23. January 2019
The total size of the fund is ISK 8 billion. The shareholders of Freyja are mainly the countries largest pension funds, as well as other professional investors.
Freyja invests in Icelandic companies that have a strong position in the market, a good cash flow and interesting growth potential. The fund’s representatives work in close collaboration with the management and co-owners to improve the management and performance of the companies in which they invest and to maximise their long-term value. Emphasis is placed on the companies showing social responsibility in their day-to-day operations, adopting good business and corporate governance, being able to diversify their management and focus on environmental issues
Kvika is one of the most experienced private equity fund managers in Iceland and, in addition to Freyja, Kvika manages the private equity fund Auður I slf. and Edda slhf. The management of these funds has been successful and yielded good returns for investors. Auður I was founded in 2008 and the fund invests over ISK 3 billion in eight companies, including Islenska Gámafélagið, Já and Ölgerðin. Edda is an ISK 5 billion fund, which was founded in 2013 and invests in four companies. The fund has holdings in Íslandshótels and Securitas after it sold half of its stake in Domino’s in Iceland to exclusive licence holders in Domino’s in the UK earlier this year. The sale yielded an annual return of over 50% to Edda's investors.
Hannes Frímann Hrólfsson, Managing Director of Asset Management at Kvika:
Freyja is the third and biggest equity fund managed by Kvika, which is founded on the performance of Auður and Edda, since Freyja’s principal shareholders have also invested in our former equity funds. Kvika’s equity funds are influential investors who actively participate in the policy-making and management of the companies in which they invest, and they operate in collaboration with management and co-owners. Over the past ten years, we have financed the growth and development of many of the most dynamic companies in the country. We have acquired a great deal of experience in management and investments, but from the very outset we have placed a strong emphasis on responsible investment.