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Commerz Real AG / Commerz Real Fund Management S.à r.l.LU2183939003Class I
klimaVest is the largest ELTIF for retail investors in Germany and one of the category's pioneers: direct investments in wind, solar and storage assets as an Article 9 fund, launched in 2020, distributing — with no target-fund layer and no performance fee.
Daily subscription and daily redemption with no minimum holding period; capped through the available liquid assets per dealing date, with a minimum liquidity reserve anchored in the prospectus. Since the ELTIF 2.0 conversion on 1 September 2026, newly subscribed units carry a one-year redemption notice period; units acquired up to the end of August 2026 remain under the previous rules. Recommended holding period five years.
Since 1 September 2026 new investors subscribe to the ELTIF 2.0 share class with no minimum investment; the previous class (from EUR 10,000) no longer accepts new subscriptions. Aimed at experienced, sustainability-oriented retail investors with advice; distribution concentrated on Germany and neighbouring markets.
The reference ELTIF of the German market: the longest retail record and the most consistent impact mandate in a single product; since September 2026 short-term exit has been reserved for existing holdings. This page's cost table shows the KID figure and the actual total expense ratio side by side — the discrepancy is well known.
Figures for class I (LU2183939003) · product data 25 Sep 2026 · sources: prospectus (as at August 2026 (sales prospectus, CSSF stamp 5 Aug 2026); KID 09/2026), PRIIPs-KID, Factsheet — full list under 08 documents.
Since the data series began in Oct 2020, the unit price has gained 3.4% per year. The series is monthly; valuations of private holdings arrive quarterly and smoothed — the line is therefore calmer than the risk.
122 monthly values, 59 derived from monthly returns · Source: secondary source (data portal), price feed / provider document · Returns calculated by semiliquid.info from the NAV series, not an official provider figure. Taxes and dealing costs of reinvestment are not considered. Past performance is not a reliable indicator of future results.
What the prospectus permits: Direct and indirect controlling interests in unlisted companies/real assets (individual real assets from EUR 10 million), equity and equity-like instruments, shareholder loans, certain debt instruments/loans as well as interests in certain funds.
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
43 holdings; the five largest account for 47.9% of the fund. 19.3% is held in the liquidity reserve.
Among the ten largest: 10 equity holdings.
Amprion (Dortmund) is one of Germany’s four transmission system operators, running an extra-high-voltage grid mainly in North Rhine-Westphalia, Lower Saxony, Rhineland-Palatinate, Saarland …
Moanvane onshore wind farm in Ballykean (County Offaly, Ireland) with twelve 4.8 MW turbines and a total capacity of 57.6 MW. The plant was built by Statkraft Ireland …
Spanish solar portfolio ("Meri"), acquired in 2021: the Alvarado I and II solar parks in Extremadura, each around 50 MWp and operating since 2020 …
EnBW WindInvest is a joint venture with EnBW Energie Baden-Württemberg AG that holds a portfolio of 14 onshore wind farms in Germany, including Hasel, Söllenthin, Webenheim and Winterbach.
Valeco REN S.A.S. is a joint-venture holding company with French project developer Valeco (Montpellier, part of the EnBW group), in which a 49% stake is held.
Project company of the Kuuronkallio onshore wind farm in Kannus, Finland, with 14 turbines of 4.2 MW each …
Lumivaaran Tuulivoima Oy is the project company of the Lumivaara onshore wind farm in Hyrynsalmi in northeastern Finland.
Torvenkylä onshore wind farm in Kalajoki (North Ostrobothnia, Finland) with seven 5.7 MW turbines and a total capacity of 39.9 MW, in operation since December 2022.
Takanebacken onshore wind farm in Maalahti (western Finland) with five 5.7 MW turbines and a total capacity of 28.5 MW, operating since November 2023.
Ground-mounted solar PV plant near Jerez de la Frontera (Andalusia) with around 94,300 modules and approximately 50 MWp of capacity, in operation since December 2021.
Positions and shares according to the provider; short descriptions by semiliquid.info from public sources; Allocation according to the uniform semiliquid taxonomy; only published values are used, nothing is estimated.
With ongoing costs of 2.42%, class I is close to the median of the asset class (2.42%). There is no performance fee.
For 10,000 EUR this means roughly 242 EUR per year.
For 10,000 EUR, a one-off up to 500 EUR on purchase.
Based on the PRIIPs key information document of class I, hence comparable across providers. Median: 25 Infrastructure funds in this database, data run 16 Oct 2026.
Units can be subscribed daily. The price is the NAV on the valuation day — it is not known when the order is placed and is published only 0 business days later.
Purchase only after full identity verification.
Subscription closing date additionally published on klimavest.de (clause 8).
Price = NAV per share on this day.
