ACTIVITY REPORT 2011
PRIVATE EQUITY FUNDS IN NORWAY
SEED – VENTURE – BUY OUT
MAIN OBSERVATIONS
During 2011, we observed some substantial changes in the market for venture capital and private equity in Norway. Overall the market is now improving, but the early stage investment segments are still suffering severely. First of all, 2011 showed a strong improvement in the exit activity. The number of industrial sales climbed substantially as compared to both 2009 and 2010. Second, the market in 2011 showed that Norwegian businesses are gradually viewed as more attractive among international private equity investors. Access to such capital is now highly limited in Europe, yet foreign investment activity in Norway has not showed the same slowdown. Third, fundraising is now gradually improving, yet notice that very little capital is channeled from Norwegian sources. Finally, the market now signals strong concerns for the early stage segment: While initial buyout investments continued to increase steadily in number, seed investing has all but disappeared and venture is still declining.
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