Development finance institution
The Norwegian Investment Fund for Developing Countries (NORFUND)
Norfund is the Norwegian Development Finance Institution (DFI), established by the Norwegian Parliament in 1997 as a state-owned and state-funded investment company. Based in Oslo, Norfund's mission is to create jobs and improve lives by investing in businesses that drive sustainable development and the transition to net zero. Its investment strategy is defined by two mandates: the Development Mandate, focusing on job creation and poverty reduction (SDG 1), and the Climate Mandate (managed through the Climate Investment Fund), targeting the acceleration of the global energy transition.
Investment focus
- Sectors
- Financial servicesEnergy and powerAgriculture and foodManufacturing and industrialsSMEsInfrastructure
- Stages and strategies
- SeedSeries AGrowthBuyoutFund investmentsPrivate creditProject finance
- Instruments
- EquityDebtMezzanine
- Regions
- Pan-African, Asia, Latin America, Northern Africa, Eastern Africa, Western Africa, Central Africa, Southern Africa
- African markets named in public materials
- Ghana, Kenya, South Africa
Funds managed
Fund commitments
- Renewable Energy Performance Platform 2
- Evolution One Fund
- ECP Africa Fund IV
- AfricInvest Financial Inclusion Vehicle FIVE
- Abler Nordic IV KS
- Vantage Mezzanine Fund IV
- Alterra Africa Accelerator Fund
- responsAbility Access To Clean Power Fund
- Voxtra East Africa Agribusiness Fund
- GroFin Africa Fund
- CoreCo Central America Fund I
- L.P. (CORECO)
- Agri-Vie Fund II
- European Financing Partners V
- Fanisi Venture Capital Fund I
- Verod Capital Growth Fund III
- Nordic Horn of Africa Opportunities Fund
- Helios Investors IV
- Phatisa Food Fund 2
- Evolution II Fund
- Water Access Acceleration Fund (W2AF)
- Vantage Mezzanine Fund II
- Neoma Africa Fund L.L.C
- The Currency Exchange Fund (TCX) N.V.
- AfriCap Microfinance Fund
- Fundo de Investimento Privado de Angola I (FIPA Fund I)
- Frontier Fund II
- CASEIF III
- Abler Nordic Fund V KS
- Cambodia-Laos-Myanmar Development Fund
- Fundo de Investimento Privado de Angola II (FIPA Fund II)
- Growth Investment Partners Ghana
- Myanmar Opportunities Fund II (MOF II)
- Cepheus Growth Capital Fund I
- Fanisi Capital Fund II
- Frontier Fund
- Oasis Africa Fund I
- APIDC Biotech Fund
- Cambodia-Laos Development Fund
- EcoEnterprises Partners III, LP
- Aureos Africa Health Fund
- Novastar Ventures Africa Fund II
- Spear Africa Holding II
- Novastar Ventures East Africa Fund I
- Aureos Southern Africa Fund
- Aureos West Africa Fund
- Openspace Ventures III
- Katapult Africa Seed Fund
- Aureos East Africa Fund
- TLG Africa Growth Impact Fund II LP (AGIF II)
- Pele Energy Fund I
- African Forestry Impact Platform
- Infra Impact Mid-Market Infrastructure Fund 1
- Ascent Rift Valley Fund I (ARVF I)
- ASEAN Frontier Markets Fund (AFMF)
- Facility for Energy Inclusion
- Norrsken22 African Technology Growth Fund
- Adenia Capital V L.P.
- The Urban Resilience Fund (TURF)
- Grofin Small and Growing Businesses Fund
- Quona Accion Inclusion Fund III
- NMI Frontier Fund
- Meridiam Infrastructure Africa Fund II
- Ventures Platform Pan-African Fund II
- Phatisa Food Fund 3
- Vietnam Investments Fund IV
- African Rivers Fund III LP
- Navis CLMV Co-Investment Fund
- Inside Equity Fund II
- Apis Growth Fund III (AGF III)
- Ascent Rift Valley Fund II L.P.
- Central American Small Enterprise Investment Fund IV
- Agri-Vie Fund I
- Metier Sustainable Capital International Fund II
- LeapFrog Emerging Consumer Fund IV
- South East Asian Climate Energy Fund II (SEACEF II)
- TNB Aura Fund II
- KV Asia Capital Fund II
- Novastar Africa People and Planet Fund III
- Abler Nordic Global Fund
- Gaja Capital IV
- African Rivers Fund IV (ARV IV)
Selected portfolio and direct investments
- Communication and Renewable Energy Infrastructure Phils. Inc.
- Obelisk Solar Power SAE
Recent investments and transactions
| Date | Transaction | Type | Value | Market |
|---|---|---|---|---|
| 17 Jun 2026 | Norfund and the Facility for Energy Inclusion (FEI) invest USD 90 million in Communication and Renewable Energy Infrastructure's (CREI) operations in Africa | Private Credit | $90m | Uganda |
| 8 Dec 2025 | Norfund and EDF Power Solutions' investment into Obelisk Hybrid Solar and Battery Project in Egypt | Infrastructure & Project Finance | Undisclosed | Egypt |
Sources
- Partner Researchers, accessed 14 November 2026
- Partner Researchers, accessed 14 November 2026
- https://techcabal.com/2026/08/26/ventures-platform-second-fund/, techcabal.com. Accessed 14 November 2026.
- https://www.norfund.no/closing-the-financing-gap-for-ghanaian-smes/, www.norfund.no. Accessed 14 November 2026.
- https://www.novastarventures.com/app/uploads/2026/05/FINAL1_Fund-III-Final-close.pdf, www.novastarventures.com. Accessed 14 November 2026.
- https://www.phatisa.com/post/phatisa-food-fund-3-reaches-us-86-million-first-close-and-signs-its-first-investment, www.phatisa.com. Accessed 14 November 2026.
- https://www.norfund.no/investing-in-high-impact-sme-fund-in-africas-least-developed-countries/, www.norfund.no. Accessed 14 November 2026.
- https://www.ablernordic.com/news/abler-nordic-launches-fund-v-/, www.ablernordic.com. Accessed 14 November 2026.
- https://www.power-technology.com/news/pele-energy-nedbank-norfund/?cf-view, www.power-technology.com. Accessed 14 November 2026.
- https://www.camco.fm/post/camco-achieves-first-close-on-repp-2-blended-finance-fund, www.camco.fm. Accessed 14 November 2026.
- https://techcrunch.com/2023/11/02/norrsken22s-debut-fund-closes-at-205m-to-back-growth-stage-startups-in-africa/, techcrunch.com. Accessed 14 November 2026.
- https://www.avca.africa/news-insights/member-news/alterra-has-announced-the-first-close-for-the-alterra-africa-accelerator-fund-aaa-fund/, www.avca.africa. Accessed 14 November 2026.
- https://aquaforall.org/news/water-access-acceleration-fund-w2af, aquaforall.org. Accessed 14 November 2026.
- https://www.businesswire.com/news/home/20230130005010/en/Adenia-Partners-Announces-%24300-Million-First-Close-for-Fund-V, www.businesswire.com. Accessed 14 November 2026.