Erik Sandersen has been appointed as the new CEO of Norfund, the Norwegian investment fund for developing countries. Sandersen has 25 years of experience from the financial sector and has for the past ten years headed Norfund’s Financial Inclusion department. 

“The Board is very pleased to have appointed Erik Sandersen as the new CEO of Norfund. He has strong investment expertise, in-depth knowledge of Norfund’s work and a strong commitment to the fund’s mission,” says Olaug Svarva, Chair of the Norfund Board of Directors. 

As CEO, Sandersen will be responsible for Norfund’s three mandates: the original development mandate from 1997, aimed at reducing poverty through job creation in developing countries; the Climate Investment Fund, which Norfund has managed since 2022; and the Ukraine Fund, established in December 2024. 

“Norfund’s profitable investments are an effective tool for development – whether it is about creating jobs in low-income countries, avoiding emissions in emerging economies or contributing to reconstruction in Ukraine. I look forward to leading the organisation going forward at a time when access to the capital and expertise we can offer is becoming increasingly important,” says Erik Sandersen. 

Sandersen joined Norfund in 2014 as Investment Director in the Financial Inclusion department, which invests in banks, microfinance and fintech, with a particular aim of contributing to job creation in small and medium-sized enterprises. Since 2016 he has headed the department, and from 2024 he has also led the work on the Ukraine Fund. Over a number of years, he has represented Norfund on the boards of, among others, Arise, an investment company for banks in Africa, and Abler Nordic, which invests in microfinance in Africa and Asia. 

“The strong results Norfund delivers are based on the efforts of a highly skilled and diverse staff of 152 employees from 33 nationalities, and I look forward to working closely with them to further develop Norfund as a leading purpose-driven investment company,” says Sandersen. 

Prior to Norfund, Sandersen spent ten years as a co-founder and partner in a Norwegian venture capital firm, and he also has experience from Boston Consulting Group as well as leadership roles in the IT sector. Sandersen holds a master’s degree in computer science from NTNU and an MBA from Stanford University. 

Sandersen succeeds Tellef Thorleifsson, who in January announced that he would step down after 7.5 years as Chief Executive Officer. Sandersen takes up the position on 1 July. 

My name is Emil, and I have spent the year 2025-26 working in the Strategy & Communications department at Norfund.

I wanted to experience how an international impact investor sets strategic goals, how impact and financial objectives are assessed, and learn novel ways to provide finance to projects in developing economies. Managing a large portfolio of investments in an unpredictable world is a rewarding challenge, which has filled my sabbatical year with meaning, ambition, and new knowledge. 

The internship experience

Originally from Oslo, I am currently studying Industrial Economics and Data Science in Trondheim. My international background, interest in data analytics, geopolitics and finance led me to Norfund. I was planning a gap year to explore my professional interests, and the opportunity to work with developing strategy at Norfund was a perfect fit.

I was quickly immersed in the work and culture at Norfund. I was trusted with the responsibility of analyzing all Norfunds earlier exits. Since Norfund invests with a dual motive: impact and returns, it is important to analyze how investees develop before and after Norfunds exit. Among the several dimensions I assessed were company growth, Norfunds returns, taxes paid to local governments, and employee growth. Additionally, I have assisted the team with several portfolio analyses, AI strategy and data management. 

As part of the intern team, we worked together on a strategic project. We analyzed how local currency volatility impacts our portfolio, and how we price currency risk when evaluating projects. While working on the project, we had the opportunity to interview Norfunds management team and external subject matter experts extensively. Finally, we presented the project to the management and organization and were later asked to present in front of the Chief Investment Officers of the other Nordic development finance institutions.

Culture

At Norfund I have been surrounded by interesting people and a unique culture. Besides attracting an extremely competent staff, people have backgrounds from 33 different countries, making discussions a great arena for exploring other cultures and viewpoints. This was especially prominent during Norfund week. In late summer, colleagues from all over the world visit the Oslo office and spend a week together by the fjord, enjoying nature, professional workshops and fun activities. 

