Activity Report 2025: Investments and Fundraising in Venture and Private Equity (NVCA Norway (Norsk Venturekapitalforening))
Summary
- Norwegian early-stage companies raised about €170 million in 2025, lagging behind Sweden at €1.2 billion and Denmark at €530 million.p.8
- Foreign PE firms set a new record in 2025 by making 118 investments in Norwegian portfolio companies.p.20
- Norwegian fund managers invested over 38 billion kroner in Norwegian and foreign portfolio companies combined in 2025.p.19
- Total new committed capital raised by Norwegian fund managers in 2025 reached 64 billion kroner, with buyout funds accounting for 58.2 billion kroner.p.26
Key insights
- Capital invested in Norwegian portfolio companies fell in 2025 to its lowest level since 2020.p.4
- Norwegian early-stage companies raised about €170 million in 2025, leaving Norway at the bottom of the Nordics relative to GDP.p.8
- Foreign PE firms completed 118 investments in Norwegian portfolio companies in 2025, setting a historical record.p.20
- Norwegian fund managers invested over 38 billion kroner in 2025 across domestic and international portfolios, surpassing the previous peak in 2021.p.19
- Norwegian managers invested 2.4 billion kroner in early-stage companies in 2025, driven by investments in foreign portfolio companies which grew by almost 145 percent.p.24
- Fundraising reached a record 64 billion kroner in 2025, heavily concentrated in buyout funds which made up approximately 90% of total capital raised.p.26
- Early-stage funds in Norway raised 2.2 billion kroner in 2025, their highest fundraising volume since 2016.p.27
Topics and entities
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