Elite InNorvate Growth LP


Elite InNorvate Growth LP (the “Fund”) invests in Norway-based growth companies which have been in business for at least two years, generate revenue and aim to scale outside Norway. These companies must operate in selected sectors where Norway has a competitive advantage and will enjoy the financial support of the Norwegian Government – such as grants, forgivable loans and other incentives – to accelerate company growth.

Investment Merits

  • Unique opportunity to invest in Norwegian growth equity supported by the Norwegian Government through co-investment or matched funding
  • Selected and structured by experienced investment managers and advisors with a wide network of industry partners to scale companies (tech, VC and corporate finance)
  • Structure provides annual dividends for mature investment, the growth upside of a venture capital investment, and downside loss absorption
Key Sectors

Due to its successful oil industry, Norway had until recently under-invested in other sectors of its economy. One of the central drivers of its startup scene is now Innovation Norway, which invests on behalf of the government with a total value of 25.3 billion NOK ($3 billion).

Innovation Norway has identified six key sectors to prepare for the country’s future growth and sustainability. These areas are expected to receive the most subsidies and offer the most leverage for portfolio companies.

Clean Energy

Ocean Space

Healthcare & Welfare

Smart Societies


Creative Industries & Tourism

Matched Funding Structure

01. Invest

The Fund invests in Target Companies through hybrid securities

03. Grants

Matched Funding 2.
Fund assists Target Companies to secure dollar-for-dollar grants from Innovation Norway and/or other agencies

05. Distributions

Fund aims to receive regular returns from its investments in the form of Preferred Returns, and seeks to distribute such returns in the form of dividends

02. Co-Invest

Matched Funding 1.
Investor may co-invest on the same terms as the Fund in a 50-100% ratio

04. Loss Absorption

Upon receipt of expenses, Innovation Norway releases grants to a Trust who will hold the monies for the benefit of the Fund

06. Upside

The Fund realises its investments via redemption of its investments, sale of warrants, M&As or IPO
Building Returns

Dividend Returns

Interest payments build the liquidity back into the Fund and create the first layer of cash flow.

Warrants or Common Equity Exercised

The Fund will hold warrants for a 5-year period and convert to equity if they have value.

Government Investments, Grants and Loans

Government support through investments, grants and loans will help secure both interest rate payments and principal  payments back to the Fund.


The Fund sells or holds on to the equity depending on the company’s performance.

Contractual Default

We take a first lien position in the capital stack in case of a default.

Norway Credit Ratings: AAA (S&P, Moody’s, DBRS)
Types Of Companies In The PipeLine




Clean Tech

Cold Chain

Camera Imaging for Smartphones

Thermo Plastic Solutions

New Materials