Haf Investments
The fund was founded in February 2023 and is a fully funded ISK 10 billion private equity fund which invests across the seafood industry value chain.
Seafood Sector Investment Fund
Haf Investments was founded in February 2023. It is a fully funded ISK 10 billion private equity fund which invests across the seafood industry value chain. The investment capacity is however considerably higher through a co-investment incorporated in the fund’s structure. The main focus is on growth stage investment opportunities in Iceland as well as other areas by the Arctic Circle such as Norway, North America, Greenland and Faroe Islands. The fund aims to be the majority owner, but can also invest in minorities with strong minority protection so that the fund is in a position to influence the progress and management of the company in question.
Investment
The fund‘s investment strategy covers the seafood value chain from raw material supply to seafood technology, infrastructure, biotechnology and marketing. The emphasis is on value creation by leveraging on industry know-how, economies of scale and synergies. Investments will be distributed among five categories within the seafood and marine sector.
Raw Material: Farmed fish, wild catch and processors
Seafood Technology: Seafood technology innovation. Optimizing raw material use, saving energy and water
Services & Infrastructure: Fast growing salmon farming industry calls for investments in services and infrastructure
Sales & Advisory: Sales and marketing applying economies of scale in export and marketing of seafood
Biotechnology: Biotechnology built on seafood produce - Eliminating waste and maximizing value creation
The portfolio
An agreement to acquire NP Innovation AB was signed in February 2025. The Swedish company, headquartered in Malmö, is specialised in water treatment solutions for aquaculture. The success of fish farming is totally dependent on the water quality and securing good water conditions is essential to allow for good fish health and high production yield.
The company was founded in 2011 by Nils-Åke Persson, who remains a shareholder after the purchase.
The fund acquired a 53% share in Thor Landeldi ehf. in August 2023. The company is constucting a hatchery and developing a 25-thousand-ton salmon farm in Thorlákshöfn. The 25 hectare site at Laxabraut in Thorlakshöfn is perfectly suited for salmon farming on-land with abundance of fresh water and lava-filtered ground sea. The site is close to logistic hubs and a 45-minute drive from Reykjavik.
The founders are Jonatan Thordarson, Thordur Thordarson and Halldor Gislason, which are a highly experienced team with decades of experience in salmon farming. Co-investors include Frank Yri and Alex Vassbotten - experienced Norwegian investors and CCO and Chairman of Seaborn respectively.
The fund acquired a 41% share in Kapp ehf. in September 2023. The company is specialised in refrigeration technologies and cooling solutions for the fishing industry, which is a key factor in the quality of seafood. It additionally is a frontrunner in the development of environmental refrigerants and solutions in the seafood sector. The company has been growing steadily, both organically and through acquisitions of Raf, Optimar Iceland and Stáltech. Kapp acquired the operations of Skaginn 3X in 2024 and the Seattle based company Kami Tech.
Kapp was founded in 2007 by Freyr Friðriksson.
The fund invested in the Norwegian biotechnology company Regenics AS in July 2024. The Norwegian biotech company manufactures wound treatment products from salmon and trout roe that accelerate the recovery of burn and chronic wounds. The acquisition is made through the company Nordic Blue hf. in collaboration with other investors.
Cooperation with UR Seafood
UR Seafood (Útgerðarfélag Reykjavíkur) is a cornerstone investor and an advisor to the fund. The company holds 3,5% of the current allocated quota in Icelandic waters and holds a 44% share in Brim, Iceland’s largest quota holder. Through an advisory agreement, UR Seafood’s representatives play a central role in the Investment Team of IS Haf and bring extensive knowledge of the seafood industry to the evaluation of investment targets.
Sustainability and environmental impact
The fund has a strong focus on sustainability and will integrate environmental, social and governance issues (ESG measures) into decision-making and through active ownership. The fund sets measurable ESG parameters for each investment and reports ESG key figures quarterly to its shareholders.
Investment Team and Advisory Board
Investment team
Kristrún Auður Viðarsdóttir
Fund Manager - Alternative Investments
Brynjólfur Gísli Eyjólfsson
Fund Manager - Alternative Investments
Gunnar Rúnar Gunnarsson
Executive director of business development at UR Seafood
Runólfur Viðar Guðmundsson
CEO of UR Seafood.
Investment Advisory Board
Guðbjörg Heiða Guðmundsdóttir
CEO of Vörður Insurance
Hermann Kristjánsson
Founder and CEO of Vaki Aquaculture Systems from 1986 to 2016
Hildur Hauksdóttir
Sustainability officer for Fisheries Iceland (SFS)
Hilmar Kjartansson
Emergency physician, entrepreneur and co-founder of Kerecis
Runólfur Viðar Guðmundsson
CEO of UR Seafood.
Investors
The shareholders in the fund are Icelandic pension funds, US Seafood and Brim, bringing together wealth of experience in fund financing and seafood expertise.
- UR Seafood
- 20.0%
- Birta Pension Fund
- 20.0%
- LSR
- 20.0%
- Frjálsi Pension Fund
- 14.9%
- Almenni Pension Fund
- 10.0%
- Brim
- 7.6%
- Icelandic Airline Pilots Pension Fund
- 2.0%
- Lífeyrisauki – Arion Bank’s Pension Fund
- 2.0%
- Farmers Pension Fund
- 1.0%
- Íslandsbanki Pension Services
- 1.0%
- Vörður - Insurance
- 1.0%
- Rangæingar Pension Fund
- 0.5%
Contact information
Kristrún Auður Viðarsdóttir
Fund Manager - Alternative Investments
Brynjólfur Gísli Eyjólfsson
Fund Manager - Alternative Investments