Partner with us - Businesses

We offer risk capital and expertise to companies that meet Norfund’s strategic priorities.

The figures below shows that equity is the main instrument in Norfund’s total portfolio.

Total commitments by Instruments 2019 (MNOK)

What we offer

Risk capital

Norfund offers equity and various types of risk capital:

Equity investments are prioritised 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.

Where do we invest?

Latin America


We invest in selected countries in Africa, Latin America, and Southeast Asia. We aim to have at least 50% of our investments in Sub-Saharan Africa.

Investment Areas

We invest in the following investment areas

Our Investment Areas

Norfund prioritises investments in four investment areas that are aligned with the UN´s Sustainable Development Goals.

What can you expect from Norfund?

We do a thorough and 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.

Norfund has a long-term investment horizon. In addition to capital, we have considerable in-house expertise and a significant network that helps to develop the companies where we invest. We understand the challenges faced by our portfolio companies and support them through:
- In-depth market knowledge
- Global presence
- Extensive regional networks and capacity in terms of professionals with vast industrial and financial experience
- Tailor made and patient financial products not available in commercial markets
- Stamp of approval that mobilizes capital and enables access to new markets
- Advisory services on ESG, strategy, management recruitment and operational opportunities

"Business Support"
For companies we are invested in, we can contribute with "Business Support", which is a measure of business improvement, i.e. digitization, training, improvement of ESG standards or actions aimed at the local community. The company must match the amount from Norfund.

What do we look for in the companies in which we invest?

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.

  • 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

Contact us

If your company meets our geography, sectors and investment criteria, we encourage you to contact Norfund. Depending on your sector of interest, please contact one of our team members:

Andreas Davidsen

Andreas Davidsen

Scalable Enterprises
Anders Blom

Anders Blom

Clean Energy
Sarah B. Thomassen

Sarah B. Thomassen

Financial Institutions
Bjørnar Baugerud

Bjørnar Baugerud

Green Infrastructure (Electric transmission & distribution)
Ellen Cathrine Rasmussen

Ellen Cathrine Rasmussen

Green Infrastructure (Waste management, Water supply & sanitation)

Our Offices

  • Oslo (Head office)
  • Kenya (Regional office, East Africa)
  • Ghana (Regional office, West Africa)
  • Cape Town (Regional office, Southern Africa)
  • Bangkok (Regional office, South East Asia)
  • San José (Regional office, Latin America)