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Novo Holdings A/S
Founded in 1999, Novo Holdings A/S is the wholly-owned asset-management arm of the Novo Nordisk Foundation, which controls the majority voting rights in...
Novo Holdings A/S
Founded in 1999, Novo Holdings A/S is the wholly-owned asset-management arm of the Novo Nordisk Foundation, which controls the majority voting rights in Novo Nordisk A/S and Novozymes A/S. The firm does not operate as a traditional family office; it is a professionalized investment organization that manages the foundation's diversified portfolio. The strategy spans three core pillars: private equity (direct and fund investments), public equities (active and passive), and venture capital, with a strong emphasis on life sciences and healthcare. The firm also invests in climate, industrials, and technology. Known portfolio holdings include Zealand Pharma, Ascendis Pharma, and a stake in the Danish pharmaceutical company Lundbeck (per public record, 2024). Geographic footprint covers Europe, North America, and select Asian markets through offices in Hellerup, Boston, London, San Francisco, Singapore, and Shanghai. With over 200 professionals across six offices, Novo Holdings reported roughly $108B in assets under management as of 2025 (per the firm). In 2024, the firm completed the acquisition of a majority stake in the Danish pension-fund manager PFA's private equity portfolio (per Bloomberg, 2024). Adjacent vehicles include the Novo Nordisk Foundation itself, which directs philanthropic grants separately from Novo Holdings' investment operations. A structural differentiator: Novo Holdings acts as a captive investment engine for a foundation that controls two of Denmark's largest companies, but its mandate extends well beyond managing those concentrated stakes. It operates as a diversified global asset manager with the patient capital and long-term horizon of a foundation-linked entity, distinct from both typical family offices and conventional fund managers.
General information
Firm type
Asset Manager
Year founded
1999
AUM
108,000 (per firm, 2025)
Location
Region
Europe
Country
Denmark
City
Hellerup
Corporate office
Hellerup, Denmark
Additional offices
Boston, United States · London, United Kingdom · San Francisco, United States · Singapore, Singapore · Shanghai, China
Principals
Kasper Videbæk
Chief Investment Officer, Novo Holdings
Henrik Gürtler
Senior Partner, Novo Holdings
Sector focus
Frequently asked questions
Who controls Novo Holdings?
Novo Holdings is wholly owned by the Novo Nordisk Foundation, which controls the majority voting rights in Novo Nordisk A/S and Novozymes A/S. The foundation's board appoints the board of Novo Holdings. This structure separates the philanthropic mission of the foundation from the commercial asset management operations.
Does Novo Holdings operate as a single family office?
No. Novo Holdings is a professionally managed investment company acting as the asset management arm of the Novo Nordisk Foundation. It is not a family office for any individual; rather, it manages the foundation's portfolio with a fiduciary duty to support the foundation's charitable purposes.
What is the investment strategy of Novo Holdings?
The firm allocates capital across private equity, public equities, and venture capital, with a particular focus on life sciences and healthcare. It also invests in climate tech, industrials, and technology. The private equity team makes direct investments and fund commitments, while the public equities team manages listed holdings including the core Novo Nordisk and Novozymes stakes.
Does Novo Holdings invest in venture capital?
Yes, Novo Holdings has a dedicated venture capital arm that invests in early-stage life sciences and health technology companies. It has a track record of backing European biotech and health startups, often leading or participating in Series A and B rounds.
What is the relationship between Novo Holdings and the Novo Nordisk Foundation?
The Novo Nordisk Foundation is the sole shareholder of Novo Holdings. The foundation uses the returns generated by Novo Holdings' investment portfolio to fund philanthropic activities, primarily in medical research and health. Novo Holdings manages the foundation's assets, including the controlling stakes in Novo Nordisk and Novozymes.
How large is Novo Holdings' portfolio?
As of 2025, Novo Holdings reported approximately $108 billion in assets under management (per the firm). This includes both the concentrated holdings in Novo Nordisk and Novozymes as well as a diversified portfolio of private and public investments.
Where does Novo Holdings invest geographically?
The firm has investment offices in Hellerup (headquarters), Boston, London, San Francisco, Singapore, and Shanghai. Its investment focus is global, with a significant presence in Europe and North America, and growing activity in Asia.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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