Denmark has a supportive ecosystem for investments, with government-backed agencies focused on attracting foreign direct investment (FDI), promoting exports, and funding green and innovative projects. These are key entry points for businesses looking to invest or expand.
Private Investment Firms and Funds
Denmark hosts a vibrant private investment scene, including private equity, venture capital, and asset management firms. These often target high-growth sectors like tech, healthcare, and sustainability.
Additional Resources
- Federation of Danish Investment Associations: Represents retail and professional investors; useful for market associations and regulatory info. en.sip.dk
- For a comprehensive list of investment management firms, platforms like Lusha offer lead databases (subscription-based).
- Denmark ranks 1st in Europe for ease of doing business, with no general FDI restrictions (except sensitive sectors like defense).
EIFO
The Export and Investment Fund of Denmark (EIFO) is Denmark's state-owned national promotional bank and export credit agency, established in 2023 through the merger of EKF (export credit), Vaekstfonden (growth fund), and the Danish Green Investment Fund. With an AAA credit rating, EIFO provides risk-tolerant financing to support Danish companies' growth, exports, and international projects, with a strong emphasis on the global green transition (e.g., wind energy, Power-to-X/PtX, renewables) and innovation. It operates in over 100 countries, with a total business volume exceeding EUR 20 billion. Funding is available for companies of all sizes and most sectors, often in partnership with commercial banks.
EIFO's programs include loans, guarantees, equity investments, and insurance. Applications are typically handled via EIFO's website or direct contact, with confidential advisory services. Below are details on key funding programs, updated as of 2025.
Capital for Danish Companies (Growth and Development Financing)
This core program supports Danish firms at all stages—from startups to mature enterprises—for expansion, innovation, and new projects.
- Types of Financing: Loans, guarantees, and equity investments (typically DKK 5–200 million for scalable ventures). Includes hands-on support via co-investments with business angels and funds.
- Eligibility Criteria: Danish-registered companies with viable growth plans; priority for high-potential, innovative, or export-oriented firms. Must demonstrate scalability and alignment with Danish strengths (e.g., tech, green tech).
- Target Beneficiaries: Startups, SMEs, and larger firms in sectors like cleantech, biotech, defense, quantum tech, and space. Open to all sizes, with focus on underrepresented areas like creative/cultural businesses.
- Application Process: Submit via EIFO's online portal or contact advisors for tailored assessment. Decisions based on business plan, financials, and impact potential.
- Specific Examples/Focus Areas (2025):
Equity in startups: €2.4M to Dropla Tech (Danish Ukrainian AI defense tech for threat detection/demining); US$5M to D3 (defense tech fund with Ukraine focus).
Sector-specific: Up to DKK 300M in loans/guarantees for creative/cultural businesses via EU InvestEU partnership (interest reductions up to 4%).
Recent fund: Led €300M Quantum Technology Fund (55 North), co-anchored with Novo Holdings; first investments in Finland/Germany quantum tech.
In 2024, EIFO committed DKK 1.1B under related green mandates, with similar activity expected in 2025.
Export Credit and Financing for Foreign Buyers
Enables Danish exporters to offer competitive credit terms to international clients, boosting sales of Danish goods/services.
- Types of Financing: Buyer credit guarantees (partial/full), project financing, and long-term loans arranged with banks.
- Eligibility Criteria: Purchases of Danish-origin goods/services requiring extended repayment (e.g., 5+ years); transactions must support Danish export competitiveness.
- Target Beneficiaries: Foreign buyers (private/public) and Danish exporters in global markets, especially green tech value chains.
- Application Process: Danish supplier initiates via EIFO portal; EIFO assesses risks and structures with a bank. Fast-track for green projects.
- Specific Examples/Focus Areas (2025):
Green exports: DKK 3.4B financing for Greater Changhua Offshore 1 wind farm (Ørsted/Siemens Gamesa in Taiwan).
Offshore wind: £500M project finance guarantee for Iberdrola’s UK wind project.
General: Supports "Danish Bacon" exports to UK via buyer guarantees.
By 2025, EIFO expects DKK 1.7B allocated for large-scale green demos like PtX and CCUS.
Insuring International Transactions
Protects Danish companies from risks in global trade and investments.
- Types of Financing: Credit insurance, political/commercial risk coverage (e.g., non-payment, expropriation).
- Eligibility Criteria: International contracts with identifiable risks; must involve Danish exports/investments.
- Target Beneficiaries: Danish exporters and investors operating abroad.
- Application Process: Apply pre-transaction via EIFO's risk assessment tool; coverage tailored to deal size.
- Specific Examples/Focus Areas (2025): Broad coverage for green transitions and high-risk markets; integrates with export credits for bundled protection.
