In 2001, Norfund initiated a feasibility study for establishing a risk capital fund in Angola to help Angolan companies start growing after years of destructive civil war. The first private equity fund in Angola, FIPA, was successfully established in 2010 after nine years of preparations.  

Norfund’s objective was to establish a private equity market in Angola to support the growth of small and medium sized enterprises. FIPA was the first fund Norfund created as a pure greenfield establishment. USD 28 million was invested in two FIPA funds and in the fund manager, Angola Capital Partners.  Norfund also played a key role in mobilising other investors.

The study shows that since inception, FIPA has contributed to 1600 new jobs and 500 mill NOK in taxes paid.


In the case study you can also read about FIPAs contribution to some of the key objectives of the government of Angola’s 2025 Strategy:  

  • Food security and import substitution through investment in agriculture and the fishing industry
  • Environmental protection and sustainability through investment in waste management for the oil and gas sector
  • Post war reconstruction through investment in the construction industry
  • Economic diversification through investment in the non-oil sectors of the economy

Since AST [a FIPA portfolio company] bought the failed fishing factories and refurbished them, life in Tombwa has changed significantly. Fishing is inherent to our community’s way of life.  Companies like AST are giving back hope to the youth. 


Alexandre Niyuka, Mayor of Tombwa, Angola


Download the case study here