KfW Capital Responsible investments in VC funds

Theresa Bardubitzki is sustainability manager at KfW Capital. As part of her role, she is a member of the Investment Committee and oversees ESG aspects of investments as well as impact measurement over the entire life cycle. In addition, Theresa is responsible for further developing and implementing the internal sustainability strategy and anchoring sustainability projects across KfW. Prior to her role at KfW Capital, she worked at the impact asset manager, Finance in Motion, and DZ Bank AG.

Dr Alexander Bergfink has been advising companies and organizations on data protection issues since 2007. Before moving to KfW Capital, he worked in the internal data protection organization of various large corporations, including Porsche and Deutsche Bahn. In 2016 he received his Ph.D. on a data protection topic. He has been working in data protection at KfW Bankengruppe since 2017.

Thorsten studied law at the University of Heidelberg and has extensive experience in equity finance. He joined KfW Capital from the German-French private bank ODDO BHF where he was primarily responsible for ECM transactions focusing on the tech and biotech sector. Thorsten previously held positions at KfW, KfW IPEX-Bank, Commerzbank and LBBW (formerly BW-Bank).

Since 2016, Philip Cuprina gained professional experience at KfW Bankengruppe, most recently with a focus on in-house consulting. In November 2022, he joined KfW Capital as Investor Relations Manager. Philip completed his academic education as Bachelor in Business Information Systems and Master in Management at Frankfurt School of Finance & Management, at IE University in Madrid and at Università Bocconi in Milan.

Ivan already brings more than ten years of professional experience when he joined KfW Capital from HQ Capital Private Equity where he was an analyst for private equity fund investments. He previously held similar positions at Golding Capital Partners, Allianz Global Investors, HypoVereinsbank/Unicredit and Deloitte. Ivan completed his academic studies at universities in Kiev (Ukraine), Basel (Switzerland) and Freiburg (Germany).

As a tax administration (FH) graduate and tax consultant, Richard previously worked as a tax expert in the Corporate Tax department at KfW for 13 years, and before that, in the Corporate Tax department at Commerzbank AG for several years. After completing his studies, he started his career as auditor for large banks with the German fiscal authorities

Robert joined KfW Capital as a portfolio controller in December 2022. A trained banker, he previously worked for four years as a controller at a logistics and service provider in the healthcare sector. During his business studies with a focus on banking and finance, he gained his first experience in the start-up sector during a stay abroad in London and founded his own company in 2018.

As founder and experienced investment professional, Jörg has in-depth market knowledge and a close-knit network in the venture capital community. Previous stations of his career include Metzler, The Boston Consulting Group, BNP Paribas, Cerberus, Blackstone and Alstin. Jörg holds a PhD in finance and diploma in electrical engeneering and economics. Together with Alex, he set-up and manages KfW Capital as Co-CEO.

Jan-Niklas Hannig joined KfW Capital as Product and Stakeholder Manager at the beginning of November 2022. Previously, he worked in the product development team for individual financing solutions at KfW. In 2019, he completed his master's degree of Science in Finance at Frankfurt School of Finance & Management, during which he already worked in various positions at KfW and KfW IPEX-Bank. Study visits and internships took him to Luxembourg, Sidney and Milan.

Sebastián brings over 10 years of experience in advising, financing and co-investing in small- and medium-sized companies. He has extensive knowledge in mergers & acquisitions as well as complex financing structures (incl. venture debt for start-ups) through numerous transactions and different positions at NIBC and DHB. Sebastián holds a Master’s degree in Management, Corporate Finance and Business Strategy from ESCP Europe (Paris, London, Berlin).

Before joining KfW Capital in July 2021, Caroline completed an apprenticeship as a hotel specialist. She then worked in the human resources department of a hotel and a company in the events, exhibitions and environments sector in Frankfurt am Main. Caroline studied Business Administration and Business Psychology part-time and is currently completing her Master's degree in HR Management at the University of Applied Sciences for Economics and Management in Frankfurt am Main.

Sarah completed an apprenticeship in a bank and holds a Master's degree in Finance from Trinity College Dublin. During her studies, Sarah gained various experiences as a working student and through internships at KfW Group, Union Investment and PwC. Sarah joined KfW Capital as an investment analyst in July 2021.