Throughout the year, there were several other events hosted by Young Norfund. Norfund has grown a lot in later years, and there is a considerate amount of young and energetic colleagues arranging fun activities and inviting interesting speakers. Later, I too had the opportunity to organize several events, set up a show at the Christmas party and hold dinner parties.

Most of all, I enjoyed spending time with the team and at the office. The strategy team follows global affairs closely, and interesting topics on development policy and finance are discussed widely. Besides the professional aspect, there is always room for fun coffee trips by the Oslofjord or jokes at the desk. Finally, the intern group has been incredible. We were a diverse crowd from different disciplines and countries, and I am thoroughly impressed by their level of knowledge. We ended up spending a lot of time together, having fun both in and outside of office hours.

Continuing the journey

While at Norfund, I have found inspiration for how I want to continue my professional journey. I have learnt about the important decisions that are made as an investor in developing economies, about how to mobilize private capital for impactful investments, and how global finance can play a part in transforming societies. I now know that I want to work internationally, perhaps in development finance, and hopefully crossing roads with the network I have made at Norfund during my internship year. 

Making predictions is always difficult, and we often rely on linear projections from the past. However, these days, looking in the rearview mirror simply doesn’t work. With a rapid dismantling of multilateral cooperation, the pace of change is unprecedented, and we find ourselves navigating uncharted territory.

Yet, despite the global turbulence, I keep on being impressed by the entrepreneurs in our investee companies. They seem to have a black belt in managing rapid changes, volatile markets and action-oriented politicians. As such, Norfund has kept going steady across Norfunds five regions, three mandates and four investment areas. 

Among many deals, meetings and happenings, here are a few of my highlights from 2025:

A defining moment for me was visiting Kyiv and later making our first investments through the Ukraine Investment Fund, entrusted to us by the Norwegian government in late 2024. Meeting entrepreneurs and officials under repeated air raid alerts was humbling. Their courage and determination to rebuild in the face of war, left a deep impression on me. 

In Central America, I was inspired from meetings with courageous founders. Like the weaving factory founder and illiterate mother of nine in Guatemala, that now employs 10 people enabled from a microfinance loan from Genesis, and the Erco Energia founders, who started building their company with the help of friends and family during university.

In West Africa, I was also encouraged by meeting Nigerian clients of our fintech investment in OmniRetail. Some 150,000 small-scale shopkeepers have been able to boost their productivity by getting access to credit and digital tools.  

I am also proud to know that we can support the production of menstrual pads in Uganda through Kensta. It will generate new employment opportunities and improve access to affordable period products for women and girls, that hinders education and dignity for millions of girls and women.

With our investment in Langenberg, we supported a local farmer-led takeover of a major canned fruit producer in South Africa, saving jobs that are vital for the local community.

An independent evaluation of our renewable energy investments between 2015-2023 was also completed in 2025. It was reassuring to see that it confirmed that Norfund’s energy portfolio delivers strong and sustainable results, emphasizing that profitable projects produce better results in the long run. 

The Climate Investment Fund made its first exits, recycling capital for new investments. Through our new investments in the renewable platforms Mulilo and Anthem, we will be supporting large-scale renewable energy projects in South Africa that can accelerate the transition away from coal. We also made the fund’s first Northern Africa investment, with Scatec in Egypt. As such, we are thankful that the Norwegian Parliament in December granted a further equity injection of NOK 2 billion to the Climate Fund.

As we enter 2026, we remain committed to scaling our efforts and mobilizing capital where it is needed most. It is an honour to lead this organisation and to see the difference we make together.

My name is Anastasiia, and I’m currently an intern in Norfund’s Ukraine Fund and Compliance teams. For four months, I’ve had the chance to work across two parts of the organization that are different in focus, but closely connected in how they support responsible investments.

I’m originally from Ukraine and have lived in Norway for the past 2.5 years. Alongside the internship, I’m finishing my final year of a master’s degree at BI Norwegian Business School, in Finance. Balancing work and studies can be intense, but when I got the opportunity to join Norfund, I knew it was one of those rare chances you say yes to. I’m very glad I did.

