Management of the foundations’ endowment aims to maximise the return on investment in the long term, and in so doing permitting the foundations to continue making grants and obtain the greatest benefit to society.

Our income comes partly from our ownership of VKR Holding A/S and partly from securities.

Our endowment is made up of a trust set aside by the foundations’ founder, the interest on the trust and extraordinary disbursements paid by VKR Holdings A/S.

We invest in stocks, bonds, property and the like. Profits earned on our investments are used to make philanthropic contributions, pay our operational costs and to consolidate our endowment. Investments are made by asset managers specialising in a specific type of investment. Asset managers are chosen based on their proven ability to generate healthy and competitive returns on investment.

Our aim is for our investments to rank as highly as possible while still living up to our goal of achieving the highest possible returns.

Twice a year, we review our portfolio of stocks and bonds to determine whether they meet the UN Global Compact for sustainable and socially responsible business practices. We seek to engage those companies that fail to live up to Global Compact guidelines.

Environmentally responsible investments

We seek to place 10% of our tied-up assets in environmentally responsible investments that contribute to reducing the effects of global warming and to more efficient resource consumption. Initiatives in whcih we invest may include renewable energy, energy efficiency and research and development of new sustainable energy forms.

Foreign investments and tax

A considerable amount of our investments are made abroad. These investments are subject to the tax regulations in the countries where they are made. All profits are taxed locally.

We actively seek to ensure that our partners and the firms in which we invest abide by applicable tax regulations and international guidelines.


Our investment department follows the guidelines (available in Danish only) established for non-profit foundations by the Ministry of Justice’s Department of Civil Affairs.

The boards set the guidelines

We abide by the general guidelines for foundations established by the Department of Civil Affairs as well as the specific permits issued to the foundations.

Beyond that, it is the responsibility of the boards of directors of the two foundations to set investment guidelines.

The investment department regularly presents the boards with suggestions for changes to the foundations’ investment profiles. Recommendations for changing the investment guidelines are presented as necessary. Doing so ensures that the foundations’ investment strategies are up-to-date and follow the developments on the financial markets.

Investment committee

The foundations have established an investment committee to ensure that our funds are invested and managed in the best possible way.

The committee oversees management of our assets and ensures that it complies with the investment strategy and practices established by the boards. In addition, the committee serves as a sounding board for the foundations’ investment team when adjusting the investment strategy and when making investments in a new area.

The boards of directors and the foundations’ management are represented on the investment committee. Two external experts not affiliated with the foundations also sit on the committee.

Members of the Investment Committee
  • Jens Kann-Rasmussen, MSc, former Senior Director at VELUX A/S, Chair of VILLUM FONDEN
  • Lykke Ogstrup Lunde, journalist, Chair of VELUX FONDEN 
  • Jørgen Tang-Jensen, former CEO of VELUX A/S, board member of VILLUM FONDEN
  • Dorrit Vanglo, MSc. Economics, CEO for LD, external member
  • ​Michael Nellemann Pedersen, MSc. Economics, director of investments at PKA, external member