After completing a trainee programme, Felix previously worked as a Junior Analyst in the Financial Institutions, Equity and Mezzanine department at KfW IPEX-Bank GmbH. He graduated in business administration (M.Sc.) at the universities of Bayreuth, Kalmar (Sweden) and at the University of Nebraska–Lincoln (USA).

The German language and literature specialist and trained editor initially worked as a freelance journalist for major newspapers, including the Frankfurter Allgemeine Zeitung, before joining KfW in 2001. Since 2003, Sonja was deputy press officer at the promotional bank; in addition to general business issues, she was responsible for communications on the topics of municipal and start-up finance.

The risk manager at KfW Capital joined from KfW IPEX-Bank, where he worked as a credit analyst. Before, Stefan worked at Berenberg Bank, Sylvia Quandt Research / Koch Bank and BHF-Bank AG/ING Financial Markets. Stefan graduated as PhD in economic an politics at the university of Augsburg/Germany.

Maria Koch joined KfW Capital as Legal Counsel in January 2023. Before joining KfW Capital, she worked as in-house counsel at Commerzbank AG and Bosch Thermotechnik. She completed her legal training in Erlangen/Nuremberg and at the Higher Regional Court of Frankfurt am Main.

Felix previously worked as an investment manager at Commerzbank after joining the bank from the Federal Association of German Banks (BdB), where he was responsible for corporate finance and financial markets. Felix Koehn studied at the Universities of Tübingen, Turin, the Free University of Berlin and at the Open University Business School in England.

Business graduate Annette worked in the Risk Control Department of KfW for more than 10 years, before joining KfW Capital. Here she was a key contact person for regulatory matters regarding equity finance. During her professional career she worked for Dresdner Bank AG, Dresdner Kleinwort Wasserstein and Commerzbank AG.

Fatima graduated from Johannes Gutenberg University in Mainz with a bachelor's degree in economics, specializing in finance and accounting. She worked for four years in the accounting department of a logistics company and joined KfW Capital as a fund administrator in June 2021.

After completing her Master's degree in Finance at Johannes Gutenberg University Mainz, Arina joined KfW Capital in October 2019. Already during her studies Arina gained various experiences as a student trainee and internships at large companies: ODDO BHF, Deutsche Börse AG and PwC Frankfurt.

Marie Maihöfer completed her academic education at Frankfurt School of Finance and Management and at the University of Melbourne. During her studies, she gained experience in various start-ups. For the past three years, Marie worked as a sustainability consultant at GIZ. In the meantime, she also completed an additional certification in Climate Adaptation Finance. She joined KfW Capital in November 2021 as investment analyst.

Sebastian joined KfW Capital as a risk manager in October 2021. Previously, he worked for three years at PwC in Frankfurt, where he audited the trading and risk management of banks. Sebastian completed his education at the University of Bayreuth, where he studied business administration with a focus on FACT.

As trained banker, he worked for six years at KfW as a business manager and project management expert for the project portfolio of the Board of Managing Directors. As a part-time student, Nils Meyer-Puttlitz earned a Bachelor of Arts degree in Business Administration with a focus on project management. Since July 2021 Nils Meyer-Puttlitz has been working as IT and Infrastructure Manager at KfW Capital.

Lorenz Mittermeier holds a PhD in biochemistry and performed various research projects at Ludwig Maximilian University of Munich and National University of Singapore. He received an MBA from Quantic School of Business and Technology and gained experience in the investment industry at Deka Investments and the start-up LabBench2Business. Lorenz joined KfW Capital in September 2022 as an investment analyst.

In his more than 20 years with KfW, the economist headed, among other things, the “Product development/management Start-ups and Equity Investment” team. As head of the “KfW Investment subsidiary setup” project, Klaus was involved in the development of KfW Capital from the very outset.

Martin has extensive industry experience in private equity thanks to many years working in venture capital and in private equity for SMEs (MBO/LBO, growth and mezzanine finance). Among other things, he worked as CFO and partner for a technology and life science VC fund. Before joining KfW Capital at the time of its foundation, Martin had worked at KfW for three years as a senior investment manager in ERP-VC fund investment, which he helped to build up from the start of the programme.