Two teams, one internship: investing and integrity

A big part of my internship has been with the Ukraine Fund team, which was established less than a year ago after Norfund received the Ukraine mandate. Being part of a new team has been a unique experience: there is a lot to build, a lot to learn, and a strong sense of purpose in the day-to-day work. It’s motivating to contribute to something that can help strengthen Ukraine’s economy and support long-term development, especially as someone who has personal ties to the country. Because the team is still growing, I’ve been able to take on a wide range of tasks and responsibilities. I’ve felt trusted and included in the work, and I’ve also learned what it takes to develop investment activities in a new mandate area. It comes with challenges, but it is also highly rewarding. One thing I especially appreciate about the Ukraine Fund is its broad focus. the team does not specialize in only one investment sector, which means I’ve had the opportunity to see investment work across funds, financial inclusion, agribusiness, and renewable energy.

In parallel, I’ve also been an intern in the Compliance team. Working across both departments has made the internship feel like two learning journeys at once, and it has helped me connect different sides of investment decision-making.

In Compliance, I’ve gained insight into the importance of business integrity, reputation, and responsible processes throughout the investment cycle. It has been especially interesting to see how financial performance and risk are not the only factors that matter, reputation, integrity, and trust are essential for long-term success. Being able to view investments through both a financial lens and a compliance lens has given me a broader understanding of what responsible investing truly looks like in practice.

The intern project: learning across the organization

As part of the internship program, I also worked on an intern project together with five other interns from different departments. Our project focused on researching Norfund’s currency exposure and exploring the applicability of stablecoins in the operational life of the company. Working on this project was a great way to understand Norfund from the inside, not only through my own teams, but through conversations across departments. We spoke with many colleagues, gathered perspectives from different parts of the organization, and learned a lot in a short period of time. Just as importantly, it was a fun and intense collaboration that helped us connect as interns and learn from each other’s backgrounds.

Culture at Norfund: mission-driven and genuinely supportive

One of the most memorable parts of the internship has been the culture at Norfund. People are strongly connected by a shared motivation: contributing to development through investments. At the same time, the environment is surprisingly down-to-earth and open. It’s a place where you can learn from extremely experienced colleagues, but still feel comfortable asking questions and sharing your ideas. It’s also the kind of organization where hierarchy feels less important than collaboration, where an intern can speak with senior colleagues in a casual setting and feel included.

After almost four months, I can honestly say this internship has been one of the most valuable experiences in my professional life so far. I’ve learned a lot, not just technical skills, but also how development finance works in practice, and how balancing returns and impact requires both strong analysis and strong values. I’m proud to be part of what Norfund is doing, and I’m grateful for the chance to contribute, learn, and grow in an environment that combines ambition with purpose

In a year in which development aid was sharply reduced and investments in developing countries fell, Norfund went against the tide with record investments of NOK 8.4 billion in 2025.

“The needs are enormous, and we see major opportunities to make an effective difference through profitable investments,” says Tellef Thorleifsson, CEO of Norfund.

According to new figures from UNCTAD, global foreign direct investment (FDI) increased by 14 percent in 2025, reaching USD 1.6 trillion. Even so, investment in developing economies continued to decline – down 2 percent to USD 877 billion – for the third consecutive year. Low‑income countries were hit hardest, with three quarters of the least developed countries experiencing stagnation or a fall in capital inflows. In 2025, poor countries also saw major cuts in development aid.

“In a challenging global situation, we are pleased to be able to increase our contributions through profitable investments that create jobs, generate tax revenues and avoid emissions,” says Thorleifsson.

Thorleifsson recently announced that he will step down as CEO of Norfund this summer. Since taking up the post in 2018, Norfund’s total portfolio has more than doubled, reaching NOK 45.5 billion at the turn of the year.

“It is incredibly meaningful to see that, year after year, we have been able to scale up our contributions through investments that have also proven profitable. At a time when development aid worldwide is under pressure, it is especially important to use funds efficiently, mobilise private capital and deliver sustainable results,”

Tellef Thorleifsson

CEO in Norfund

The investments are distributed across three mandates – Norfund’s original development mandate, the Climate Investment Fund, and the Ukraine Fund, which was established in December 2024.

