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Alternative Market Briefing

Amundsen Ventures launches Norwegian Tech Fund

Tuesday, August 01, 2017

Bailey McCann, Opalesque New York:

Oslo and New York-based growth financing firm Amundsen Ventures is launching its maiden fund. The AV Growth Equity Fund is targeting $200 million in commitments for growth debt and equity investments in high growth Norwegian tech companies.

"Norway has always been known as an oil state, but they are making the transition to emphasizing other growth areas of the economy, now that oil prices are declining. That creates an opportunity for investors," explains Amundsen co-founder Karl Andersen in an interview with Opalesque.

The fund is set up as a hybrid - it will primarily offer growth debt financing, with the option to pick up some of the equity if a company starts to hit scale. The fund will be focused on companies in tech companies in industries including energy efficiency and the Industrial Internet. Andersen says he expects that the fund will be able to invest in 40-50 companies.

"Initially, we are targeting family offices and high net worth investors, largely in Hong Kong and Southeast Asia," Andersen explains. "There is a real interest in new technologies and specifically energy efficiency in that area of the world so in many ways we are creating a network of ideas and investment between Norway and Southeast Asia."

There has been some early institutional interest, but those investors are looking to make direct investments into the companies. Andersen envisions offering direct investments over time, as the fund work......................

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