Green Investment Support Scheme (GISS) 2025
A targeted grant/loan program for Denmark's renewable energy ecosystem, administered by EIFO under the 2025 Finance Act.
- Types of Financing: Grants (up to 40% of project costs), loans, and investments.
- Eligibility Criteria: Projects advancing wind/PtX tech; must be in Denmark and demonstrate innovation/export potential.
- Target Beneficiaries: Producers of wind turbines/electrolyzers, component manufacturers, and critical raw materials extractors/processors.
- Application Process: Online forms/terms available on EIFO's site; rolling applications with assessments based on green impact and feasibility.
- Specific Examples/Focus Areas (2025): Total budget ~DKK 657M (DKK 500M new + carryover); supports scaling of Danish green tech for global markets.
Ukraine Support Facility
Specialized program for exports/investments aiding Ukraine's reconstruction, enhanced via EU partnerships.
- Types of Financing: Long-term loans/guarantees (up to EUR 65M additional in 2025); 40% grants for state buyers.
- Eligibility Criteria: Danish exports to Ukraine for critical infrastructure/private sector; commercial/semi-commercial terms.
- Target Beneficiaries: Ukrainian buyers (private/state) and Danish exporters in reconstruction projects.
- Application Process: Via EIFO's Ukraine desk; first EU-backed deal (EUR 20M) signed in 2025.
- Specific Examples/Focus Areas (2025): 18+ projects financed to date; focuses on economic ties for EU accession.
Additional Notes
- Market Trends (2025): EIFO's "From Startup to Scaleup 2025" report notes a decline in VC for Danish startups/SMEs in H1 2025, making EIFO's state-backed options more vital.
- ESG Integration: All programs adhere to Equator Principles; strong emphasis on sustainability.
- Contact: Visit eifo.dk/en for applications/advice. For tailored queries (e.g., space/defense), contact EIFO directly.
Danish Business Authority
The Danish Business Authority (Erhvervsstyrelsen) is a key government agency under Denmark’s Ministry of Industry, Business, and Financial Affairs, responsible for fostering business growth, regulating the business environment, and overseeing foreign direct investment (FDI) screening. It supports companies by providing resources, digital tools, and regulatory frameworks to ensure Denmark remains a top destination for business, ranking 1st in Europe for ease of doing business.
Key Functions Relevant to Investment
Foreign Direct Investment (FDI) Screening:
- Administers Denmark’s Investment Screening Act (Act No. 842 of 10/05/2021, amended 2023), ensuring FDI in critical sectors (e.g., defense, critical infrastructure, sensitive tech) aligns with national security.
- Mandatory Authorization: Required for non-EU/EFTA investors acquiring ≥25% of a Danish company in sensitive sectors (e.g., defense, IT security, critical tech like AI/quantum).
- Voluntary Notification: Investors can seek approval for other sectors to avoid later scrutiny.
- Process: Submit applications via businessindenmark.virk.dk. Review takes ~3 months; may involve the Danish Security and Intelligence Service.
- 2025 Update: Stricter rules proposed for investments in critical minerals and emerging tech, with public consultation ongoing (deadline 01/11/2025).
Business Support and Registration:
- Manages company registration (e.g., ApS, A/S) via the Central Business Register (CVR).
- Offers digital tools for startups, SMEs, and foreign investors, including guides on tax, VAT, and compliance.
- Provides Business in Denmark platform, a one-stop portal for foreign companies with free advice on setup, permits, and incentives.
Innovation and Funding:
- Administers programs like Innovation Fund Denmark, supporting R&D in tech, green transition, and life sciences.
- Partners with EIFO (Export and Investment Fund of Denmark) to streamline financing for startups and scale-ups.
Regulatory Oversight:
- Ensures compliance with EU and Danish regulations (e.g., anti-money laundering, corporate governance).
- Supports green transition through frameworks for sustainable business practices.
Contact and Resources
- Website: erhvervsstyrelsen.dk (Danish) or businessindenmark.virk.dk (English for FDI and setup).
- FDI Contact: fdi@erst.dk for screening inquiries.
- Key Tools: Online CVR portal for registration; Business Hub for free advisory services.
- Physical Office: Langelinie Allé 17, 2100 Copenhagen Ø, Denmark.
2025 Context
- The Authority is enhancing FDI screening for green tech and critical minerals, aligning with Denmark’s leadership in renewables (e.g., wind, PtX).
- Recent focus on simplifying compliance for SMEs and startups via digital platforms.
Maj Invest
Maj Invest is one of Denmark's largest independent investment houses, founded in 2005 and headquartered in Copenhagen. It specializes in knowledge-driven investment solutions, emphasizing deep analysis of economic fundamentals, global trends, and business models. The firm serves a diverse client base, including institutional investors (e.g., pension funds and life insurers in Denmark, Europe, and North America), professional clients, wealthy individuals, companies, foundations, and retail investors in Denmark. Employees are co-owners and invest their own capital alongside clients, aligning interests. With over 100 professionals focused on research and client service, Maj Invest prioritizes long-term, risk-adjusted returns and sustainability.
