About the Fund

The Investment Fund for North-West Russia and Eastern Europe Ltd is state-owned with Innovation Norway as the sole owner. The Fund was established as a Norwegian joint stock company in 2019 following the Governments’ decision to merge the former Investment Fund for North-West Russia and the Investment Fund for Eastern Europe. The assets of the Fund at incorporation consist of shares of various portfolio companies and unused uncommitted investment capital.

Furthermore, there was made a political decision that the management of the Fund should be entrusted to a professional team, operating in Kirkenes.

The Fund was at the time of establishment approximately NOK 265 million (investments and free capital). The portfolio as of today is shown in the table below.

PortfolioIndustryCountryInvestment YearExit Year
International Pork Investment AS Agriculture and animal husbandryLatvia20072021
Euro-Terminal AS Infrastructure (Port Terminal)Poland19992019
Murman AS Real estate (Operation of Conference center)Russia20102019
Biodiversity Development International AS AgricultureUkraine20082020
CapMan Russia Fund L.P Fund in FundRussia2007
Rast Holding AS Service industryBosnia and Herzegovina, Croatia20132019
Normac Investment Group AS Real estate (Industry park)North Macedonia2013
Polar Tech Capital AS ITRussia20152021
FWC AS BeverageRussia2016
Elnor ASEnergyNorth Macedonia 2019
Pickatale ASPublisher/ITNorway/North Macedonia2020
Haptiq ASIT (virtual reality software)Serbia2021