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.
| Portfolio | Industry | Country | Investment Year | Exit Year |
| International Pork Investment AS | Agriculture and animal husbandry | Latvia | 2007 | 2021 |
| Euro-Terminal AS | Infrastructure (Port Terminal) | Poland | 1999 | 2019 |
| Murman AS | Real estate (Operation of Conference center) | Russia | 2010 | 2019 |
| Biodiversity Development International AS | Agriculture | Ukraine | 2008 | 2020 |
| CapMan Russia Fund L.P | Fund in Fund | Russia | 2007 | |
| Rast Holding AS | Service industry | Bosnia and Herzegovina, Croatia | 2013 | 2019 |
| Normac Investment Group AS | Real estate (Industry park) | North Macedonia | 2013 | |
| Polar Tech Capital AS | IT | Russia | 2015 | 2021 |
| FWC AS | Beverage | Russia | 2016 | 2023 |
| Elnor AS | Energy | North Macedonia | 2019 | |
| Pickatale AS | Publisher/IT | Norway/North Macedonia | 2020 | |
| Cloudberrie AS | IT (virtual reality software) | Serbia | 2021 | |
| Dele Health Tech AS | Health Technology / IT | Serbia | 2022 | |
| Tinfos Hydro Balkan 1 AS | Renewable Energy | North Macedonia | 2023 |