[Germany's Sovereign Wealth Fund Plans to Increase Private Market Allocation from 25% to 30%] According to a report by Jinse Finance, on July 16, Germany's sovereign wealth fund Kenfo announced plans to increase its allocation to the private market from 25% to 30% over the next two years, while reducing its exposure to private equity. According to its annual report, Kenfo expects to expand its real estate and infrastructure investment portfolios to achieve its target allocation. 'We can still see attractive returns in these markets,' said Verena Kempe, head of investment management at Kenfo. She also cautioned that, given the underperformance of private equity in recent years, a more cautious strategy will be required moving forward. Some investors have reduced their investments in the private equity market due to rising interest rates and challenges posed by artificial intelligence to software investments. Kenfo has also adjusted its stance on U.S. Treasury bonds. By the end of 2025, the fund plans to reduce its U.S. Treasury holdings from €600 million a year earlier to approximately €200 million, but subsequently increased its holdings by more than €500 million by the end of June. Kenfo CEO Anja Mikus stated: 'We have no plans to stop investing in Treasury bonds, as they remain a very important part of the government bond market. Current yields can reach as high as 2.8%, surpassing the yields of many other sovereign bonds. We are adopting a flexible strategy.'