{"id":6462,"date":"2026-09-09T22:55:05","date_gmt":"2026-09-09T20:55:05","guid":{"rendered":"https:\/\/www.norban.no\/?post_type=norban_kb&#038;p=6462"},"modified":"2026-10-13T11:10:54","modified_gmt":"2026-10-13T09:10:54","slug":"exit-routes-for-norwegian-angels","status":"publish","type":"norban_kb","link":"https:\/\/www.norban.no\/no\/knowledge\/investing\/exit-routes-for-norwegian-angels\/","title":{"rendered":"Exitmuligheter for norske engleinvestorer \u2013 et realistisk bilde"},"content":{"rendered":"<h2 class=\"wp-block-heading\">Veiene ut, og hvor vanlige de er<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Et salg gj\u00f8r investeringen til kontanter. Lovlige utbytter, tilbakekj\u00f8p og utdelinger ved avvikling kan ogs\u00e5 gi penger tilbake. Vurder sannsynlige veier ut n\u00e5r du investerer, inkludert at avvikling eller konkurs kan gi lite eller ingenting.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th>Vei<\/th><th>Hvordan det skjer, og hvor ofte<\/th><\/tr><\/thead><tbody><tr><td>Selskapssalg \u2013 en strategisk eller finansiell kj\u00f8per overtar selskapet<\/td><td class=\"translation-block\">Utl\u00f8ses av kj\u00f8perens strategi, konsolidering i bransjen eller en salgsprosess selskapet gjennomf\u00f8rer. Den vanligste positive exiten: I <a href=\"https:\/\/www.british-business-bank.co.uk\/wp-content\/uploads\/2020\/10\/20201008-BBB-Business-Angels-Report-Final.pdf\">den britiske engleunders\u00f8kelsen fra 2020<\/a> utgjorde selskapssalg og avviklinger samlet 59 % av alle exiter.<\/td><\/tr><tr><td>Annenh\u00e5ndssalg \u2013 du selger aksjene dine til en annen investor<\/td><td>En ny runde der eksisterende eiere f\u00e5r selge, eller en kj\u00f8per til bare din aksjepost. Forekommer av og til og avhenger av at noen vil kj\u00f8pe aksjene til en pris du godtar.<\/td><\/tr><tr><td>Tilbakekj\u00f8p eller ledelsesoppkj\u00f8p \u2013 selskapet eller ledelsen kj\u00f8per aksjene tilbake<\/td><td>En aksjeeier \u00f8nsker \u00e5 selge seg ut av et selskap som har penger til overs. Uvanlig tidlig, n\u00e5r selskapene ikke har overskuddslikviditet.<\/td><\/tr><tr><td>Notering \u2013 en b\u00f8rsintroduksjon<\/td><td>Krever st\u00f8rrelse, inntekter og et marked som er \u00e5pent for noteringer. Sjelden: I de amerikanske og britiske engledatasettene var noteringene for f\u00e5 til \u00e5 rapporteres separat.<\/td><\/tr><tr><td class=\"translation-block\">Avvikling \u2013 solvent avslutning<\/td><td>Styret og aksjeeierne avslutter et selskap som ikke lyktes, mens det fortsatt kan betale kreditorene. Vanlig, og inng\u00e5r i de 59 % ovenfor sammen med selskapssalg.<\/td><\/tr><tr><td class=\"translation-block\">Konkurs \u2013 insolvensbehandling<\/td><td>Selskapet kan ikke betale gjelden ved forfall. Vanlig; aksjeeierne st\u00e5r bak alle kreditorer og f\u00e5r i praksis ingenting tilbake.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">I unders\u00f8kelsen oppga 28 % av engleinvestorene en exit i 2018\/19. 44 % av exitene gikk i null eller ga tap. Ta h\u00f8yde for \u00e5r uten likviditet n\u00e5r du planlegger forpliktelsene dine.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tallene er britiske og amerikanske, fra markeder med flere muligheter for annenh\u00e5ndssalg og notering enn Norge. De viser hvilke utfall som forekommer, men ikke hvor vanlige de er i Norge. Planlegg f\u00f8rst og fremst for selskapssalg.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Selskapssalg er hovedveien ut<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Nesten alle engleexiter som gir penger tilbake, er oppkj\u00f8p. En strategisk kj\u00f8per vil ha et team, et produkt eller en markedsposisjon det ville tatt lengre tid \u00e5 bygge selv. En finansiell kj\u00f8per vil ha kontantstr\u00f8mmer de tror kan vokse. Et salg begynner vanligvis p\u00e5 en av disse m\u00e5tene.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>En henvendelse fra en partner, kunde eller konkurrent som allerede kjenner selskapet.<\/li>\n\n\n\n<li>En planlagt prosess selskapet gjennomf\u00f8rer, vanligvis med en r\u00e5dgiver.<\/li>\n\n\n\n<li>En mislykket finansiering som blir til et salg fordi alternativet er \u00e5 legge ned. Dette gir den svakeste prisen.