Co-investment fund, Northern Norway

Mandate

The Co-Investment Fund, Northern Norway (Ko-investeringsfondet for Nord-Norge AS) is a regionally-focused fund that invests in Norwegian limited companies based in the counties of Nordland, Troms and Finnmark. Private investors shall contribute with a minimum of 50% of the investment amounts. Public sector investments are limited to a maximum of NOK 20 million. There are no limits on the amounts that private investors may invest. Private investors may be registered in Norway or overseas. The fund was established in 2018 with a capital base of NOK 132.3 million.

Assessment criteria

• The fund shall invest up to 50% per investment. The shareholding shall be less than 49%
• Investment shall be made in Norwegian limited companies located in Northern Norway
• The fund invests in early-phase companies that offer products and/or services that exhibit a high level of innovation and global growth potential
• The companies must be less than seven years old from the date of their first commercial sales Revenues linked to pilot projects or demonstration facilities are not regarded as commercial sales
• Follow-up investments may be made during later phases provided that the initial investment in a company was made during the seed or start-up phase
• The fund shall conduct itself as a financial player and shall approve the participation of private co-investors
• The private investors must dedicate the time and expertise needed to play an active role as owner of the portfolio company, and must have the capital required to provide follow-up investment
• The fund will make its investments under the same terms and conditions as the co-investors and will not claim any special consideration.

Process:

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1. If a co-investor and the company meet the assessment criteria, Investinor will invite the co-investor to a telephone or videoconference call during which an initial investor presentation will be made.
2. If, after the first call, Investinor wishes to continue with the process, the co-investor will be invited to a more detailed review.
3. If the co-investor progresses further, a thorough review (due diligence process) will be carried out. On the basis of an overall assessment, Investinor will then judge which companies will continue to the decision stage.
4. This process is handled by the Board of the Co-investment Fund, which will then take the final decision as to whether it will invest together with the private sector investor(s) in the company in question.

Investinor – what we do

Investinor aims to be a reliable and attractive long-term investor offering capital investment, expertise and networks. We intend to achieve commercial returns on our investments. By means of co-investments, Investinor intends to contribute to the effective ownership of Norwegian growth companies.

Investinor shall actively identify sound private investors with whom we can co-invest in attractive companies. A shareholders’ agreement under commercial terms shall be drawn up. Investinor shall ensure that an agreed development plan is drawn up for the company, and that effective reporting and investment monitoring procedures are put in place. Investinor places significant emphasis on ensuring that the co-investors and the company have the ability and willingness to discharge their social (ESG) responsibilities seriously and to exercise good business practice.

Investinor shall receive quarterly reports from the portfolio company and its co-investor(s). Ownership meetings with co-investors and the company shall be held as and when required. Investinor may appoint a Board member or an observer onto the Board of the portfolio company, or a member of its nominating committee. Investinor will conduct a continuous evaluation of whether we can contribute with more than just capital, for example via the Board or by means of more active monitoring of the companies.