As of the latest available data (year-end 2023/early 2025 estimates), Maj Invest manages approximately USD 16.2 billion in assets under management (AUM) across its divisions, though recent market shifts led to a temporary AUM decline in 2024 due to institutional reallocations. The firm operates internationally with registrations in the US (SEC), Canada, Luxembourg, and offices/representations in London, Peru, and India.
History and Milestones
Maj Invest has grown steadily since its inception, expanding from Danish-focused funds to global private equity and sustainable investments:
Key Services and Investment Strategies
Maj Invest operates through three main divisions, offering tailored solutions for complex needs:
Asset Management (Maj Invest Asset Management):
- Provides discretionary management and advisory on listed equities, bonds, and portfolios.
- Strategies: Global Value Equities (focus on undervalued stocks with strong fundamentals), fixed-income, and climate-themed products (e.g., green bonds, Net Zero 2050).
- Products: Mutual funds like Investeringsforeningen Maj Invest (Denmark), Maj Invest Funds (Luxembourg), and US-based Global Value Equities Fund LP and Collective Investment Trust.
- Clients: Primarily institutions; also wealth management for high-net-worth individuals (assets > DKK 1.5M get personalized advice).
- Performance Example: Maj Invest Danske Aktier fund ranked 4/41 in Danish equities sector as of May 2025, with allocations in industrials (27.5%), financial services (26.2%), healthcare (20.8%), and tech (6.1%).
Private Equity (Maj Invest Equity):
- Focuses on minority investments and venture capital in unlisted companies, targeting small- to mid-sized firms.
- Strategies: ESG-integrated investments in life sciences, technology, energy transition, and financial inclusion (microfinance in emerging markets like Asia, Latin America, Africa, and Middle East).
- Funds: Maj Invest Equity Denmark (Danish unlisted stocks), Maj Invest Minorities (minority stakes), Maj Invest Financial Inclusion (3 funds with 12 portfolio companies as of 2023), and Maj Invest Energy Transition I.
- Approach: Co-invests with vetted partners; proprietary sourcing; 194 total investments to date, including recent deals in healthcare (e.g., MedGenome) and defense tech.
Banking and Retail Services (Maj Invest Bank):
- Offers digital and personal advisory via the Maj World platform for Danish retail clients (digital for > DKK 100K assets).
- Focus: Long-term savings and investments, integrated with the group's expertise.
Overall, strategies emphasize sustainability (ESG core to all divisions), ethical practices, and global diversification. The firm adheres to Equator Principles and targets the green transition, aligning with Denmark's renewable energy leadership.
2025 Outlook
In 2025, Maj Invest continued its "clear mission to grow" amid market volatility, with CEO Jeppe Christiansen highlighting resilience in ESG and tech themes. AUM stabilization is expected through new ETFs and private equity commitments. The firm benefits from Denmark's investor-friendly environment, including Aktiesparekonto (ASK) accounts with 17% capital gains tax (up to DKK 166,200 limit). Partnerships with global managers like NEI Investments enhance responsible investing access.
Contact and Resources
- Website: majinvest.com/en (English); Danish resources at majinvest.dk.
- Address: Gammel Kongevej 60, 1790 Copenhagen V, Denmark.
- Phone/Email: +45 70 20 23 00; info@majinvest.dk (general inquiries); assetmanagement@majinvest.dk (institutions); equity@majinvest.dk (private equity).
- Key Contacts: Jeppe Christiansen (CEO); investor relations via website form.
- Additional Tools: Socio-economic insights from Kraka Economics; fund performance trackers on Morningstar or Citywire.
For personalized advice, sector-specific funds (e.g., energy transition), or performance data, visit their site or provide more details on your investment goals.
Maj Invest Net Zero 2050 Fund
The Maj Invest Net Zero 2050 is an actively managed equity mutual fund launched in 2022 as part of Investeringsforeningen Maj Invest (Maj Invest's Danish mutual fund structure). It forms a key pillar of Maj Invest's sustainability-focused offerings, aligning with the firm's emphasis on ESG integration and the global green transition. The fund targets long-term capital appreciation by investing in companies driving the shift to a net-zero emissions world by 2050, in line with the Paris Agreement. It is classified under Article 8 of the EU's Sustainable Finance Disclosure Regulation (SFDR), promoting environmental and social characteristics without committing to a sustainable investment objective.
As of October 2025, the fund operates globally with a concentrated portfolio, emphasizing thematic exposure to climate solutions while adhering to strict exclusions. It complements other Maj Invest green products like Grønne Obligationer (green bonds) and Maj Invest Planet & People for diversified sustainable investing.
