Private Equity funds in Norway Activity Report 2022

Norwegian PE firms raised NOK 27.5 bn. in 2022, a decrease of 20 percent from the record-breaking fundraising in 2021. Despite the decrease, the fundraising level of 2022 was high, growing by over 60 percent from 2020. In the period between 2007 and 2020, fundraising in Norwegian PE firms has never exceeded NOK 17.6 bn.

Investment activity by Norwegian PE firms remain high in 2022, with a total amount invested of NOK 18.8 bn., the same level as in 2021. The number of investments were moderately lower than in 2021 but remained stable compared to the previous five years.

Norwegian companies attracted investments of NOK 37.9 bn. from Norwegian and foreign PE firms in 2022. Investment levels are still high, despite a reduction from NOK 61.4 bn. in 2021.

In the Norwegian market, companies within the IT sector attracted by far the most capital of all sectors, at NOK 22 bn., making up more than 58 percent of the total amount invested in Norwegian companies. NOK 4.5 bn. was invested in transportation, making it the sector attracting the second most capital in 2022. In third place is cleantech, receiving investments of over NOK 3.1 bn.

Exit activity slowed down further in 2022, with 27 exits in Norwegian PE firms. The number of exits has decreased every year since 2019. The decrease in 2022 comes from a drop in divestments in the seed phase, while the number of divestments has increased in other phases, especially so in the venture phase companies. The value of all exits in 2022 was lower than in 2021 decreasing by 16 from the previous year. Sale to trade buyers remains the preferred divestment strategy.