Norfund is a private equity and venture capital firm specializing in direct and fund of fund investments through equity and loans. Within direct investments, it invests in new business ventures, corporate restructurings, expansions, growth capital, management buy-ins, and buy-outs of small and medium sized enterprises. The firm seeks to invest in seed/startup, early venture, emerging growth, and turnarounds. For its fund of fund investments, the firm invests indirectly through SME funds through equity capital in private equity funds, venture capital funds, and other investment funds targeting small and medium sized enterprises. The firm seeks to invest in sustainable enterprises in poor countries to contribute to economic growth and poverty alleviation. It primarily invests in infrastructure focusing on bank services, industrial partnerships, financial institutions, micro finance institutions, and companies operating in the energy, electrical equipment, power generation equipment, clean energy, agriculture, agribusiness, and financial services. Within clean energy, the investments are focused on improving and expanding electricity generation. The firm also seeks to invest in sectors such as tourism. It seeks to invest in the sub-Saharan African countries with a focus on companies that are based in Latin America with a focus on Guatemala, El Salvador, Nicaragua, Honduras, Panama, and Costa Rica; Middle East with a focus on Turkey; Southern Africa with a focus on Angola, Namibia, South Africa, Lesotho, Swaziland, Mozambique, Zambia, Madagascar, and Malawi; Eastern Africa with a focus on Kenya, Tanzania, Uganda, Burundi, Rwanda, and South Sudan; Central America; and some parts of South Asia, South East Asia, primarily Vietnam, Bangladesh, Laos, and Cambodia, and Myanmar. The firm seeks to invest in West Africa region. It also invests in Norway's main cooperation countries and least developed countries with a GNI per capita of less than $5290. Its equity investments are from NOK 20 million ($3.25 million) and above. The firm makes investments in SME’s from $4 million and above. It invests in loans from NOK 20 million ($3.25 million) and above. The firm invests between $2 million and $20 million in funds. The firm typically seeks to acquire stake between $15 million to $45 million. Its investments are either direct, in the form of loans, equity, or indirect, through investment funds. The firm offers loans to companies in which the firm already has an equity position. It offers ordinary loans to financial institutions like banks, as well as to other companies. It prefers not to invest more than the business partner. The firm takes maximum 35% ownership share although it may increase the equity share through its local investment funds. It also co-invests and is not the lead investor. It prefers to be an active owner seeking to have a board seat. The firm primarily invests with a horizon between four years and to ten years with an aim to reinvest capital in new projects. It seeks to make an exit through IPO, sales to existing owners, or sales to new owners. It makes balance sheet investments. Norfund was founded in 1997 and is based at Oslo, Norway with additional offices across North America, Africa, and Asia.