Partner with us

Norfund works as a minority financial investor, and entrepreneurs or industrial investors are in the lead in our projects. We depend on strong, capable partners who share our values and goals. Norfund also relies on good relations and dialogue with several non-investor partners in the international development sector.

Active ownership

Norfund is an active investor and has a long-term investment horizon, and we continuously search for relevant projects in our priority investment areas and geographies. In addition to offering risk capital, we offer considerable in-house expertise and and network that helps to develop the companies where we invest.

Our ownership will normally not exceed 35% of a company. This ensures that we support local ownership and encourage international investments, both public and private, in developing countries. As a minority investor, we seek to mobilize capital and attract competent and experienced investors to our projects.

What we offer

Risk capital

Equity investments are prioritized by Norfund because equity is the scarcest type of capital in most developing countries.
Equity investments are usually from USD 4-50 million
– Norfund takes a maximum of 35% ownership
– This means that the projects normally have a total equity of NOK 100 million and above
– Norfund is an active owner and often has a board position
– The investment horizon is typically five to ten years

Norfund normally only offers loans to companies in which the fund already has an equity position. However, Norfund also offers ordinary loans to banks and other financial institutions In some cases we loans also to other companies.
We offer senior and subordinated loans in the range of USD 5-20 million
The loans will have maturity in the range of 3-10 years and may be in USD or local currency. Pricing is on market terms

In addition to investing directly in selected companies, Norfund also invests in funds that have investment strategies that are aligned with our own.
– Norfund invest in funds that work to develop local businesses in the Norfund geographies
– The fund position is typically from USD 4 million and above
– Norfund is an active owner in the funds and often has a board position
– The investment horizon is typically five to ten years


Norfund adds value by providing capital. We also add value by offering local expertise, market knowledge and access to our extensive business network. We offer companies guidance on environmental, social and business integrity issues. By providing practical, hands-on support and having efficient decision-making processes we help businesses to become stronger. In turn, this helps them to become more attractive to other investors.

Business support

When needed, we provide Business Support to the companies in which we invests. This is a measure of business improvement, i.e. digitization, training, improvement of ESG standards or actions aimed at the local community.

What do we look for in companies?

Before investment, Norfund conducts a thorough in-depth analysis of the companies, their management, the market, competition, and include a site visit before making an investment. We are committed to being efficient and having short decision-making processes, typically spending three to six months on assessments before deciding to invest.

Some of the conditions we are looking for:

  • Sustainable and profitable growing companies operating within our defined sectors and geographies
  • Companies that carry out corporate social responsibility
  • Zero tolerance for corruption
  • Adherence to the IFC’s Performance Standards
  • ILO’s core conventions
  • Compliance with national laws and regulations
  • Clear HSE guidelines

Norfund does not expect “perfect companies” at the time of investment, but requires an action plan and a genuine willingness to improve the standards over time.


Invest with us

Co-investing with other experienced international investors enables us to provide the industrial expertise and experience that is needed for each investment. We search continuously for additional international and Norwegian investors who are willing to invest in developing countries.