Energy Ventures sets up NOK85m top-up fund
Energy Ventures, a Norwegian venture capital firm focused on investments in the energy sector, has established a NOK85m (€9.8m) top-up fund, Energy Ventures (B) IS, to provide additional investment capacity to its Energy Ventures II KS fund. The extension fund will allow the firm to support its portfolio companies further, which is expected to yield higher returns for investors. The capital was raised from existing investors in the Energy Venture II KS fund with Argentum, Gjensidige and KLP as the largest investors, committing a combined total of NOK40m (€4.6m).
In addition, Jebsen Asset Management, Møbelmagasinet, DnBNOR, Solstad Invest, T. D. Veen, Melberg Investment, Intervest, Redback, Taxus and management have participated in the new fund. Energy Ventures II KS was originally established in April 2005 with committed capital of NOK589m (€68m). The fund is fully invested and has invested in eight companies.