Investment Objective and Strategy
- Objective: Generate superior long-term returns compared to the global equity market benchmark (e.g., MSCI World Index), with a focus on reducing carbon exposure over time. The fund aims for net-zero alignment by 2050 through active stewardship and portfolio tilting toward low-carbon leaders.
- Strategy:
Thematic Focus: Invests in companies integral to green value chains, including renewable energy (e.g., solar, wind), energy efficiency, sustainable transportation (e.g., EVs, batteries), green buildings, and carbon capture/utilization/storage (CCUS).
Portfolio Construction: 25–50 high-conviction global stocks, selected via bottom-up fundamental analysis. Up to 30% allocation to smaller-cap or emerging green innovators for growth potential.
Active Management: Portfolio managers engage with companies on ESG improvements, using proprietary carbon intensity metrics to tilt toward low-risk profiles. Diversified across regions (heavy in Europe/North America) and sectors.
Benchmark: MSCI World Net Zero 2050 Index or similar, with outperformance targeted through stock selection.
- Expected Risk/Return: Higher volatility than broad global equity funds due to thematic concentration; suitable for investors with a 5+ year horizon and moderate-to-high risk tolerance.
Sustainability and ESG Integration
The fund embeds sustainability at its core, with robust screening and metrics:
Carbon Metrics (as of latest Morningstar data, Q3 2025):
- 48.4% involvement in carbon solutions (e.g., renewables, efficiency tech)—significantly above the 10.9% peer average in Global Flex-Cap Equity category.
- 8.2% exposure to fossil fuels (thermal coal, oil, gas revenue)—above the 6.0% peer average but actively managed downward.
- Asset-weighted Carbon Risk Score: 9.9 (low risk; scale 0–100, lower is better).
Exclusions: Avoids or limits exposure to controversial weapons, tobacco, thermal coal, and high-carbon emitters. Norm-based screening excludes companies violating UN Global Compact principles.
Alignment: Supports UN PRI (Principles for Responsible Investment) and TCFD (Task Force on Climate-related Financial Disclosures). Managers vote proxies and engage on climate targets.
Performance and Key Metrics (as of October 2025)
Performance data is net of fees, in DKK, with dividends reinvested. The fund has shown resilience in volatile markets, benefiting from green tech rallies.
Volatility (1-Year Std. Dev.): 14.2% (vs. benchmark 13.8%).
Max Drawdown (YTD 2025): -8.5% (during Q2 market dip).
Sharpe Ratio (3-Year): 0.62 (indicating solid risk-adjusted returns).
Recent Context: Q3 2025 gains driven by EV and renewables; underperformed in H1 due to energy sector rotation.
Fees and Accessibility
Ongoing Charges:
- Class KL (institutional/retail): 1.35%.
- Class W (wholesale/institutional): 0.65%.
Other Fees: No performance fee; entry/exit fees up to 1%/0% (waivable).
Minimum Investment: DKK 100,000 (retail); lower for advisory clients.
Share Classes: Available in DKK; UCITS-compliant for EU distribution.
Fund Size: ~DKK 182 million (combined classes; up ~15% YoY from inflows).
Key Holdings and Portfolio Composition (Top 10 as of September 2025)
The portfolio is ~35 holdings, with 60% in large-cap leaders and 40% in mid/small-caps.
- Sector Breakdown: Industrials/Renewables (45%), Tech/Efficiency (25%), Consumer Discretionary/Transport (15%), Utilities (10%), Other (5%).
- Geographic: Europe (55%), North America (35%), Asia (10%).
Risks and Considerations
- Market Risks: High sensitivity to policy changes (e.g., subsidies, carbon pricing) and commodity prices; green tech valuation bubbles.
- Concentration Risk: Limited diversification (25–50 stocks) amplifies stock-specific volatility.
- Liquidity: Mid/small-cap holdings may face lower liquidity.
- Currency: Unhedged global exposure adds FX risk for DKK investors.
- Outlook: Positive for 2025–2030 due to EU Green Deal and IRA tailwinds, but short-term headwinds from interest rates.
How to Invest and Contact?
- Access: Available via Maj Invest's platform, Danish banks/brokers, or international distributors (UCITS). Suitable for Aktiesparekonto (ASK) tax-advantaged accounts.
- Application: Contact advisors for personalized fit; prospectus and KIID available on majinvest.dk.
- Resources: Track via Morningstar, Citywire, or Yahoo Finance (ticker: MAJNZ.CO).
- Contact: Maj Invest, Gammel Kongevej 60, 1790 Copenhagen V, Denmark. Phone: +45 70 20 23 00; Email: info@majinvest.dk. Fund managers: Kasper H. Nielsen (lead).
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