Alternative investments

Disclaimer

Attention is drawn to the fact that the specialised funds managed by Stefnir are marketed to professional investors, as that term is defined in Act No. 45/2020 on Managers of Alternative Investment Funds.

Investor Document Portal

Private Equity 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

Founded: 2011

Size: ISK 3.4 bn

SÍA I participated in the listing of both Hagar in 2012 and Sjóvá in 2014, while 66°North and Jarðboranir were sold to investors. The fund was dissolved following the sale of its last asset in 2022.

SÍA II

Founded: 2013

Size: ISK 7.5 bn.

SÍA II completed the listing of Skeljungur on the stock exchange in 2016, and the fund’s investment in Festi concluded with its sale to the listed company N1 in 2018. Following the sale of Verne Global to a listed foreign infrastructure fund in 2021, Icelandia remains the only remaining asset of SÍA II.

SÍA III

Founded: 2016

Size: ISK 12.8 bn.

The fund sold its shareholding in the Edition Hotel at Austurhöfn to the sovereign fund ADQ in 2023, Lyfja to the listed company Festi in 2024, and Men and Mice to the U.S.-based company BlueCat in 2023. The fund still holds a majority stake in the industrial and technical services company HD and in Terra Environmental Services.

SÍA IV

Founded: 2021

Size: ISK 15.9 bn.

The fund is invested in a diverse group of companies operating both in Iceland and abroad, including Rotovia, Vaxa Technologies, Good Good, Arna, and Internet in Iceland (ISNIC).

SÍA V

Founded: 2025

Size: ISK 15.2 bn.

The fund is open to investments in a diverse range of companies within the Icelandic economy.

Private Debt Funds

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

Founded: 2021

Size: ISK 8.0 bn.

Duration: 10 years

SÍL II

Founded: 2023

Size: ISK 7.0 bn.

Duration: 7 years

SÍL III

Founded: 2025

Size: ISK 7.0 bn.

Duration: 10 years

ST1

Founded: 2016

Size: ISK 23.1 bn.

Duration: Undefined

Private Real Estate Funds

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.