History

Transformation to Private Equity
In 2000, Hitec was taken private. The original drilling technology part of the business was sold to National Oilwell, and HitecVision was established under the management of Ole Ertvaag and Ola Sætre to manage the legacy portfolio of other companies. In 2002, we launched the NOK 690 million (USD 100 million) Energivekst fund, our first fund with external investors. (This fund was since renamed HitecVision III - the numeration in recognition of the fact that our first two investment vehicles were Hitec and HitecVision). All investments in HitecVision III were fully exited by mid 2009, within the original seven-year term of the fund.

In 2005, the remaining part of the legacy portfolio was spun off, and HitecVision continued as a pure private equity fund manager. In 2006 we raised a new fund: HitecVision Private Equity IV, with a committed capital base of USD 300 million. The fund is fully invested. HitecVision V, with a commited capital base of USD 816 million, was raised in 2007/2008 and has made nine investments to date. In June 2010, HitecVision announced the final closing of HitecVision Asset Solutions, a USD 420 million fund which invests in companies in the asset-intensive side of the oil service industry.