KGAL

KGAL is a German investment and asset manager headquartered in Grünwald, near Munich. It was founded on 27 August 1968 in Hamburg by Hamburger Sparkasse and the entrepreneur Karl Kreusel as Kommanditgesellschaft Allgemeine Leasing GmbH & Co. Originally a real-estate leasing company financing the fixed assets of German clients, KGAL evolved into a global investor in real assets, offering investment vehicles to institutional investors, family offices and private investors. As of December 2024, it managed an investment volume of more than EUR 15 billion. The company's core activities are real estate, aircraft and infrastructure, especially renewable energy. KGAL is active in real estate across Europe, in aircraft worldwide, and in renewable energy through photovoltaic plants in Bulgaria, Germany, Greece, Portugal, Spain, Italy, the United Kingdom and France, wind power plants in Germany, France, Poland, Sweden and Finland, and, since 2016, hydropower plants in Italy. It was the initiator of Germany's first aircraft leasing fund in 1979 and has since completed more than 900 aircraft transactions. In 1989 it founded Lufthansa Leasing GmbH as its first joint venture with Deutsche Lufthansa AG, followed in 1998 by GOAL German Operating Aircraft Leasing GmbH & Co. KG. Since 2003 it has been active in renewable energy and is today one of the largest private investors in the sector, with a total capacity of 1.7 GW. KGAL's business model has expanded from leasing to structuring and placing closed-end funds and other participation offerings. It develops and offers investment opportunities for institutional investors and family offices, private placements for wealthy investors, and products for private investors. Closed-end participations must be reviewed and approved by the German Federal Financial Supervisory Authority (BaFin), and since 22 July 2013, when the AIFM Directive was implemented into German law, initiators of closed-end funds are also subject to the German Capital Investment Code (KAGB). Beyond structuring and placement, KGAL also manages the investment objects underlying its offerings. Ownership changed significantly in 2014, when the banks then involved — Bayerische Landesbank, Commerzbank, Haspa Finanzholding and Sal. Oppenheim — sold nearly 90% of the company to private investors Francis Louvard and Gregory Ingram. Ingram contributed his shares to the Vasshuset Familienstiftung on 8 December 2014. Today KGAL-Verwaltung GmbH is the general partner of the operating KGAL GmbH & Co. KG, which is owned in equal halves by Vasshuset Familienstiftung and the Luxembourg company Cronos Investments S.A., the family office of Francis Louvard. Bayerische Landesbank and Hamburger Sparkasse remain minority limited partners; Commerzbank and Sal. Oppenheim exited on 2 November 2018.

