New Chief Investment Officer and new EVP for Renewable Energy

Norfund’s first ever CIO has been appointed, as well as a new EVP for Renewable Energy,

We are pleased to announce that Mark Davis has been appointed Norfund’s first Chief Investment Officer (CIO). Mark has been part of Norfund’s management team for nearly two decades, and will now take on responsibility for investment strategy across the portfolio spanning our three mandates.

“Developing countries need far more capital than they’re getting, especially given the current volatile global context. As CIO, my job is to make sure we back resilient companies that deliver strong returns and sustainable development impacts across the portfolio,»

Mark Davis

Bjørnar Baugerud has been appointed as the new EVP Renewable Energy, taking over Davis’s previous responsibilities. Baugerud has worked in Norfund for 18 years and has led the Climate Investment Fund since its inception in 2022

Mark Davis

Chief Investment Officer

Mark has worked extensively with renewable energy investments, regulation and policy in developing countries, with a focus on Africa. He holds a D.Phil from the University of Sussex, and earlier degrees in mathematics and applied science from the University of Cape Town. Prior to joining Norfund he was a partner at ECON Analysis, and previously was Postgraduate Director at the Energy & Development Research Centre, University of Cape Town.

Bjørnar Baugerud

EVP Renewable Energy

Bjørnar Baugerud holds a Master of Science in Business Administration (finance) from the Norwegian School of Economics (NHH) and is a Chartered Financial Analyst (CFA). He began his career in the Norwegian Army in 1995 and later worked at Elkem and KPMG, where he managed financial due diligence and M&A advisory projects. From 2008 to 2019, he held several senior investment roles at Norfund, including Head of the Climate Investment Fund, managing renewable energy investments across emerging markets. He has also completed Ph.D. coursework in financial economics at NHH and an Executive Board Program at INSEAD.

August 10, 2026

New Chief Investment Officer and new EVP for Renewable Energy

Norfund’s first ever CIO has been appointed, as well as a new EVP for Renewable Energy,

Mark Davis