Profitability is essential for the creation of sustainable jobs and lasting development effects.

Norfund enhance profitability and development effects through active ownership and business development support.

Committed portfolio and capital composition (billion NOK)

Financial results

Since inception

45.5

BNOK

in total portfolio
5.3 %

internal rate of return

in investment currency (7.6 % in NOK)
267

direct investees

1,114

indirect investees

Financial results

in 2025

8.4

BNOK

new commitments
17.8

BNOK

mobilised private capital (preliminary estimation)
1.16%

operating costs of committed portfolio

Internal rate of return (IRR)

In 2025, Norfund had an Internal Rate of Return (IRR) across the mandates calculated in investment currency of 7.6%, compared to 8.3% in 2024. Calculated in NOK, Norfund obtained an IRR of -3% during 2025, compared to 19.7% in 2024.
Since inception, the IRR across mandates is 5.3% in investment currency and 7.8% in NOK. 

The development mandate, had an Internal Rate of Return (IRR) calculated in investment currency of 7.2% in 2025, compared to 8.3% in 2024. Since inception, the IRR for the mandate is 5.2% in investment currency and 7.7% in NOK.