Investing to benefit people and the planet

The holding and investment company of the Novo Nordisk Foundation

About us
Holdings and investments

Novo Holdings is a holding and investment company that is responsible for managing the assets and wealth of the Novo Nordisk Foundation, one of the world’s largest enterprise foundations.

Novo Holdings is the controlling shareholder of Novo Nordisk and Novozymes (the Novo Group companies) and manages an investment portfolio with a long-term return perspective. Novo Holdings invests in life science companies at all stages of development and, in addition, manages a broad portfolio of equities, bonds, real estate and infrastructure assets as well as private equity investments.

As of year-end 2023, Novo Holdings had Total Assets under Management of DKK 1,114 bn (149 bn). For more information, read our annual report.

Download our annual report

Our investment areas

Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people’s health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation.

Kasim Kutay

“We are committed to better healthcare and a greener future. We invest to promote groundbreaking solutions in healthcare and bio-sustainability."

Kasim Kutay

CEO, Novo Holdings

Novo Holdings closed 2023 with Total Assets under Management of €149 billion

“The strong performance of our Investment Portfolio, coupled with our diversification efforts, and the continued growth of the Novo Group companies led to 9.4% returns in 2023, which is above industry benchmarks. By generating attractive long-term returns, Novo Holdings enables the growth of the Novo Nordisk Foundation’s grant-giving capacity in medical, scientific, and humanitarian fields.” - Kasim Kutay, CEO of Novo Holdings.

Who we are

We operate from offices in Copenhagen, London, San Francisco, Boston, Singapore and Shanghai.

We recruit candidates from diverse backgrounds who embrace a culture of high performance with respect and responsibility. Read more about our diversity policy.

Meet us

Investment Regions

Our guiding principles

Values Driven

A values-based company:

  • We strive for high performance with respect and responsibility

  • Leading by example

Ambitious Strategy

  • Return Driven

  • Life Science Allocation

  • Diversified Capital Investments Allocation

  • Significant Direct Investments

Excellence in operations

  • Ensuring solid foundations for success

  • Talent Nurture & Development

  • Governance & Processes

  • Strong collaboration and cohesion


"To be a leading responsible investor, recognised for delivering strong financial returns and positive societal impact"

Responsible Investments at Novo Holdings

We aspire to be catalysts for change by investing in companies that – like Novo Holdings – believe that we have a responsibility to alleviate the pressing challenges facing human and planetary health.

Read more

Annual review


Total Assets under Management by the end of 2023


5-year average annual return on the Investment Portfolio


Return on the Investment Portfolio in 2023

Go to performance report

Latest news and reports