Circulating capital by exiting investments where we are no longer needed is a key part of our strategy in order to maximize development impact.
We strive to be a predictable, long-term investor, ensuring that our capital is deployed where it contributes the most. We will not retain ownership for longer than necessary. Exit strategies are prepared at the time of investment. Capital and profit generated are reinvested in new businesses where there is a greater need for our risk capital.
At regular intervals we do exit analysis of exited portfolio companies. The latest was done in 2022.
What is defined as an exit?
A project is considered exited when all Norfund’s instruments with the investee are exited and no direct relationship exists any longer.
Exited investments in 2024
During 2024 we exited 13 investments. All exits were under the development mandate, which is as expected as our other mandates are newer than our normal long-term horizon as an investor.
| Project | Department | First investment year | Invested amount MNOK | Country | Sector | IRR since inception (investment currency) |
|---|---|---|---|---|---|---|
| African Century Nampula | SE | 2017 | 4,8 | Mozambique | Real estate activities | NA |
| AfriCap Microfinance | FI | 2007 | 14,1 | Regional | Microfinance | -12.2% |
| Agrivision | SE | 2012 | 161,5 | Zambia | Agriculture, forestry and fishing | -11.1% |
| Amartha | FI | 2021 | 64,9 | Indonesia | Microfinance | 12.0% |
| Basecamp Explorer | SE | 2010 | 38,8 | Kenya | Hotels | 3.1% |
| Cambodia-Laos Development Fund | SME Funds | 2009 | 25,3 | Regional | Investment funds | 0.1% |
| Equity Bank | FI | 2019 | 128,2 | Regional | Banking | 7.9% |
| First Finance | FI | 2013 | 70,6 | Cambodia | Microfinance | 7.6% |
| Kandeo Fund 3 Debt | FI | 2021 | 4,6 | Regional | Non-Bank Financial Institution | -75.7% |
| LAFISE | FI | 2014 | 231,4 | Nicaragua | Banking | 8.2% |
| Renewable Energy Holdings | RE | 2014 | 36,9 | South Africa | Hydropower | 13.7% |
| Scatec ASYV | RE | 2014 | 30,5 | Rwanda | Solar power | 4.2% |
| Sunshine | RE | 2017 | 14,4 | Regional | Solar power | -18.1% |