Germany Special funds: from concept to project

Who mobilises capital – the interaction between public and private actors

Special funds are part of a multi-layered market.

Their impact unfolds only through interaction with development banks, private investors, and institutional capital providers.

Public-sector actors:

• Federal ministries – strategic steering and allocation of funds
• Development banks (KfW, EIB, regional development banks) – operational financing
• Project sponsors (e.g. DLR, NOW, PTJ) – management of funding programmes

Private-sector actors:

• Institutional investors (insurance companies, pension funds) – long-term ESG investments
• Infrastructure funds – co-investments and equity financing
• Developers and operators – implementation, operation, and asset management
• Banks and debt funds – debt financing and guarantees

Emerging models:

• Public anchor funds (State-initiated co-financing structures)
• Co-lending arrangements with development banks
• Project pools and blended-finance vehicles

The future of infrastructure financing lies in cooperation – not in separation.