Wermuth Asset Management

What Wermuth Asset Management does

Wermuth Asset Management GmbH (WAM) is a Berlin-based family office and BaFin-regulated investment adviser founded in 1999 by Jochen Wermuth. The firm manages capital across multiple vehicles focused on the green industrial revolution, including Green Growth Fund 1 (GGF1), Green Growth Fund 2 (GGF2), the Climate Endowment platform (with a Run-of-the-river Hydropower Fund), listed investment strategies, forestry real assets, and family office platforms Kora and Solar Foundry. WAM serves institutional investors (pension funds, endowments, sovereign wealth funds, insurance companies), family offices, and high-net-worth individuals seeking competitive financial returns alongside measurable climate impact.

WAM invests in European growth-stage companies across clean technology, water, mobility, and AI-enabled environmental sensing sectors. Documented portfolio investments include NexWafe GmbH (monocrystalline silicon wafers, led by GGF2 in 2017 with co-investors Saudi Aramco Energy Ventures and Lynwood AG), The Mobility House (EV charging infrastructure, €50M co-led round in 2022 by Green Gateway Fund), and Aquarion Group (water technology, €15M convertible loan in 2018 from SGF and GGF). The firm has demonstrated a 13x gross return on an earlier fund and cites an 8-10% expected return target for the Climate Endowment hydropower vehicle. WAM is co-founder of the Climate Endowment Group, which targets €20-40bn in long-term capital commitments from large institutional investors.

Revenue is generated through asset management fees and carried interest on managed funds, supplemented by direct investment returns across private equity, listed assets, infrastructure, and real assets. Distribution is direct to investors, supported by thought-leadership channels including the annual Berlin Green Investment Summit (running since at least 2018), a regular webinar series featuring portfolio companies, and founder appearances on podcasts and media (CNBC, VPRO). The firm operates with 11-50 employees from its Berlin headquarters at Johannisstraße 3 and does not publicly disclose AUM or revenue figures.

Name

Wermuth Asset Management

Legal name

Wermuth Asset Management GmbH

Website

https://wermutham.com

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

11–50 employees

Short description

Wermuth Asset Management GmbH is a Berlin-based BaFin-regulated asset manager and family office founded in 1999, managing climate impact investment funds across private equity, listed securities, forestry, and infrastructure for institutional and family office clients.

Ownership category

akta.pro rank

Product category

Climate-Focused Asset Management

NAICS

Portfolio Management and Investment Advice (52394), All Other Financial Investment Activities (52399), Other Financial Investment Activities (5239)

SIC

Investment Advice (6282)

akta.pro primary industry

Climate / Clean Tech & Decarbonization Funds (FSANAJAA)

akta.pro secondary industries

Energy & Sustainability / Climate Growth Equity (FSANACAG), Renewable Energy Infrastructure (FSAAAKAG), Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG), Climate Finance Funds & Green Investment Facilities (BPADACAH)

Keywords

• Climate impact investing
• Private equity funds
• Family office services
• Sustainable asset management
• Green growth investments

Headquarters

HQ city

Berlin

HQ country

Germany

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Asset Management Fees: WAM generates revenue through management fees and carried interest from its managed investment funds, including Green Growth Fund 1 (GGF1), Green Growth Fund 2 (GGF2), and the Climate Endowment Group. The firm also provides investment advisory services as a BAFIN-regulated investment consultant.
2. Investment Returns: Returns from direct investments in portfolio companies across private equity, listed assets, infrastructure, and real assets. The firm achieved a 13x gross return on an earlier fund, demonstrating strong investment performance capabilities.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Wermuth Asset Management is a German family office and BaFin-regulated investment adviser that manages a suite of climate-focused investment vehicles, including the Green Growth Fund 1 (GGF1) and Green Growth Fund 2 (GGF2) private equity funds, the Climate Endowment platform, listed investment strategies, and forestry real assets. The firm invests across all asset classes in European growth-stage companies positioned to benefit from the green industrial revolution while targeting high risk-adjusted returns alongside positive environmental impact.

