Norfund’s total committed portfolio of 43.2 billion NOK by year end of 2024, consists of 245 direct investees and 1050 indirect investees. Out of the total committed portfolio, 5.59 billion NOK and 16 of the investees were under the Climate Mandate. During 2024, Norfund made a total of 27 new investments and 24 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. 33.6% of Norfund's portfolio is in these markets.
Total portfolio in LDCs
Sub-Saharan Africa >50%
In line with Norfund’s strategic target, 53% of all new commitments under the development mandate in 2024 were made in Sub-Saharan Africa, bringing the regional portfolio share to 62.6%.
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 has increased from 71% in 2023 to 72.6% by the end of 2024.
Renewable energy > 60%
The Renewable Energy KPI was introduced in 2022 and is different from the other portfolio KPI's. It is defined as the total RE-commitments (at commitment date fx-rate) divided by total allocation from the MFA, starting from 2022. This should over time be at least 60%. As of Q4 2024 this KPI stood at 77.5%.
Renewable energy