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Uansett hvordan det starter, m\u00e5 aksjeeierne forholde seg til den samme salgsprosessen. Hvem som kan tvinge andre til \u00e5 delta, og hvem som f\u00e5r betalt f\u00f8rst av salgssummen, ble bestemt i dokumentene flere \u00e5r tidligere.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Selge tidlig: annenh\u00e5ndssalg<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u00c5 selge f\u00f8r selskapets exit krever at du finner en privat kj\u00f8per. I praksis er det en investor i en ny runde som \u00f8nsker flere aksjer enn selskapet utsteder i runden, eller en eksisterende aksjeeier som \u00f8ker eierandelen.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Det finnes ikke noe marked, ingen notert pris og ingen plikt for noen til \u00e5 gi et tilbud. Prisen forhandles, og kj\u00f8peren vet at det er du som \u00f8nsker transaksjonen. Ikke planlegg \u00e5 dekke et kontantbehov p\u00e5 en bestemt dato med et annenh\u00e5ndssalg.<\/p>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">Etter <a href=\"https:\/\/lovdata.no\/lov\/1997-06-13-44\/\u00a74-16\">aksjeloven \u00a7 4-16<\/a> krever aksjeerverv selskapets samtykke med mindre vedtektene sier noe annet. Styret avgj\u00f8r normalt sp\u00f8rsm\u00e5let. Samtykke regnes som gitt hvis erververen ikke f\u00e5r melding om avslag innen to m\u00e5neder etter at selskapet mottok melding om ervervet.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">De andre aksjeeierne har ogs\u00e5 lovbestemt forkj\u00f8psrett til aksjer som har skiftet eier, med mindre vedtektene bestemmer noe annet. Et annenh\u00e5ndssalg er derfor en forhandling med kj\u00f8peren etterfulgt av en prosess med selskapet. Prosessen kan legge til to m\u00e5neder.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Regn med at det tar tid<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Planlegg for \u00e5r uten likviditet, uten en sikker exitdato. Et salg kan komme tidlig, ta mye lengre tid enn forventet eller aldri gi avkastning.<\/p>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">Publiserte gjennomsnitt virker kortere fordi de m\u00e5ler investeringer som allerede har f\u00e5tt en exit. Gjennomsnittlige eierperioder p\u00e5 3,5 \u00e5r, 3,6 \u00e5r og 4,5 \u00e5r i studiene fra <a href=\"https:\/\/www.angelcapitalassociation.org\/data\/Documents\/Resources\/AngelGroupResarch\/1d - Resources - Research\/6 RSCH_-_ACEF_-_Returns_to_Angel_Investor_in_Groups.pdf\">2007<\/a>, <a href=\"https:\/\/media.nesta.org.uk\/documents\/siding_with_the_angels.pdf\">2009<\/a> og <a href=\"https:\/\/www.venturesouth.vc\/2016-5-20-3u3wdqmmhkcygzpnonoygks594kunk\">2016<\/a> er gjennomsnitt for investeringer som faktisk ble avsluttet. Mislykkede investeringer avsluttes raskest. Gjennomsnittene forutsier ikke hvor lang tid de gjenv\u00e6rende investeringene dine vil bruke p\u00e5 \u00e5 f\u00e5 en exit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Selv de kjente venturesuksessene brukte mesteparten av et ti\u00e5r p\u00e5 \u00e5 bli b\u00f8rsnotert, m\u00e5lt fra stiftelsesdatoen hvert selskap oppgir i sitt eget tilbudsdokument, til datoen p\u00e5 dokumentet.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Tesla brukte omtrent sju \u00e5r, stiftet i 2003 og priset 28. juni 2010.<\/li>\n\n\n\n<li>Twitter brukte omtrent seks og et halvt, stiftet i Delaware i april 2007 og priset 6. november 2013.<\/li>\n\n\n\n<li>Facebook brukte omtrent \u00e5tte, stiftet i juli 2004 og priset i mai 2012.<\/li>\n\n\n\n<li>LinkedIn brukte omtrent \u00e5tte, stiftet i mars 2003 og priset 18. mai 2011.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">I vente\u00e5rene f\u00e5r du \u00e5rsregnskap og rapporteringen aksjon\u00e6ravtalen krever. Nye runder utvanner deg hvis du ikke deltar. Ingenting i en unotert investering kan gj\u00f8res om til kontanter p\u00e5 krav. Invester derfor bare penger du ikke trenger p\u00e5 et ti\u00e5r.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Tenk exit n\u00e5r du g\u00e5r inn<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Det nyttige sp\u00f8rsm\u00e5let ved investeringen er hvem som ville kj\u00f8pt selskapet, hvorfor og hva som ville gjort det mer verdt for denne kj\u00f8peren enn for andre. Kontroller bestemmelsene som avgj\u00f8r om et salg kan gjennomf\u00f8res og hvordan salgssummen fordeles.