Business graduate Hilke Padel is responsible for organizational and process management. Previously she worked for KfW for nine years as a project management expert, often in regulatory environment and in IT transformation processes. Before joining KfW in 2012, she contributed her expertise to management consultancies (KPMG, Bearingpoint) in banks and insurance companies for 15 years. Qualified insurance clerk (Gerling Group) was the first station in her professional career.

Christina has already worked with Alexander Thees – she managed his office in KfW's Individual Finance department and was also the department assistant. Her responsibilities there included support in handling the promotional bank's special programmes. Christina fast-tracked her training as an administrative assistant for office communications at KfW, completing the programme in just two years.

Björn Rock joined KfW Capital in April 2022 as Product, Stakeholder and Sustainability Manager. Björn completed a dual bachelor's degree as an industrial engineer. During his subsequent master's degree in business administration, he worked as a student trainee in consulting at KPMG AG. Before joining KfW Capital, Björn Rock worked as a research assistant at the Justus Liebig University in Giessen and received his doctorate in the field of "Sustainable Finance".

Angela Romano is responsible for outsourcing and procurement management since July 2021. She was previously employed by PricewaterhouseCoopers in the Financial Services "Asset and Wealth Management" unit. She graduated in Insurance and Finance at Rhein Main University of Applied Sciences in Wiesbaden. Angela is currently pursuing a part-time M.A. in Finance at the International School of Management in Frankfurt.

Christian has worked for KfW Capital since its foundation. Previously, he was an Advisor to the CEO of KfW. In 2012, he completed his M.Sc. Finance studies at Frankfurt School of Finance & Management, after which he was responsible for project financing in the area of renewable energy at KfW. During his studies, Christian Röhle interned with KfW Carbon Fund, Merrill Lynch and Roland Berger.

Simone Sauer completed a master's degree in Business Ethics and CSR Management, focusing on sustainability and governance at the Technische Universität Dresden and Internationale Hochschulinstitut Zittau. Previously, she studied Modern Foreign Languages, Cultures and Economics at the Justus Liebig University in Gießen with a stay abroad in France. In April 2022, she joined KfW Capital as product and stakeholder manager with a focus on sustainability and the Future Fund.

Before his move to KfW Capital in September 2021, Florian Schindler worked in a cooperative bank for eight years. Starting with an apprenticeship, his last role was in the area of corporate management. He gained his first experience in the area of compliance there as Deputy Compliance Officer (WpHG & MaRisk). In parallel to his professional career, he completed an extra-occupational degree for a Bachelor of Arts (B.A.) at the Frankfurt School of Finance & Management.

Prior to holding the position at KfW Capital, Dominik had already worked at KfW Group for around ten years – always in risk controlling, and most recently as senior risk controller in market price risk methodology. Before joining KfW, the business graduate and qualified banker worked at Commerzbank.

After finishing his apprenticeship as a banker, Nicklas first completed a Bachelor's degree in Business Administration and then a Master's degree in Controlling & Finance at the RheinMain University of Applied Sciences in Wiesbaden. He already gained professional experience at Wiesbadener Volksbank during his apprenticeship and in the finance department at Ernst & Young in Eschborn as a working student. Nicklas is since March 2022 part of KfW Capital as Financial Controller.

Prior to joining KfW Capital, Isabel Kristin Schröder worked for more than twenty years in various positions at KfW Bankengruppe. She has many years of experience in structured financing products, promotional business and communication with regulatory authorities. Isabel Kristin Schröder began her professional career at Naspa before studying business law in Mainz. She heads the Risk Voting, Finance & Controlling, Fund Administration team at KfW Capital.

Before joining KfW Capital in May 2022, Andreas Seehofer worked for the German Private Equity and Venture Capital Association (BVK), where he was Head of Media and Finance. Before that, he worked for KPMG for several years in the areas of audit and transaction services. Andreas studied business administration at the LMU Munich, the KU Ingolstadt-Eichstätt and the State University of Economics in St. Petersburg.

Oleg Shuster joined KfW Capital in June 2022. Previously, Oleg worked at startup realworld one in several roles and gained various experiences at Accenture, EY-Parthenon and Flashpoint Venture Capital during his studies. He holds a Master in Management from EDHEC Business School, University of California Berkeley and Sungkyunkwan University.

