Financing of nuclear waste management

KENFO reimburses the federal government for the costs of safely disposing of radioactive waste from the commercial use of nuclear energy to generate electricity in Germany.

Fund assets under management

KENFO manages around EUR 24 billion, which was transferred to it by the operators of nuclear power plants in Germany on July 3, 2017.


KENFO invests in equities, bonds and illiquid investments, broadly diversified across different regions, sectors, credit ratings and investment styles.


To achieve stable long-term performance, KENFO integrates sustainability criteria (environment, social, governance) into its investment strategy, and supports the climate goals of the Paris Agreement. KENFO's investments are consistent with the phase-out of nuclear power and coal production and generation.


The purpose of KENFO is to provide funding for the costs for safe disposal of radioactive waste from the commercial use of nuclear energy to generate electricity in Germany. KENFO reimburses the federal government for the costs that have been incurred from the time when the disposal obligation was transferred under the Act on the Transfer of Nuclear Waste Liabilities ("Entsorgungsübertragungsgesetz") for the safe disposal of radioactive waste that has already been created and that will be created in future. KENFO invests the funds transferred to it for this purpose.

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Annual report

Annual report 2022
Here you can download the latest annual report of KENFO.  

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Finance Minister Christian Lindner discussed together with KENFO Board Chair and Chief Investment Officer Anja Mikus on Friday, January 13, 2023 about the stabilisation of the German pension system by a capital stock from public funds and its management.­­

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Great place to work

The KENFO is a "Great place to work"

KENFO has been certified as an "Attractive Employer" by Great Place to Work®.

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Portfolio Disclosures

Dated 31 December 2022

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These points are important to us when it comes to sustainability.

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Our history

In 2010, the German government sets the course for entering the age of renewable energies. Nuclear energy is seen as having a bridging function. After the reactor accident at the Fukushima nuclear power plant in March 2011, society reassesses the residual risks of nuclear power. The German government initiates the final phase-out of nuclear energy. 6 years later, the "Nuclear Waste Management Financing Fund" is established as a foundation under public law. 



KENFO has developed a broadly diversified portfolio by asset class and entry point for the investment horizon extending to the end of the century. Worldwide investments are made in equities, corporate and government bonds, and illiquid assets. The funds are to be invested in such a way that the future payment obligations for the financing of the disposal costs to the federal government can be serviced with the greatest possible probability.



KENFO integrates the sustainability criteria ESG into the investment approach (environment, social and governance) in a return-oriented manner. Our sustainability approach combines, for example, exclusions such as nuclear power with a top selection of companies that are leaders in their sector in the sustainability rating. The sustainability strategy aims to achieve long-term stable performance and enhanced portfolio quality.



KENFO has been certified by Great Place to Work® as an "Attractive Employer" for the period March 2022 to March 2023. Certification is preceded by independent, anonymous feedback from employees and analysis of human resources policies and programs.


KENFO is looking for personalities for a challenging, multi-layered and varied task with societally significance at the intersection of finance, politics and public interest. We offer you an exciting working environment in the capital of German – Berlin.