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The Green for Growth Fund (GGF) enjoys the support of public investors, international financial institutions, and private institutional investors. As a public-private partnership, the GGF can leverage funds from public investors, in the form of first-loss C shares, and international financial institutions' funds in the form of mezzanine shares, to access private capital in the senior shares and notes. This “blending” of funding from public investors and international financial institutions increases the effectiveness of both, by bringing in additional private capital that might not otherwise be attracted to the sector.

Investors that have invested in the GGF are the European Investment Bank; Germany’s KfW Development Bank; the European Bank for Reconstruction and Development; International Finance Corporation (IFC), a member of the World Bank Group; the European Commission; the German Federal Ministry for Economic Cooperation and Development (BMZ); OeEB, the Development Bank of Austria; and FMO, the Netherlands Finance Company.


Private institutional investors that have invested in the GGF so far include the German impact asset management firm Finance in Motion; ASN Bank, the largest sustainable bank in the Netherlands; GLS Bank, a German bank with a focus on social and environmental impact investing; Deutsche Bank; the Austrian-based fair-finance Vorsorgekasse AG; the the Dutch Foundation Stichting Democratie and Media, and Raiffeisen Bank International.


The Green for Growth Fund is a closed-end investment company, established on December 17, 2009, under the laws of the Grand Duchy of Luxembourg as a public limited company that qualifies as a “société d'investissement – capital variable” (SICAV). The GGF was set up for an unlimited duration and is open to institutional investors only. The GGF utilizes a tiered risk-sharing structure, designed to attract commercial capital from multilateral and private institutional investors.

The fund’s liabilities consist of the following five types of securities: