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HitecVision has acquired its knowledge of the European energy industry by focusing exclusively on this industry for more than 40 years, first as a part of the industry, and later as an investor in the industry. The company continues to build its teams by recruiting from the industry and finance. HitecVision’s history can be divided into four distinct phases:
The history of HitecVision goes back to 1985 when the firm’s predecessor company Hitec AS was established as a supplier of control systems and instrumentation to the drilling industry. Our CEO Ole Ertvaag was recruited as the fast-growing company’s first CFO in 1989, and led Hitec’s IPO in 1994. During the 1990s the team established a strong track record of acquiring, developing and spinning out oil service and related technology companies, as well as organic growth and international expansion of the drilling technology business.
In 2000, Hitec’s drilling technology business was sold to National Oilwell (now National Oilwell Varco) and the company was taken private. Ole Ertvaag and others founded HitecVision to act as a holding company to manage a legacy portfolio of 14 Hitec companies that were not part of the National Oilwell transaction. This portfolio was further developed and partly realised over the next five years, before being demerged in 2005 as Hitec Industries, a separate entity with other owners and management.
HitecVision raised its first institutional private equity fund, HitecVision III (NOK 690 million/USD 100 million) in 2002. (The numeration in recognition of Hitec and the legacy portfolio being the first two investment vehicles.) Following the success of that fund, the firm in 2005 decided to focus on its private equity business, and Pål M. Reed joined as founder for the new phase. The legacy portfolio was divested, and the transformation to a pure private equity firm was complete. The firm raised HitecVision IV (USD 300 million) in 2006, HitecVision V (USD 816 million) in 2008, HitecVision Asset Solutions (USD 420 million) in 2010, and HitecVision VI (USD 1,546 million) in 2011.
HitecVision continues to pursue its strategy to be a leading sector-focused private equity investor. HitecVision VII (USD 1,900 million) was raised in 2014 and HitecVision North Sea Opportunity Fund (USD 658 million) in 2019, both with a focus on larger investments in companies that combine relatively secure cash flows with significant upside potential, such as energy infrastructure or larger E&P companies.
Since 2019 HitecVision has focused its new investment activity on the energy transition, and in 2022 we raised HitecVision New Energy Fund (EUR 877 million). Erlend Basmo Ellingsen has been central in driving the strategic shift from oil and gas towards the energy transition. To further strengthen and expand our New Energy Program, he assumed the role of Managing Partner and CEO in 2024. The successor fund New Energy Fund 2 (EUR 1,471 million) was closed early 2025, and combined with co-investments raised during the same period, the New Energy Program has more than EUR 3 billion in capital to be invested towards building profitable companies for the low-carbon future.
Today’s complex energy markets offer an attractive environment for private equity investments with the right model and competence. We have always remained true to our focus on the energy sector only, and believe that this discipline is one of the keys to our success.