70 percent of Norfund’s investments in 2025 went to Africa, 15 percent to Latin America, 10 percent to Asia and 5 per cent to Ukraine.

Tellef Thorleifsson has informed the Norfund Board that he will step down from his position as CEO in July. During the 7.5 years Thorleifsson has led Norfund, the fund has doubled its invested capital, tripled annual investments, and been entrusted to manage two new mandates.

“I have great confidence in what we do at Norfund, and I am proud of the results we deliver in the fight against poverty and climate change through profitable investments. At the same time, I believe this is a good moment to carry out a leadership transition,” says Thorleifsson.

Since Thorleifsson assumed the role of CEO of Norfund, the Norwegian government’s investment fund for developing countries, in autumn 2018, the fund has doubled its portfolio and almost tripled its annual investments. At the same time, Norfund has been entrusted with managing a Climate Investment Fund and a Ukraine Fund.

“Tellef has done an impressive job developing Norfund into a professional organisation that delivers effectively on the fund’s mandates to create jobs that lift people out of poverty and to avoid greenhouse gas emissions. We are deeply grateful for his efforts and the results he has achieved,” says Norfund Chair Olaug Svarva.

In 2024, 712,000 people were employed in companies in which Norfund has invested. During the year, 14.6 million new customers gained access to financial services, and 750,000 households gained access to renewable energy from Norfund’s investees. These companies paid NOK 41.2 billion in taxes. At the same time, Norfund’s average return has been 8.7% (in NOK).

The Climate Investment Fund, which Norfund has managed since 2022, had by the end of 2024 invested in projects that will annually avoid emissions of 17.6 million tonnes of CO₂—equivalent to 40% of Norway’s emissions—with an average annual return of 19% (in NOK).

The Norfund Board is now initiating the process to appoint a new CEO.

My name is Vegard and I have been an intern in the Financial Inclusion department at Norfund.  In six months, I have learned a lot about development finance, the function of financial institutions, and the importance of access to financial services. 

The first weeks

My academic background is from the Norwegian School of Economics, where I completed a double degree in financial economics and international management. I have previously worked in corporate banking in Asia and in real estate across Northern Europe, and I now work with Norfund’s investments in financial institutions, including banks, microfinance institutions, and fintechs, across Africa. 

Our first weeks were filled with engaging introductions to Norfund’s work and values, but most importantly, we had the opportunity to meet colleagues from across the organization and hear their inspiring stories during Norfund Week.

Financial Inclusion

My department’s mission is to make financial products and services accessible and affordable for underserved businesses and individuals. More than a billion adults remain unbanked, and our team is working hard to reduce this number. To do so we need to fund financial institutions that in sequence funds underserved individuals and companies in a fair and efficient way. Our job is to identify, analyze, and invest in such institutions.

So far, I have contributed to identifying potential investments by looking into macroeconomic conditions in several African countries, mapping fintechs and banks, and participating in a business development trip to a technology conference in Cape Town, South Africa. While in Cape Town, we also met with existing and potential investees and partners that Norfund invests together with—an excellent opportunity to see firsthand how important this aspect of Norfund’s work is. I also learned a lot from the experienced colleagues I travelled with. 

I have also been placed on the team for several ongoing investments, where we dive deeper into the companies’ underlying operations, financials, and risk profiles. As an intern, you effectively take on the role of an analyst, so a solid understanding of financial theory, financial modelling, and accounting is valuable. No two investment projects are the same, especially at Norfund. For anyone interested in the intersection between finance and economics, the Financial Inclusion department is an ideal place to intern. 

In addition, I have worked across departments with the other interns on a project examining Norfund’s true currency exposure and the potential use of stablecoins in emerging markets. We learned a great deal through this collaboration and delivered a project that contributed value to the organization. 

The internship experience

The best thing about Norfund is the people. There are around 160 inspiring individuals from 33 different nationalities that always want to help. Everyone is striving for the dual mandate of Norfund, and you can really feel that this is what motivates the team here. I think this is quite unique when it comes to private and venture capital. The nature of Norfund’s mandate and mission makes the work varied and you gain experience in a lot of markets, industries, and financial instruments.