Before joining KfW Capital, Qeis worked for four years as a consultant at KPMG, where he gained broad experience in the financial services sector. He completed his academic education in Finance & Accounting at the Goethe University Frankfurt and the Johannes Gutenberg University Mainz with stays abroad in Dubai and Madrid. He joined KfW Capital in April 2021 as a Product and Stakeholder Manager.

Before joining KfW Capital, the business management expert and qualified banker headed a team of specialists for procurement, credit and contract management for the regions of eastern and southern Africa at KfW Development Bank. In 2005 he joined KfW’s internal consulting team, where he was responsible for the management and implementation of many organisational projects. Before KfW, Thilo was a management consultant at CSC Ploenzke and Thales Information Systems.

Christian gained his professional experience in private equity at DEG, in financial supervision at the Federal Financial Supervisory Authority (BaFin) and the German Central bank, as well as start-up experience within the team of a Berlin based Fintech. Christian completed his academic education at the University of the German Central Bank in Hachenburg and the University of California in Santa Barbara. He holds an MBA from IESE Business School in Barcelona.

Andrea has extensive experience in advising national and international investment companies, banks and financial services institutions on all aspects of German bank supervisory, investment and securities law. Prior to joining KfW Capital she worked as a lawyer at McDermott Will & Emery, Linklaters und Clifford Chance.

During her economic studies (focus on finance) at Goethe University in Frankfurt and Université Paul Valéry in Montpellier, Lea gained first professional experience in the Mutual Funds Investment Team at Deutsche Bank and in Venture Capital at the Frankfurt-based Fintech Investor Finlab AG. Before joining KfW Capital as Investment Manager in April 2021, Lea worked at the Cologne-based VC fund BitStone Capital, where she was significantly involved in building the fund from the beginning.

Alexander has been working in various positions at KfW group since 1996, having held senior positions since 2002. He has business policy and operational experience in SME finance as well as in structured finance activities. Since the establishment of KfW Capital, Alexander has been managing the subsidiary together with Jörg.

Stephanie Vey-Lubczyk is a qualified advertising manager. She completed her training in a small, classic advertising agency and in an event and trade fair agency. Until her change, Stephanie was employed as an assistant in a family-run company, where she supervised different teams as well as areas. Since January 2022, she has been a team assistant at KfW Capital.

As a senior investment manager, the graduate in business management was previously responsible for the Supervisory Board mandates of Deutsche Post AG and Deutsche Telekom AG for the Chief Executive Officer of KfW. Before joining KfW in 2009, Sebastian worked as a fund manager and analyst at Cominvest Asset Management.

Ran joined KfW Capital with seven years of professional experience as an auditor in the audit financial services department of KPMG, where she gained board experience especially with auditing the German securities Trading Act. In addition to her studies of economic sciences, with a focus on finance and accounting at the Johannes Gutenberg-University in Mainz, she also obtained the ACCA (Association of Chartered Certified Accounts) qualification.

Before joining KfW Capital, Eva worked as a lawyer at Hengeler Mueller in the dispute resolution practice group, where she advised various financial institutions inter alia on liability issues. She completed her legal education at the Universities of Würzburg and Seville and at the Hanseatic Higher Regional Court in Hamburg. Eva also holds an LL.M. with a focus on International Business Law from the London School of Economics and Political Science.

As Head of Investor Relations, Max is the central contact for our customers. Previously, he was responsible for various management positions in group strategy and marketing at KfW Group. During this time, he also managed the project that led to the spin-off of KfW's venture capital business in 2018. After studying economics at the Universities of Heidelberg and Stellenbosch (South Africa), he worked for various federal ministries.

Wenjun graduated in 2019 with a Master's degree in Business Administration-Finance from the Johann Wolfgang Goethe University in Frankfurt. During her studies she acquired, among other things, statistical knowledge and worked as a tutor at the chair "Statistics and Econometrics". Before joining KfW Capital as portfolio controller in March 2021, she gained project experience in risk management at KPMG and Ernst & Young.

During her German studies at Goethe University in Frankfurt, Sheera Zamberk gained various journalistic experiences as an intern and freelance writer at Handelsblatt, Journal Frankfurt and RTL Hessen. She then completed an internship in KfW's corporate communications department before moving to the communications department at KfW Capital, first as a working student during her master's degree in Art-Media-Cultural Education and, since October 2021, as Communications Manager.