KGAL was founded on 27 August 1968 in Hamburg by Hamburger Sparkasse and the entrepreneur Karl Kreusel under the name Kommanditgesellschaft Allgemeine Leasing GmbH & Co. On the same founding day, a同名 company with its seat in Grünwald and limited partners Hamburger Sparkasse, Dresdner Bank, Bayerische Hypo- und Vereinsbank, Bayerische Landesbank and Westdeutsche Landesbank was also entered in the commercial register at the Munich district court. After rising to become one of Germany's leading real estate leasing companies, KGAL moved to Munich in 1977 and in 1981 took up its current headquarters in Grünwald. The business model changed and expanded over time. Originally a German real estate leasing company financing the fixed assets of national clients through leasing concepts, KGAL became internationally active after designing Germany's first aircraft leasing fund in 1979. Today the company invests globally in real assets and offers the investment objects to its investors for subscription. KGAL is active in real estate throughout Europe, in aircraft worldwide, in photovoltaic plants in Bulgaria, Germany, Greece, Portugal, Spain, Italy, the United Kingdom and France, and in wind power plants in Germany, France, Poland, Sweden and Finland. In 2016 hydropower plants in Italy were added. In 2014 the banks then involved — Bayerische Landesbank, Commerzbank, Haspa Finanzholding and Sal. Oppenheim — sold nearly 90% of the company to the two private investors Francis Louvard and Gregory Ingram. The remaining minority stake of the banks was to be held for a transitional period. On this occasion the future orientation toward investment products for professional and semi-professional investors was announced. Ingram contributed his shares to the Vasshuset Familienstiftung on 8 December 2014. Today KGAL-Verwaltung GmbH is the personally liable general partner of the operating KGAL GmbH & Co. KG, which in turn is owned in equal halves by the Vasshuset Familienstiftung and the Luxembourg company Cronos Investments S.A., the family office of Francis Louvard. Besides Vasshuset and Cronos, the limited partners of KGAL GmbH & Co. KG continue to include Bayerische Landesbank and Hamburger Sparkasse with minority stakes. Commerzbank and Sal. Oppenheim exited on 2 November 2018. KGAL develops and offers participation opportunities for institutional investors and family offices, so-called private placements for wealthy investors, and products for private investors. Closed-end participations must be reviewed and approved by the German Federal Financial Supervisory Authority (BaFin); the review mainly covers a series of legally required minimum disclosures, while the economic soundness of the investments is not part of the review. Since 22 July 2013 — the day the implementation of the AIFM Directive into German law took effect — initiators of closed-end funds are also subject to the KAGB (Kapitalanlagegesetzbuch). In its participation offerings KGAL assumes not only the conception and placement in the market but also the administration of the investment objects that are the subject of the participation. The company focuses on real assets in real estate, aircraft and infrastructure (renewable energy). With the public fund KGAL/Alcas Nr. 173 it contributed significantly to the financing of Munich's Allianz Arena. In the early 1980s KGAL was also involved in Munich's Gasteig cultural center within an early public-private partnership; the City of Munich has since rented the building from the company. KGAL was the initiator of Germany's first aircraft leasing fund and has completed more than 900 aircraft transactions since 1979. In 1989 Lufthansa Leasing GmbH was founded as the first joint venture between Lufthansa and KGAL for the aircraft financing of Deutsche Lufthansa AG and its subsidiaries. A second joint venture between Lufthansa and KGAL followed in 1998: GOAL German Operating Aircraft Leasing GmbH & Co. KG, which among other things is responsible for managing the aircraft in KGAL aircraft funds. KGAL has been active in the renewable energy market since 2003 and is today, with a current total capacity of 1.7 GW in photovoltaic, wind (offshore and onshore) and hydropower, one of the largest private investors in the renewable energy sector.

• 2024

  Managed investment volume of more than EUR 15 billion as of December.

• 2018

  Commerzbank and Sal. Oppenheim exited on 2 November.

• 2016

  Hydropower plants in Italy added to the renewable energy portfolio.

• 2014

  Banks sold nearly 90% of the company to private investors Francis Louvard and Gregory Ingram; Ingram contributed his shares to the Vasshuset Familienstiftung on 8 December.

• 2013

  From 22 July, initiators of closed-end funds became subject to the KAGB following implementation of the AIFM Directive into German law.

• 2003

  Entered the renewable energy market.

• 1998

  Founded GOAL German Operating Aircraft Leasing GmbH & Co. KG as the second joint venture with Lufthansa.

• 1989

  Founded Lufthansa Leasing GmbH as the first joint venture with Deutsche Lufthansa AG.

• 1981

  Took up its current headquarters in Grünwald.

• 1979

  Designed Germany's first aircraft leasing fund, marking international expansion.

• 1977

  Moved to Munich after becoming one of Germany's leading real estate leasing companies.

• 1968

  Founded on 27 August in Hamburg by Hamburger Sparkasse and Karl Kreusel as Kommanditgesellschaft Allgemeine Leasing GmbH & Co.

One of Germany's leading real asset investment managers, serving institutional investors, family offices and private investors with a focus on real estate, aircraft and renewable energy.

• KGAL/Alcas Nr. 173

  Public fund that contributed significantly to financing Munich's Allianz Arena.

• Aircraft leasing funds

  First such fund in Germany (1979); more than 900 aircraft transactions completed since.

• Renewable energy funds

  Photovoltaic, wind (offshore and onshore) and hydropower investments with 1.7 GW total capacity.

• Real estate investment offerings

  Real estate activities across Europe.

1. 1KGAL – Wikipedia (German)de.wikipedia.org
2. 2KGAL – Wikidatawikidata.org
3. 3KGAL official websitekgal.de