Scalable Enterprises- funds portfolio 2020

CASEIF IVAmerica2020Investment fundsFunds26%Canada170.6
Navis CLMVAsia & Pacific2020Investment fundsFunds17%Cayman Islands213.3
Antler East Africa Fund IAfrica2020Investment fundsFunds20%Cayman Islands12.8
Novastar Ventures Africa Fund IIAfrica2020Investment fundsFunds7%Mauritius69.6
Ascent Rift Valley Fund IIAfrica2020Investment fundsFunds0%Mauritius85.4
AfricInvest Fund IVAfrica2020Investment fundsFunds0%Mauritius255.8
Openspace Ventures IIIAsia & Pacific2020Investment fundsFunds8%Cayman Islands127.6
Solon Capital HoldingsAfrica2020Investment fundsFunds30%Mauritius34.5
Excelsior VietnamVietnam2020Investment fundsFunds19%Singapore128.0
Frontiir Co. Ltd.Asia & Pacific2019Information service activitiesEquity2%British Virgin Islands26.9
Development Partners International IIIAfrica2019Investment fundsFunds9%Guernsey347.8
Verod Capital Growth Fund IIIAfrica2019Investment fundsFunds10%Mauritius174.4
Nordic Horn of Africa Opportunities FundSomalia2018Investment fundsFunds11%Canada34.1
EcoEnterprises Partners III, LPAmerica2018Investment fundsFunds5%Ireland53.7
ECP Africa Fund IVAfrica2018Investment fundsFunds8%Mauritius242.8
Myanmar Opportunities Fund IIMyanmar2018Investment fundsFunds14%Cayman Islands85.3
Cepheus Growth Capital FundEthiopia2018Investment fundsFunds18%Mauritius133.8
Fanisi Management IIAfrica2017Investment fundsEquity and Loans25%Mauritius21.4
Oasis Africa FundAfrica2017Investment fundsFunds10%Ghana43.2
Agri-Vie IIAfrica2017Investment fundsFunds11%Mauritius128.4
Fanisi Capital Fund IIAfrica2017Investment fundsFunds35%Mauritius106.8
Spear Africa Holding IIAfrica2017ManufacturingFunds21%Mauritius65.8
FIPA IIAfrica2016Investment fundsFunds38%Luxembourg153.2
Frontier Fund IIBangladesh2016Investment fundsFunds10%Cayman Islands29.6
BPI East Africa LLCAfrica2015Investment fundsFunds17%Mauritius50.8
Cambodia Laos Myanmar Development Fund IIAsia & Pacific2015Investment fundsFunds16%Singapore92.8
GroFin SGB Fund Limited PartnershipAfrica2015Investment fundsFunds19%Mauritius125.5
CASEIF IIIAmerica2014Investment fundsFunds24%Canada81.7
Novastar Ventures East Africa FundAfrica2013Investment fundsFunds13%Mauritius78.1
Ascent Rift Valley Fund LtdAfrica2013Investment fundsFunds13%Mauritius79.6
Kinyeti Capital LtdSouth Sudan2012Other financial servicesEquity and Loans50%South Sudan39.4
CORECOAmerica2012Other financial servicesFunds22%Delaware74.8
Africa Health Fund (Aureos)Africa2011Investment fundsFunds9%South Africa48.3
Voxtra East Africa Agribusiness IniAfrica2011Agriculture, forestry and fishingFunds30%Norway31.6
Vantage Mezzanine Fund IIAfrica2011Investment fundsFunds5%South Africa25.3
Frontier FundBangladesh2010Investment fundsFunds11%Cayman Islands49.5
Agri-VieAfrica2010Agriculture, forestry and fishingFunds9%South Africa25.6
Neoma South-East Asia Fund IIAsia & Pacific2010Investment fundsFunds2%Canada27.5
Angola Capital Partners LLCAngola2009Investment fundsEquity48%Delaware1.4
Fanisi Venture Management CompanyAfrica2009Investment fundsEquity and Loans50%Luxembourg3.0
Cambodia-Laos Development FundCambodia2009Investment fundsFunds20%Luxembourg17.5
Evolution One FundAfrica2009EnergyFunds7%South Africa1.2
Fundo de Investimento Privado-AngolAngola2009Investment fundsFunds26%Luxembourg61.8
GroFin Africa FundAfrica2008Investment fundsFunds9%Mauritius40.8
Neoma Africa FundAfrica2008Investment fundsFunds11%Mauritius83.6
Aureos Latin America Fund (ALAF)America2007Investment fundsFunds14%Canada47.6
CASEIF IIAmerica2007Investment fundsFunds14%Bahamas4.2
Adenia Capital Ltd IIAfrica2007Investment fundsFunds13%Mauritius2.7
Aureos South Asia Fund (Holdings)Asia & Pacific2006Investment fundsFunds24%Mauritius42.1
APIDC Biotech FundIndia2005Investment fundsFunds8%Mauritius15.9
Aureos Southern Africa FundAfrica2003Investment fundsFunds25%Mauritius7.4
Aureos West Africa FundAfrica2003Investment fundsFunds26%Mauritius2.2
Aureos East Africa FundAfrica2003Investment fundsFunds20%Mauritius3.8
Lafise Investment ManagementBahamas1999Investment fundsEquity20%Bahamas17.0

About Norfund’s investments in scalable enterprises