investment amount

Energiedistribution durch Rohre von Windrädern zu Haushalten

The first billion

Step by step towards your goal

The energy transition is one of the biggest challenges for our society – but one that we can control. With klimaVest, we want to build an actively managed fund portfolio of investments in the area of sustainable infrastructure such as renewable energies, mobility and forestry worth at least 25 billion euros over the next 50 years. For tangible, measurable⁴ protection of our climate and a higher quality of life.

Our interim conclusion after three years of klimaVest: the first billion has been made.

Our fund makes active participation in the energy transition possible

by investing in renewables: with klimaVest, you invest exactly where infinite power arises. 
Timo Werner
Timo Werner
klimaVest fund manager

Our fund makes active participation in the energy transition possible

by investing in renewables: with klimaVest, you invest exactly where infinite power arises. 
Windkraft in Finnland.jpeg


The opportunity of limitless resources


FAQs on klimaVest

How does klimaVest work?

klimaVest uses the investment opportunities of a promising market segment and at the same time makes measurable⁴ contributions on the way to an environmentally-friendly energy transition. 

In addition to its liquidity portfolio, the fund invests exclusively in assets and companies in the infrastructure segment. It is based on a broad portfolio of tangible assets for sustainable energy generation, such as photovoltaic power plants or wind farms (onshore/offshore). The electricity generated is sold to companies with high credit ratings via the electricity market, government-regulated remuneration systems and power purchase agreements. 

Thanks to fixed purchase agreements, klimaVest benefits from stable and predictable cash flows over many years. The fund management aims to achieve a return of 3,5 bis 4,5 % p.a. for its investors for the calendar year.³ 

Find out more about the klimaVest fund and how it works online at

How does klimaVest fit into Commerz Real’s product portfolio?

For over 51 years, we have been the Commerz Real Experts for tangible asset investments. We can make targeted use of our experience with institutional investments – including in the areas of infrastructure and renewable energies – when managing the klimaVest impact fund. 

Alongside the open-ended real estate fund hausInvest, klimaVest is the second investment product from Commerz Real that is explicitly aimed at retail investors. hausInvest is one of Germany’s largest open-ended real estate funds – with positive year-on-year growth since its launch in 1972.² 

In addition to klimaVest, there are other funds under the umbrella of Commerz Real, such as the Commerz Real Institutional Infrastructure Fund I, which is invested in one of the largest offshore wind farms in the North Sea. Find out more about our institutional products here.

What is an ELTIF?

ELTIFs (European Long-Term Investment Funds) are innovative financial instruments for long-term investments in infrastructure projects. ELTIFs open up new asset classes for retail investors as well as future-proof growth markets.

Unlike ETFs or equity funds, ELTIFs also operate independently of the stock market. This gives investors the opportunity to invest directly in concrete infrastructure projects, for example in the expansion of renewable energies. 

What contribution does an investment in klimaVest make to the energy transition?

klimaVest’s portfolio currently consists of 35 solar parks and wind farms for generating renewable energy. The fund thus actively promotes the expansion of sustainable power generation. 

With the increasing expansion and the legally regulated feed-in priority, conventional electricity from fossil fuels, which is often associated with high CO₂ emissions, can be constantly pushed back. klimaVest thus makes an active contribution to the sustainable transformation of the European energy industry and thus also to climate change mitigation.  

In addition to the expansion of renewable energies, klimaVest also pursues specific sustainability goals, such as the active saving of CO₂: The avoided emissions³ are calculated using the Clean Development Mechanism (CDM) and communicated transparently. As the production of renewable electricity also produces greenhouse gases, these emissions are added.

What criteria does klimaVest use to select its assets?

klimaVest bases its asset evaluations on three dimensions, which determine the suitability of the respective asset in the sense of the RSF framework. On the one hand, this involves the profitability (Return) of the asset. In the next step, its Sustainability is assessed. This is followed by Formal criteria that the asset must meet in order to be included in the klimaVest portfolio.

The RSF procedure identifies assets that both contribute to an attractive risk-adjusted return² and demonstrably contribute to achieving the defined sustainability goals without violating formal criteria.

