Portfolio overview

Norfund’s total committed portfolio of 36.2 billion NOK by year end of 2023, consists of 230 direct investees and 1030 indirect investees. Out of the total committed portfolio, 3.76 billion NOK and 12 of the investees were under the Climate Mandate. During 2023, Norfund made a total of 26 new investments and 19 follow-on investments.

Portfolio since inception

Priority investment areas

Under the Development Mandate, Norfund invests in four areas where the potential for development impact is substantial and aligned with the SDGs: Renewable Energy, Financial Inclusion, Scalable Enterprises and Green Infrastructure.

Under the Climate Mandate, we invest in renewable energy to accelerate the energy transition in developing countries with large emissions from coal and other fossil power production.

Portfolio per investment area (MNOK)

Key Performance Indicators (KPIs) for Norfund's Development Mandate portfolio

Four Key Performance Indicators are defined for Norfund's Development Mandate portfolio.

Least Developed Countries >33%

The scarcity of capital available in Least Developed Countries (LDC) means the needs for our investments are high. 38% of Norfund's portfolio is in these markets.


Total portfolio in LDCs

Sub-Saharan Africa >50%

In line with Norfund’s strategic target, 59% of all new commitments in 2023 were in Sub-Saharan Africa, and 64% of the portfolio is now allocated in the region.


Investments in Sub-Saharan Africa

Equity and indirect equity >70%

Norfund provides capital in the form of equity, debt and fund investments. Preference is given to equity investments – both direct investments and through funds – because in most developing countries equity is the scarcest type of capital available to enterprises.

The equity KPI fell to 71% by the end of 2023. This fall was caused by the dominance of loans in new commitments, with only 39% of commitments in equity/funds, as well as some equity exits during the year.

Renewable energy > 60%

The Renewable Energy KPI was new for 2022 and is different from the other portfolio KPI’s. The RE KPI is defined as total RE-commitments (at commitment date fx-rate) divided by total allocation from MFA, starting from 2022. This should over time be at least 60%. As of Q4 2023 this KPI stood at 68.4%.  


Renewable energy