Germany’s Wealth Fund to Go Where Even Norway Fears to Tread
- Kenfo moves to illiquid assets after relying on stocks, bonds
- Norway declined to allow its fund to invest in private equity
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Germany’s little-known sovereign wealth fund is about to become a lot bolder in its investments than its much larger Norwegian counterpart.
Kenfo, as the 24 billion-euro ($27 billion) fund is known, will start investing around 30% of its money in unlisted assets after mainly buying stocks and bonds in the past. “We will probably be subscribing to the first private equity fund shares by the end of the year,” Chief Executive Officer Anja Mikus said in an interview. She aims to invest worldwide in her quest to generate maximum returns and will look at real estate, infrastructure and private debt next.