Capital investments

The establishment of the RAG-Stiftung in June 2007 laid the foundation for covering the permanent financial requirements resulting from the end of German hard coal mining. The foundation’s diversified capital investment strategy is the necessary starting point for achieving the returns required in accordance with its purpose, both now and in the future. 

The foundation’s model – a concept for the future

The RAG-Stiftung finances perpetual obligations in the context of post-mining in the former hard coal mining regions.  
The associated costs are currently put at around 250 million euros a year. Since it was established,  
the RAG-Stiftung has continuously grown its capital stock.   
In addition to the returns the foundation generates from that, the burden on the public sector from the above-mentioned perpetuity costs for pit water management, polder measures and ground water purification is lastingly reduced.

Ensuring that the foundation can accomplish the long-term mission enshrined in its articles of association requires broad risk diversification for its assets. These comprise the strategic holdings Evonik Industries AG, Vivawest GmbH and RSBG SE, other equity interests and broadly spread, global capital investments in shares, bonds, funds, SMEs and real estate. 

The RAG-Stiftung’s diversified capital investments are distributed throughout the entire world.

Equity investments and capital investments each contribute about half to the RAG-Stiftung’s current income.  As part of that, the long-term investment horizon means that a continuous assessment of opportunity and risk potential is vital. The RAG-Stiftung has also integrated ESG criteria into the traditional financial analysis. The related tools and methodologies are further developed and refined in line with the markets.

The RAG-Stiftung’s capital flows at a glance

2022 annual financial statements

Strategic holdings

RAG Aktiengesellschaft

RAG Aktiengesellschaft  is a wholly owned subsidiary of the RAG-Stiftung. Its mission is to operationally manage and develop the consequences of mining in compliance with ecological, economic and social requirements. In addition to dealing with perpetual obligations, that also includes inherited liabilities of renaturation, settling claims due to mining-related damage, and the environmentally compatible rehabilitation of mining facilities with a view to their further use for residential, commercial or local recreational purposes. RAG Aktiengesellschaft aims to achieve a climate-neutral energy footprint by 2030. The RAG-Stiftung oversees and accompanies this process. The related activities range from measures to reduce energy requirements, CO2-neutral energy procurement, to erecting and operating its own solar and wind power plants.

Evonik Industries AG

The RAG-Stiftung currently has a 47% stake in the Essen-based Evonik Industries AG . This company is a global leader in special chemicals and manages its product portfolio rigorously in accordance with sustainability criteria. By 2030, Evonik will invest more than three billion euros in particularly sustainable products and solutions (“Next Generation Solutions”). Over the same period, around 700 million euros will be channelled into climate-friendly technologies at its sites worldwide (“Next Generation Technologies”). Dividend payments from Evonik make a reliable contribution to RAG-Stiftung’s financing for the perpetual obligations.  

Vivawest GmbH

Including the shares held by RAG Aktiengesellschaft, the RAG-Stiftung currently has a 58% stake in Vivawest GmbH  . The company is a leading housing provider in North Rhine-Westphalia and now maintains nearly 120,000 apartments in some 100 municipalities. Vivawest thus provides a home for around 300,000 people and ensures maintenance measures, energy modernization, affordable housing and quality of life in the metropolitan areas along the Rhine and Ruhr. The company is working to make its residential portfolio climate-neutral by the year 2045. All new construction, renovation and maintenance measures are geared towards that goal.


The holding company RSBG SE    is a wholly owned subsidiary of the RAG-Stiftung. The RSBG manages a global portfolio of innovative small and medium-sized enterprises as a long-term partner. Its focus is on high-growth future markets in the fields of digitization, high-tech manufacturing, automation and robotics, infrastructure and engineering services, pharmaceuticals and life sciences. RSBG supports the continuous further development of its companies as part of a systematic buy-and-build strategy. In addition to generating current income, the objective of RAG-Stiftung’s equity interest is to achieve medium- to long-term growth in the value of the capital invested.


The RAG-Stiftung’s diversified capital investments

The RAG-Stiftung uses various vehicles to diversify its capital investments. In addition to RAG-S Private Equity GmbH & Co. KG– a holding company for private equity, real estate and infrastructure funds – RAG-Stiftung has its own special fund: RAGS-FundMaster. The RAG Foundation also holds direct and indirect real estate investments in various structures.


The RAGS-FundMaster special fund managed by the capital management company Deka Investment GmbH is administered by external managers, each with their own specific investment mandate. The majority of the special fund is invested in liquid assets (liquid return portfolio). The mandates issued include those to manage global government bonds, international corporate bonds from Europe, the United States and emerging markets, and global and European shares. There is also one mandate for global inflation-linked bonds and another mandate for high-yield bonds. A small portion, the illiquid return portfolio, combines the aim of protecting against inflation with achieving returns above the money market interest rate. It includes investments in commercial real estate, which are performed as indirect investments via special funds.

Real estate portfolio

In addition to the special real estate funds in RAGS-FundMaster, European real estate investments are made in the special real estate fund RAGS-Immo IVG managed by PATRIZIA Immobilien Kapitalverwaltungsgesellschaft mbH, and European and American direct investments are made in RAG-S Real Estate GmbH (RSRE).


The Maxburg Beteiligungen are private equity funds. which were set up exclusively for the RAG-Stiftung. Decisions on investments are made by an investment committee which cannot decide against the votes of the RAG-Stiftung, with the exception of disposals.

RAG-S Private Equity GmbH & Co. KG

The RAG-Stiftung’s international private equity, infrastructure activities and other non-European real estate investments are pooled in RAG-S Private Equity GmbH & Co. KG (RSPE). With investments in the private equity asset class, the RAG-Stiftung decides on investments in funds administered by external managers. Critical factors for success in these cases include selection of the managers, sufficient diversification across different managers and various investment styles and, above all, diversification across various fund ages (vintage years). Decisions on investment in companies or other funds are made exclusively by the manager. Infrastructure and real estate activities of the RAG-Stiftung that are unsuitable for special funds are also held in the KG.

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RAG-S Innovation GmbH 

RAG-S Innovation GmbH (RSI) invests in private debt investments through a Luxembourg-based vehicle (RAG-S Lending S.C.S, SICAV-RAIF). It finances the growth of innovative European SMEs with an evergreen fund structure through RSI Capital GmbH by offering flexible and tailored interest-bearing financing solutions to companies or their shareholders. The reasons for the long-term financing based on a spirit of partnership may include acquisitions and consolidations or geographic expansion. The borrowers mostly pursue a digital and innovative business model. Thanks to its investment strategy, RSI Capital generates attractive ongoing interest income for the RAG Foundation.

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Publications on the subject

Annual financial statements and Annual Reports

Consolidated financial statements

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