Nordic top-performing portfolio manager Tom Hestnes to build credit fund with impact investor Norselab
As part of the ambition to build a leading European impact investment platform, Norselab joins forces with Tom Hestnes to build a series of impact-focused credit funds. Hestnes, who, during his past seven years at Alfred Berg, has become a top-performing portfolio manager in the Nordic credit market, will lead the initiative.
Hestnes’ merits are not only based on the superior performance of the funds he has managed over the past years but also on the proactive and outspoken stand he has taken in restructurings, governance, and fair treatment in the capital structure. As he teams up with Norselab to build an ambitious, impact-focused credit fund, Hestnes is clear on one point; he wants to use his position to drive positive impact for people and the planet.
- Meeting with the Norselab team and learning about their approach to impact was a gamechanger for me. I can’t wait to get our ambitious plans off the ground, combining my knowledge of the credit asset class with Norselab’s uncompromising impact approach and state-of-the-art governance rig, Hestnes shares.
Whereas Hestnes previously worked with UCITS funds, the new initiative will be an Alternative Investment Fund (AIF), better suited for long-term professional and institutional investors.
Norselab launched its first venture fund in mid-2020 but has since then significantly ramped up its structure in its ambition to become a leading European impact investment platform. Earlier this year, Capricorn Investment Group backed Norselab’s bold plans, taking a 20% stake in the group and concluding a strategic partnership to attract international capital into Norselab’s various funds. The announcement of the credit initiative with Tom Hestnes is the impact investor’s first move to diversify in terms of asset class and investment stage.
Norselab CEO, Erik Syvertsen, is delighted with the new credit initiatives. He considers the collaboration with Hestnes as the first manifestation of Norselab’s ambition to build a European impact investment platform across multiple asset classes.
- Tom Hestnes is an outstanding professional and renowned figure in the Nordic credit market. He is ideally positioned to lead our credit initiatives and achieve our shared ambition to create positive impact in the asset class. Together we’ll prove that impact is the future, also beyond the venture space, affirms Syvertsen.
To achieve their ambitious plans for the new credit fund, alongside other potential future initiatives across asset classes, the impact investor will be drawing on its unique system value. Unlike most investment managers, Norselab has a large and experienced team with deep competence within fields such as governance, impact, and communications. The competence hub enables and empowers all initiatives in the Norselab ecosystem and ensures a stellar setup and expert guidance to achieve positive impact.
Norselab and Hestnes plan to reveal further details about the initiative in early August.
About Tom Hestnes
Tom Hestnes is a top-performing portfolio manager in the Nordic credit market. Before joining forces with Norselab to build an impact-focused credit fund in 2022, Hestnes worked for seven years as a senior portfolio manager in Alfred Berg’s credit team responsible for high yield corporate bond investments. Hestnes has also been the head of DCM Corporate Finance at Sparebank 1 Markets, after gaining experience from various senior roles within corporate advisory and corporate finance with Norwegian brokerage houses, such as Swedbank First Securities and Arctic Securities, since 2001. Tom holds a Master’s degree from BI Norwegian Business School in Oslo.
Norselab is a leading impact investment platform based out of Oslo, Norway. With an uncompromising focus on net positive impact, Norselab funds invest capital and competence in companies that ignite transformative change in traditional industries.
Norselab established its internationally regulated fund structure in 2020 and closed its first fund, Norselab Meaningful Equity I, in 2021. Norselab is currently scaling up its activities and is set to build a series of funds across various asset classes. Several fund initiatives are underway, such as a second venture fund, and a larger credit fund, both with impact at the core. To support its bold ambitions, Norselab is also building a large team of expert professionals within competence areas such as impact, communications, investment analysis, governance, and more to support all funds in its ecosystem.