Investment Funds
Summa operates two funds that invest in infrastructure in Iceland as well as a few private equity funds. The infrastructure funds are almost exclusively financed by Icelandic pension funds, while the private equity funds are financed by both Icelandic Pension Funds as well as other large investors in the Icelandic market.
Innviðir fjárfestingar slhf
Summa’s first infrastructure fund, Innviðir fjárfestingar slhf., was founded in 2015. The fund’s largest assets are in HS Veitur, which provides heating and distribution of cold water and electricity in Iceland, and in Iceland Stock Exchange hf. The fund’s investment period ended in mid-2021, but the fund can continue to support current assets.
Innviðir fjárfestingar II slhf.
The second infrastructure fund, Innviðir fjárfestingar II slhf., was established in February 2022. The fund is about 11 billion, intended to invest in equity capital. The fund’s investment capacity is significantly greater through co-investments. The fund’s first investment was in Mila, the largest telecom network infrastructure company in Iceland. The fund invested 4% and three Icelandic pension fund co-invested 6% with the fund. Other investor, 90%, is an infrastructure fund managed by Ardian a French asset management company.
Summa manages the investment of Icelandic pension funds and other investors through other private equity funds. The main private equity funds are Bakkastakkur slhf. which invests in a silicon metal plant in northern Iceland and Sunnuvellir slhf., which invests in solar silicon technology.