In its budget proposal for 2017, the Norwegian Government – as its owner and sole investor – has proposed changes to the investment mandate of Investinor.
Under the terms of the proposal, Investinor will stop making new co-investments with venture capital funds, typically B, C and D-rounds. and the existing €470m fund will be closed for new portfolio companies.
The Government will instead provide new funds for Investinor to match seed investments with business angels and fund of fund investments in early stage micro funds.
This will not affect the existing portfolio companies. The companies that Investinor already has stakes in, will be developed and divested as before, with maximum return on investment.
Exit plans remains unchanged as the firm’s capital base is sufficient to support these companies with all necessary follow-on investments.
Investinor recently appointed Haakon H. Jensen (42) as new CEO. Jensen is currently CFO of Orkla Home and Personal Care, and has previously worked in managment consulting firm Bain & Company in Stockholm, London and Oslo, as well as Pareto corporate finance.
From 2006 to 2009, he started and managed private equity firm True North Capital. Previously, in 2002-2004, Jensen was part of the team that established the Norwegian governement’s PE fund of funds investment company Argentum.