What are the potential returns of klimaVest?

klimaVest has a diversified portfolio of physical assets. This means that the fund is largely independent of the stock market, has stability and predictable cash flows thanks to constant income and long-term purchase agreements with a term of 5 to 15 years (known as power purchase agreements). The fund management aims to achieve a return of 3,5 bis 4,5 % p.a.³ for calendar year 2024. 

How can you invest in klimaVest?

With the klimaVest subscription path, you can purchase an investment product that requires advice completely digitally for the first time. The digital investment process including investment advice can be found at

Alternatively, you can also invest in klimaVest through numerous distribution partners. 
¹ The management company is Commerz Real Fund Management S.à r.l.
² Calculated using the BVI method (excluding initial charge, dividend reinvested immediately). Past performance does not indicate future returns.
³ Statements on the target return do not indicate future returns.
Statements on “avoidance” or “measurability” of CO₂ emissions or similar statements regarding CO₂ and/or CO₂e (meaning the CO₂ equivalent, which takes into account other greenhouse gases such as methane (CH₄), nitrous oxide (N₂O) or fluorocarbons (HFCs) in addition to the greenhouse gas carbon dioxide (CO₂). For better readability, however, the term CO₂ is used here) must always be read and understood in connection with the methodology explained at Measurable contribution means that klimaVest promotes electricity generation from renewable energies and thereby avoids CO₂ emissions that would have arisen in the generation of electricity from fossil energy sources. CO₂ avoidance is calculated on the basis of country-specific avoidance factors of the Technical Working Group of International Financial Institutions (IFI) based on the Combined Margin Approach of the United Nations Framework Convention on Climate Change (UNFCCC), taking into account sector-specific upstream CO₂ emission factors of the Federal Environment Agency. Avoidance factors will decrease in the future due to the expected increasing share of renewable electricity in the electricity mix. Statements on achieved or planned CO₂ avoidance are not a reliable indicator of actual future CO₂ avoidance. Objectives can be exceeded or fallen short of.

Opportunities and risks of klimaVest

The opportunities provided by klimaVest

The risks of klimaVest

  • Invest conveniently and easily in primarily environmentally sustainable assets in the infrastructure sector.
  • Broad risk diversification across different countries, locations, asset classes (e.g. energy generation, energy transmission, transport and mobility) and within the asset classes (e.g. onshore and offshore wind power, photovoltaics) is aimed for.
  • Participation in state-regulated feed-in tariffs for electricity from renewable energy sources possible
  • Issue and redemption of shares generally on any trading day without notice period⁷ via the fund company
  • Opportunity to achieve stable returns while at the same time making a positive and measurable contribution to climate protection or climate change mitigation due to CO₂ avoidance through the energy generated by klimaVest assets
  • Professional asset management
  • Financing of positive and measurable⁴ sustainability objectives
  • Many years of experience in the field of renewable energies at Commerz Real
  • The value of infrastructure investments and liquidity investments may fluctuate
  • Specific risks associated with investments in renewable energy (e.g. wind, solar radiation, general climate changes, technology, transmission by cable)
  • Despite extensive currency hedging, a residual currency risk remains
  • Lack of liquidity of investments in physical assets. Distributions may not be made
  • Certain conditions apply to the redemption of shares⁷
  • A fundamental risk with klimaVest is the temporary suspension of the redemption of shares due to insufficient liquidity up to an orderly dissolution of the fund
  • Subsequent changes may be made to the feed-in tariff by the government at the expense of investors
  • Changes to the legal requirements for impact funds may result in the fund’s assets no longer complying with the regulatory requirements of an impact fund and then potentially having to be sold at a loss

This is a marketing advertisement. Please read the klimaVest Information Memorandum and the Key Information Document before making an investment decision. You can obtain these and other documents (e.g. the current annual and half-yearly report) free of charge in German in written or file form from your adviser or directly from Commerz Real Fund Management S.à r.l. You can also download the documents from For more information on sustainability-related aspects (according to the Disclosure Regulation), please visit For a summary of your investor rights online in German, please go to Commerz Real Fund Management S.à r.l. has the right to revoke the cross-border distribution of klimaVest at any time. This brochure is for information purposes only and does not constitute an individual investment recommendation or an offer to buy or sell securities or other financial instruments.