Tellef Thorleifsson steps down as CEO of Norfund

Tellef Thorleifsson has informed the Norfund Board that he will step down from his position as CEO in July. During the 7.5 years Thorleifsson has led Norfund, the fund has doubled its invested capital, tripled annual investments, and been entrusted to manage two new mandates.

“I have great confidence in what we do at Norfund, and I am proud of the results we deliver in the fight against poverty and climate change through profitable investments. At the same time, I believe this is a good moment to carry out a leadership transition,” says Thorleifsson.

Since Thorleifsson assumed the role of CEO of Norfund, the Norwegian government’s investment fund for developing countries, in autumn 2018, the fund has doubled its portfolio and almost tripled its annual investments. At the same time, Norfund has been entrusted with managing a Climate Investment Fund and a Ukraine Fund.

“Tellef has done an impressive job developing Norfund into a professional organisation that delivers effectively on the fund’s mandates to create jobs that lift people out of poverty and to avoid greenhouse gas emissions. We are deeply grateful for his efforts and the results he has achieved,” says Norfund Chair Olaug Svarva.

In 2024, 712,000 people were employed in companies in which Norfund has invested. During the year, 14.6 million new customers gained access to financial services, and 750,000 households gained access to renewable energy from Norfund’s investees. These companies paid NOK 41.2 billion in taxes. At the same time, Norfund’s average return has been 8.7% (in NOK).

The Climate Investment Fund, which Norfund has managed since 2022, had by the end of 2024 invested in projects that will annually avoid emissions of 17.6 million tonnes of CO₂—equivalent to 40% of Norway’s emissions—with an average annual return of 19% (in NOK).

The Norfund Board is now initiating the process to appoint a new CEO.