Product overview

Wermuth Asset Management is a German asset manager and family office offering a portfolio of investment products focused on the green industrial revolution and climate impact. The core offerings include two green growth private equity funds (GGF1 and GGF2), the Climate Endowment platform for endowment-style impact investing, listed investment strategies, and forestry real assets. The firm also operates the Berlin Green Investment Summit and includes family office platforms like Kora and Solar Foundry. All products share a focus on delivering high risk-adjusted financial returns alongside positive environmental impact.

Differentiator

Problem solved

Functional benefit

Brands

• Kora: WAM Family Office mobile app platform
• Solar Foundry
• Climate Endowment Group
• Climate Endowment Run-of-the-river Hydropower Fund
• Berlin Green Investment Summit

Products and services

• WAM GGF1 (Green Growth Fund 1)

Quantifiable outcome

• 13x gross return achieved on earlier fund
• +2 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and minor.

• Climate Endowment GroupcoreStrategic or Co-development PartnerWAM is co-founder and ongoing partner of Climate Endowment Group (climate-endowment.com). Offers sector-specific funds including Climate Endowment Run-of-the-river Hydropower Fund (1/100th CO2 emissions of EU power-sector) and Climate Endowment Fund for endowment-style investment across all asset classes. Target size €20-40bn.
• Tech for Net Zero AlliancecoreStrategic or Co-development PartnerWAM is a member of Tech for Net Zero Alliance. Participated in 1st Innovation Roundtable producing thesis paper on financing climate tech startups. WAM co-authored conclusions that federal German government must support creation and scaling of climate tech startups.
• KoraminorChannel Partner/ Reseller/ DistributorWAM Family Office platform Kora (kora.app) provides integrated sustainable investment services to family office clients.
• Solar FoundryminorChannel Partner/ Reseller/ DistributorWAM Family Office platform Solar Foundry (solar-foundry.com) offers solar investment solutions as part of the family office platform.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• BlackRock Climate Infrastructure: BlackRock's Climate Infrastructure platform is a broad incumbent offering institutional-scale capital across renewable energy, electrification, and transition assets, targeting the same pension and sovereign LP universe as WAM.
• Brookfield (Climate Transition): Brookfield's Climate Transition strategy and broader renewable energy platform represent a major incumbent offering institutional-scale capital across clean energy, infrastructure, and transition assets. It competes with WAM Climate Endowment for sovereign and pension fund mandates.
• KKR Global Climate Strategy: KKR's Global Climate Strategy deploys institutional capital across climate solutions in private equity, infrastructure, and growth. It is a broad incumbent competing for the same climate-tilted LP allocations that WAM targets via Climate Endowment Group.

Direct peers

• Generate Capital: Generate Capital is a specialist sustainable infrastructure investor focused on decarbonization, mobility, water, and resource efficiency. It overlaps with WAM's growth-stage climate strategy and the Aquarion/Mobility House style investments.
• Actis: Actis is a specialist emerging-markets energy transition private equity firm investing in renewables, grid, and mobility infrastructure. Comparable to WAM's climate thematic focus and active portfolio development approach.
• TPG (TPG Rise Climate): TPG Rise Climate is a dedicated climate-focused private equity strategy backed by a major global alternative asset manager. It directly competes with WAM's GGF2 by targeting growth-stage climate investments with active value creation and is a benchmark for institutional climate fund sizing.
• Impax Asset Management: Impax is a specialist asset manager focused on sustainable investment strategies across listed and private markets. It is highly comparable to WAM in its thematic climate focus and listed-investment-strategies offering.
• EQT Future: EQT Future is the dedicated impact and climate fund of EQT, a major European PE firm. It competes with WAM in European growth-stage climate investing and serves institutional LPs seeking climate-tilted private equity exposure.
• Climate Investment (CIM): Climate Investment is a specialist climate-focused private equity firm deploying institutional capital into decarbonization opportunities. It competes for the same LP universe (sovereign and pension funds) and similar European growth-stage climate deals as WAM.

Emerging players

• Pollination Group: Pollination is a specialist climate advisory and investment firm with strong European presence that bridges climate strategy and capital deployment. It is comparable to WAM in thematic positioning and European LP relationships but focuses more on advisory than direct investment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/wermutham
• Facebookfacebook.com/wermutham
• LinkedInlinkedin.com/company/wermuth-asset-management

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments7 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Wermuth Asset Management