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 the wealth of the Novo Nordisk Foundation, one of the world’s largest enterprise foundations.
Novo Holdings is the controlling shareholder of Novo Nordisk and Novonesis (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 2025, Novo Holdings had Total Assets under Management of DKK 694 billion (EUR 93 billion).
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.
“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 posts record Total Income and Investment Returns of DKK 20 billion (EUR 2.7 billion) in 2025.
"Novo Holdings delivered a strong 9.2% CER return in 2025 despite significant market volatility. With increased asset and geographic diversification across our investment portfolio, we believe we are well positioned to continue generating attractive long-term returns in support of the Novo Nordisk Foundation’s purpose of improving people’s health and the sustainability of society and the planet.” - Kasim Kutay, CEO, Novo Holdings
Who we are
We operate from offices in Copenhagen, London, San Francisco, Boston, Singapore, Shanghai and Mumbai.
We recruit candidates from diverse backgrounds who embrace a culture of high performance with respect and responsibility. Read more about our diversity policy.
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
Aspiration
"To be a leading responsible investor, recognised for delivering strong financial returns and positive societal impact"
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.
Annual Review
694
bn
Total Assets under Management
8.6%
10- year average annual return on the Investment Portfolio
2.3%
Return on the Investment Portfolio in 2025
News
07/6/2026
Novo Holdings portfolio company Myricx Bio agrees to be acquired by Novartis
News
06/5/2026
HST Pathways Announces Strategic Growth Investment from Novo Holdings
News
06/1/2026
Novo Holdings portfolio company Hemab Therapeutics completes successful Nasdaq IPO
News
05/26/2026
Novo Holdings announces acquisition of portfolio company LimmaTech Biologics by Lilly