NAV on each valuation day; Annex 2 clause 12.1.
after NAV publication: 2 weeks after order placement
An order placed today is invested in — days (—); the money is due on —. Miss the cut-off and you move to the next dealing day: cut-off —, invested from —.
| Frequency | daily |
|---|---|
| Procedure | optional instalments |
| Valuation day | every bank business day |
| Cut-off | no lead time · 16:00 CET · (before the anchor date) |
| Price | valuation day |
| NAV publication | NAV on each valuation day; Annex 2 clause 12.1 (p. 92): 'The net asset value is determined on each bank business day for the following bank business day' - the … |
| Payment | after NAV publication: 2 weeks after order placement |
| Minimum investment | EUR 10,000 |
| Entry charge (max.) | 5% (distributor) |
| Subscription limit | The issue may be discontinued temporarily or entirely; individual share classes may be closed to further subscriptions. |
| KYC / documents | Purchase only after full identity verification; missing documentation leads to delay or cancellation |
| Revocation | Retail investors: withdrawal up to a maximum of 2 weeks after the subscription application/order, repayment without deductions |
| Business day | Bank business day: any day (other than Sat, Sun, 24 and 31 December) on which the banks in Luxembourg and in Wiesbaden (Germany) are open. |
Dates calculated from the prospectus rules (bank holidays: DE, LU); only the transfer agent’s confirmation is binding. Data as at 25 Sep 2026 · Documents: 08.
Units can be redeemed daily — with a volume limit (Gate), lock-up 60 months. How quickly the money arrives and what happens if many want out at once is set out below.
Redemption only after 5 years from authorisation of the fund, or earlier once the general investment …
Price = NAV per share on this day.
max. 50% of the available liquid investments per date
redemption day
A request made today is paid out on — — — days; from the cut-off to cash it is — days.
Money typically within a year — on average 368 days from decision to cash.
Rank 64 of 112 · rank 7 of 23 in Infrastructure · no lock-up · no fixed redemption fee
Confidence low — waiting time approximated, editorial correction applied · prospectus as at 5 Aug 2026 · score run 16 Oct 2026 · How 368 days become 22 pointsThe score measures how quickly and reliably you can get your money out according to the prospectus — not whether the fund is good.
| Character | redemption right |
|---|---|
| Frequency | daily |
| Valuation day | every bank business day |
| Notice | 0 business days before redemption day · 16:00 CET |
| Price | valuation day |
| Payout | 2 business days after redemption day |
| Gate | 50% of available liquidity per redemption day; minimum liquidity reserve of 5% of NAV; falling below it entitles the fund to suspend redemptions |
| Scaled-back portion | carried forward automatically to the next dealing day |
| Redemption fee (max.) | 0% |
| Lock-up | fund-level, 60 months (fund authorisation) |
| Suspension | Minimum liquidity reserve below 5% NAV, redemption requests above 1% NAV, exceptional circumstances (exchange closed, valuation impossible) |
| Liquidity tools | Gate 50% of available liquidity, suspension of redemptions, twelve-month notice period from EUR 500,000 of redemption volume within twelve months, lock-up … |
| Switch / transfer | Transfer to Qualified Investors possible, outstanding funding commitments transfer with it. |
| Compulsory redemption | compulsory redemption in the best interests of the fund; ineligible person subject to 15 calendar days' notice. |
max. 50% of the available liquid investments per date
The limit relates to the AVAILABLE LIQUIDITY (investments under Art. 50(1) of the UCITS Directive), not to NAV.
Dates calculated from the prospectus rules (bank holidays: DE, LU); only the transfer agent’s confirmation is binding. Data as at 25 Sep 2026 · Documents: 08.
2 classes. All cost and risk figures on this page refer to the basis class I.
PRIIPs KID ✓: a key information document exists and is the source of the costs. —: no KID documented — the class is distributed outside the EEA or to investors not covered by the KID requirement, or the document is not available. 1 class is closed to new subscriptions.
Who is behind the fund, where it may be distributed — and which documents were evaluated.
| Document | As at | Used for |
|---|---|---|
| Key information document (PRIIPs KID) | 1 Jul 2025 | — |
| Factsheet / monthly report | 30 Jun 2026 | — |
| Presentation as at 30 Jun 2026 | 30 Jun 2026 | — |
| Prospectus | 1 Jul 2025 | — |
| NAV series secondary source (data portal), price feed / provider document | 11 Sep 2026 | Performance (01) |
| Positions and reserve | 28 Feb 2026 | Portfolio (03) |
All figures are taken from provider documents (product data as at 16 Oct 2026, distribution data as at 5 Oct 2026) and have not been conclusively verified.
Redemption daily, notice period 0 business days before redemption day, with 50% gate per redemption day.
Ongoing costs of 2.42% p.a. according to the PRIIPs KID for class I; the median of the Infrastructure funds in this database is 2.42%; no performance fee.
10,000 EUR in class I.
Yes. According to our evidence, the fund is open to retail investors in Germany (as at 5 Oct 2026). The Access check shows the details.
As at 16 Oct 2026, no redemption restriction is documented for the klimaVest ELTIF. Under the prospectus a gate of 50% per redemption day applies.
Same asset class, similar sub-strategy.
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Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.