About the activity report
The Activity Report 2023 is developed for the Norwegian Venture Capital & Private Equity Association (NVCA) by Menon Economics and PEREP Analytics during the spring 2023. Figures are collected directly from investing firms. This report gives an overview over all PE-activity related to Norway.
Definitions applied
NVCA defines the nationality of a private equity firm based on where the private equity firm is headquartered. One should notice that this differs from Invest Europe’s definition, which defines the nationality depending on where the advisory team responsible for the investment and divestment is located.
NVCA defines a «Norwegian private equity firm» as a firm with headquarters located in Norway.
Two examples of how the NVCA’s definition applies to the statistics:
- Investments made from the Swedish office of a Norwegian headquartered PE firm would be defined as Norwegian.
- Investments made from the Norwegian office of a Swedish headquartered PE firm would be regarded as an investment made by a foreign private equity fund.
The advantage of the NVCA definition is that the investment and divestment activity is compatible with the fundraising statistics. In addition, the NVCA definition is in line with what is commonly perceived as the Norwegian private equity industry.
Due to the discrepancy in definition the Invest Europe and NVCA statistics are not completely comparable.
All investments and divestments from the early-stage funds (Såkornfond) backed with public funding are categorized as seed activity.