By the end of 2024, 59% of Novo Holdings Investment Assets Portfolio was allocated to Life Science Investments and 41% to Capital Investments.
Throughout the year, Novo Holdings continued to operate within the agreed risk tolerance framework established with the Novo Nordisk Foundation, ensuring that risk and return considerations remained aligned with the Foundation’s projected grant payouts. As Novo Holdings Strategy 2030 is implemented, the risk tolerance agreed with the Foundation remains unchanged.
By the end of 2024, the Investment Assets Portfolio was valued at DKK 229 billion and is predominantly allocated towards equity, with 47% representing private equity and 22% public equity. The real assets portfolio represented 10% of the Investment Assets Portfolio, venture capital represented 10%, credit 6%, and bonds and cash 5%.
The geographical representation of the Investment Assets Portfolio shows that 50% of the portfolio was based in Europe by year-end, compared to 67% by the end of 2023, whereas the share of the portfolio compared by North America has increased from 31% by end of 2023 to 47% by end of 2024.
By the end of 2024, approximately 70% of the Investment Assets Portfolio was represented by direct investments, whereas 28% was managed by external managers. This split was largely unchanged from the end of 2023.
For nearly 25 years, Novo Holdings has invested in the life sciences sector. Initially spearheaded by Venture Investments, this focus and effort has developed, with the addition of Seed, Growth, Principal and Planetary Health Investments Teams and a dedicated team for Asia Investments. Today Novo Holding invests across the full continuum of the life sciences sector, from early start-ups to global, well-established companies.
