In addition to lending, Investinor invests venture capital directly into highly competitive and promising private Norwegian companies in the other early stage and expansion stage. It invests on a commercial basis and on equal terms with private investors. The portfolio companies should aim for international growth, but the industry focus is quite broad: ICT, Oil and Gas, Marine, Maritime, Life Science, Cleantech and Travel and Tourism.
Active ownership strategy when investing directly.
Commercial investment objective.
As a principle, the fund executes an active ownership strategy by taking stakes in the portfolio companies. However, their equity ownership share is always less than 50%, and they invest in collaboration with other investors (syndicate investments). Finland Finnerva
Finnerva established in 2003 by the Finnish state. It is divided into Veraventure (2003), which manages regional venture capital investments, and Seed Fund Vera (2005), which handles seed investments. Finnerva also manages InvestorExtra, which was launched in 2008 and is a business angel network intended for private investors. Finnerva is specialised in high-risk financing, specifically for early-stage SMEs and regional research policy measures. In the long term, operations must be self-sustainable.
Finnish Industry Investments (FII)
It provides loans, guarantees, venture capital investments and export credit guarantees for the start, growth and internationalisation of enterprises (max. EUR 0.5m in initial financing round). Direct investments consist of direct share capital investments and subordinated loans. The ownership share is minor, as it varies between 10 and 40%. In 2012, direct investments totalled EUR 17m. Through Veraventure Finnerva makes use of the fundof-funds principle for support of regional industrial policy and to ensure that growth enterprises can obtain financing via venture capital investments. The fund invests jointly, not only wither other funds but also private investors. Finnish Industry Investment (FII) Ltd is a government-owned investment company. FII promote Finnish business, employment and economic growth through venture capital and private equity investments. Finnish Industry Investment invests in Finnish companies, both directly and through private equity funds. FII invest in rapid growth, internationalisation, spin-offs, major industrial investments, as well as sectorial, corporate and ownership restructurings. FII is part of the Finnish national innovation system, which seeks to stimulate Finnish industry and promote the development and deployment of new technology, while creating new growth companies, jobs and wellbeing. FII contributes to the innovation system services by providing venture capital and private equity financing to companies. The key principle is to work hand-in-hand with private investors from Finland and abroad, to share risks while boosting the availability of funding, investment expertise and networks. Since 1995, FII have made investments totalling DKK 7.5bn. The portfolio currently comprises altogether 510 companies. Continuous and growing investment activity has been secured by internal cash-flow financing and governmental equity injections. Finnish Industry Investment’s operations are governed by law and must be profitable in the long-term.
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EVALUATION OF THE DANISH GROWTH FUND | DAMVAD.COM
SME focus. Primarily early-stage investments. Purpose of enhancing venture capital market
Focus is on companies in the growth and internationalisation stages
Both direct and indirect investments as well as loans. Provide export-credit guarantees.
Both direct and indirect investments. Utilizes financial instruments such as equity, subordinated loans, convertible bonds or mezzanine financing. Initial investment size varies between DKK 3.75 and DKK 75m. Pari passu