Alternative investments
Established Icelandic asset management company whose role is to manage clients’ assets with their best interests as the guiding principle.
Stefnir manages a diverse range of alternative investment funds that invest in, among other things, unlisted Icelandic companies, real estate, bonds, and loan agreements. These funds are marketed exclusively to professional investors in accordance with Act No. 45/2020.
Please note that alternative investment funds managed by Stefnir are marketed to professional investors as defined in Act No. 45/2020 on Managers of Alternative Investment Funds.
Stefnir Icelandic Private Equity Funds (SÍA) are private equity funds managed by Stefnir. The funds primarily invest in unlisted Icelandic companies with the objective of maximising returns and increasing the value of the portfolio companies in line with the risk profile at any given time. The funds have also contributed to the development of the domestic listed equity market, both through the listing of portfolio companies on the stock exchange and through sales to listed companies.
SÍA I participated in the listing of Hagar in 2012 and Sjóvá in 2014, while 66°N and Jarðboranir were sold to investors. The fund was subsequently dissolved following the sale of its final holding in 2022.
Founded: 2011
Dissolution: 2022
Size: ISK 3.4 bn
SÍA II listed Skeljung on the stock exchange in 2016, and the fund’s investment in Festi was exited through a sale to the listed company N1 in 2018. Following the sale of Verne Global to a listed international infrastructure fund in 2021, Icelandia is the only remaining asset of SÍA II.
Founded: 2013
Size: ISK 7.5 bn.
The fund sold its stake in The Edition Hotel at Austurhöfn to the sovereign wealth fund ADQ in 2023, Lyfja to the listed company Festi in 2024, and Men & Mice to the U.S. company BlueCat in 2023. The fund continues to hold majority stakes in the industrial and technical services company HD and in Terra Environmental Services.
Founded: 2016
Size: ISK 12.8 bn.
The fund is invested in a diverse range of companies operating both domestically and internationally, including Rotovia, Vaxa Technologies, Good Good, Arna, and Internet á Íslandi (ISNIC).
Founded: 2021
Size: ISK 15.9 bn.
The fund is open to investments in a diverse range of companies within the Icelandic economy.
Founded: 2025
Size: ISK 15.2 bn.
Stefnir manages three private debt funds, which invest in a diversified portfolio of bonds and loan agreements issued by Icelandic companies. The SÍL funds issue listed bonds on First North. The fund ST1 invests exclusively in mortgage real estate loans and is an “evergreen” fund, meaning that it has an indefinite lifespan and interest income is reinvested.
SÍL I is a specialized loan fund established in 2021. The fund invests in a diversified portfolio of bonds and loan agreements issued by Icelandic companies. The fund issued the bond SIL 21 1, which is listed on First North.
Founded: 2021
Size: ISK 8.0 bn.
Duration: 10 years
SÍL II is a specialized loan fund established in 2023. The fund invests in a diversified portfolio of bonds and loan agreements issued by Icelandic companies. The fund issued the bond SIL 23 1, which is listed on First North.
Founded: 2023
Size: ISK 7.0 bn.
Duration: 7 years
SÍL III is a specialized loan fund established in 2025. The fund invests in a diversified portfolio of bonds and loan agreements issued by Icelandic companies. The fund issued the bond SIL 35 6, which is listed on First North.
Founded: 2025
Size: ISK 7.0 bn.
Duration: 10 years
The ST1 fund invests exclusively in mortgage-backed loans and is an “evergreen” fund, meaning it has no fixed term and interest income is reinvested. The fund is therefore continuously open to new investors.
Founded: 2016
Size: ISK 23.1 bn.
Duration: Undefined
Stefnir has for many years managed private equity funds specialising in investments in Icelandic real estate. The objective of the funds is to facilitate institutional investors’ access to real estate investments, both through equity investments and debt financing. The funds SRL, SRE I and SRE II have been wound up following the sale or distribution of assets to shareholders.
Founded: 2018
Size: ISK 3.9 bn.
Founded: 2011
Size: ISK 1.6 bn.
Founded: 2012
Size: ISK 16.4 bn.
Founded: 2024
Size: ISK 40 bn.
