Key Figures

By year end 2021, Norfund had committed investments totaling 26.9 billion NOK in 170 projects.

Norfund’s yearly investment activity has increased significantly since inception.

Providing equity capital is Norfund’s preferred instrument, strengthening investment companies’ capital structure and enabling Norfund to take a role as an active owner.

Priority Geographical regions

According to Norfund’s strategy, more than 50% of our investments are in Sub-Sharan Africa.

Total portfolio per region 2021* (MNOK)

Four investment areas

Norfund prioritizes investments to four investment areas; Clean Energy, Financial Institutions, Scalable Enterprises and Green Infrastucture. While almost half the portfolio was invested in Clean Energy by the end of 2019, no investments were committed in Green Infrastucture as this is a brand new investment area.

Committed Portfolio per investment area 2021*

Priority to Least Developed Countries (LDCs)

The need for investments is high in Least Developed Countries due to the scarcity of capital available in these markets. As of end 2020, 39% of all investments were in Least Developed Countries.


Total Portfolio in Least Developed Countries

High Share of Greenfield Investments

Employing capital to new physical facilities, power plants, startups and first generation funds are classified as greenfield investments. Greenfield investments often have high risk but may be particularly important to development. Financing greenfields can be extremely challenging in developing countries.


Total portfolio in greenfield

Priority to equity

Access to equity is particularly important to companies in developing countries. Providing equity is Norfund’s preferred instrument, strengthening investees’ capital structure and enabling Norfund to take a role as an active strategic owner.

Committed portfolio by instrument 2021*


As of end 2021, since inception, Norfund's Internal Rate of Return (IRR) expressed in investment currency, was 4.9%. When calculated in Norwegian kroner, the IRR for this period was 7.4%.


IRR since inception (Investment Currency)


IRR since inception (NOK)

Internal Rate of Return (IRR) in investment currency

Since inception
Green Infrastructure8.78.7
Clean Energy6.
Financial Institutions51.5-
Scalable Enterprises-Direct-2.76.5-9.83.3-54.1-5.2-4-10-4-102
Scalable Enterprises - Funds-0.45.6-12.2-7.4-14.4-4-1.60-31293

The COVID-19 pandemic affected Norfund’s financial results in 2020 through write-down of values in the existing portfolio and in the form of lower dividends and fewer realisations of equity instruments and funds.

*Numbers for the previous year are updated annually in June