Argentum presents great results after significant realizations
In 2022, Argentum achieved a profit of 1.2 billion Norwegian kroner after significant realizations in the portfolio. The return on the company’s investment portfolio in active ownership funds was 10.2 percent before own costs and 9.7 percent after own costs in 2022.
“In a year marked by increased uncertainty in the financial markets, private equity continues to perform well. Argentum continues to deliver very good results, providing returns and dividends to the state, which is the company’s owner. The reason behind this is the experience and expertise of the team, in addition to the position Argentum has built up over many years,” says Espen Langeland, CEO of Argentum.
Langeland took over the leadership role in the company in June after serving as acting CEO since the fall of 2022. This provides continuity in Argentum, which is crucial for the potential to continue creating value, according to Chairman Bjørn Erik Næss:
“The board is very pleased with how Argentum, under Espen Langeland’s leadership as acting CEO, has developed the company. He has been with the company for over 20 years, and along with the rest of the team’s experience, this knowledge and trust in the market are crucial for the ability to continue delivering good results,” says Næss.
“Furthermore, under Langeland’s leadership, the company has strengthened the investment platform and the team, and this has already yielded positive results,” says Næss.
“We create value through investments in active ownership funds, which in turn contribute to the success of growth companies in various industries in their markets. When these companies grow and deliver good results, it provides a return on our investments. We can take a long-term perspective and therefore handle short-term uncertainty. This is why private equity stands up well in challenging times,” says Langeland.
So far, 2023 appears to be a robust year in private equity.
“These are good times for making investments. We believe that private equity is well equipped to invest and create value in a world that requires adaptation to both new value chains and new solutions in light of the move towards a greener future. In the short term, we see fewer IPOs, but we still experience good activity in the acquisition market and expect a number of transactions ahead. There are lower entry prices and opportunities to make good investments in the secondary market,” says Langeland.