Norfund, the Norwegian Investment Fund for developing countries, has announced that its Chief Executive Officer, Tellef Thorleifsson, will officially transition out of his role in July 2026. Thorleifsson informed the Board of Directors of his decision after a highly successful tenure marked by the institutional scaling of Norway’s most critical tool for international development.
Since taking the helm in 2018, Tellef Thorleifsson has overseen a transformation that has significantly increased Norfund’s influence in the global South. His seven-and-a-half-year leadership is defined by several key financial and operational milestones:
- Capital Doubling: Under his guidance, Norfund successfully doubled its invested capital, reflecting a robust appetite from the Norwegian government to use profitable investment as a lever for development.
- Investment Volume: The fund’s annual investment rate tripled, allowing for more aggressive deployment into high-impact sectors such as renewable energy, financial inclusion, and scalable enterprises.
- Expanded Mandates: During this period, the Norwegian government entrusted Norfund with two new major mandates, most notably the Climate Investment Fund, which has become a primary vehicle for Norway’s efforts to accelerate the global energy transition.
Thorleifsson expressed pride in the fund’s dual mission of combating poverty and mitigating climate change through commercially viable investments.
Tellef Thorleifsson stated:
I have great confidence in what we do at Norfund, and I am proud of the results we deliver… through profitable investments. At the same time, I believe this is a good moment to carry out a leadership transition.
The Norfund Board, led by Chair Olaug Svarva, praised Thorleifsson for professionalizing the organization and ensuring it delivers effectively on its core mandates. Svarva noted that his efforts have been instrumental in creating sustainable jobs that lift millions out of poverty while simultaneously avoiding significant greenhouse gas emissions.
With Thorleifsson set to depart in July, the Norfund Board has officially initiated a search for a successor. The incoming CEO will inherit a sophisticated, “market-ready” organization with a diversified portfolio across Africa, Asia, and Latin America.
The leadership transition comes at a pivotal time for the fund as it continues to balance the high-risk nature of frontier market investing with the urgent global requirement for climate finance. The search will likely focus on candidates capable of maintaining Norfund’s reputation as a “gold standard” development finance institution (DFI) that prioritizes both financial discipline and tangible social impact.