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"translation-block\">Medsalgsplikt, eller drag-along. Et definert flertall kan tvinge de \u00f8vrige aksjeeierne til \u00e5 selge under et avtalt tilbud. En kj\u00f8per som vil ha hele selskapet, trenger dette. Manglende medsalgsplikt kan blokkere et avtalt salg.<\/li>\n\n\n\n<li class=\"translation-block\">Medsalgsrett, eller tag-along. En minoritet kan delta i et salg p\u00e5 samme vilk\u00e5r som det selgende flertallet. Det hindrer at en kontrollerende aksjepost selges over hodet p\u00e5 deg.<\/li>\n\n\n\n<li class=\"translation-block\">Likvidasjonspreferanse. Avgj\u00f8r hvem som f\u00e5r betalt f\u00f8rst av salgssummen. Ved et salg til moderat pris kan hele salgssummen g\u00e5 til aksjer med fortrinnsrett, slik at ordin\u00e6re aksjer ikke f\u00e5r noe.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">Medsalgsplikt og medsalgsrett trenger avtalte vilk\u00e5r. En aksjon\u00e6ravtale binder partene. \u00c5 ta en bestemmelse inn i vedtektene reiser egne sp\u00f8rsm\u00e5l om gyldighet og samtykke. Les <a href=\"\/no\/knowledge\/investing\/drag-along-and-tag-along-in-practice\/\">veiledningen om medsalgsplikt og medsalgsrett<\/a> f\u00f8r du antar at et flertall kan p\u00e5legge eksisterende eiere noen av delene.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Ved f\u00f8rste investering finner du alle tre bestemmelsene i aksjon\u00e6ravtalen eller vedtektene. Hvis de ikke st\u00e5r der, finnes de ikke.<\/li>\n\n\n\n<li>Ved enhver investering sp\u00f8r du gr\u00fcnderen hvem som ville kj\u00f8pt selskapet og hvorfor. Finnes ikke et svar, m\u00e5 du selv tenke gjennom exiten, og prisen b\u00f8r gjenspeile det.<\/li>\n\n\n\n<li>Som lead investor eller syndikatmedlem kontrollerer du terskelen for medsalgsplikt mot gruppens samlede eierandel, slik at du vet om gruppen kan bli tvunget med eller tvinge andre med.<\/li>\n\n\n\n<li>Har andre preferanser foran deg, regner du ut hva selskapet m\u00e5 selges for f\u00f8r dine ordin\u00e6re aksjer f\u00e5r noe.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">N\u00e5r exiten blir et tap<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Solvent avvikling og konkurs avslutter begge selskapet, men kan gi aksjeeierne ulike bel\u00f8p tilbake. Avvikling etter aksjeloven vedtas av generalforsamlingen med to tredelers flertall, og kreditorene varsles gjennom Foretaksregisteret.<\/p>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">Ved solvent avvikling f\u00e5r aksjeeierne bare overskuddet etter at kreditorene er dekket (<a href=\"https:\/\/lovdata.no\/lov\/1997-06-13-44\/\u00a716-9\">aksjeloven \u00a7 16-9<\/a>). Et selskap som avsluttes med gjenv\u00e6rende eiendeler, kan derfor gi kapital tilbake.<\/p>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">Konkurs er en kreditorprosess. Boet betaler krav i lovens rekkef\u00f8lge etter <a href=\"https:\/\/lovdata.no\/lov\/1984-06-08-59\/\u00a79-6\">dekningsloven<\/a>. Aksjekapital er ikke et krav i den rekkef\u00f8lgen. Aksjeeierne har bare en rett til det som eventuelt gjenst\u00e5r etter kreditorene, og f\u00e5r vanligvis ingenting.<\/p>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">Et l\u00e5n du har gitt selskapet, er annerledes. Det er et ordin\u00e6rt krav, med mindre du avtalte at det skal st\u00e5 bak de andre kreditorene (<a href=\"https:\/\/lovdata.no\/lov\/1984-06-08-59\/\u00a79-7\">dekningsloven \u00a7 9-7<\/a>).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Avvikling og konkurs har ulik skattemessig tidfesting. Ved solvent likvidasjon tidfestes realisasjonen normalt til utdelingsbeslutningen etter at gjelden og kreditorfristen er h\u00e5ndtert. Konkurs behandles normalt som realisasjon til null i \u00e5pnings\u00e5ret, med forbehold om unntaket ved tilbakelevering av boet. Begge veier kan gi et fradragsberettiget personlig aksjetap.<\/p>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">Avklar <a href=\"https:\/\/www.skatteetaten.no\/en\/person\/taxes\/get-the-taxes-right\/shares-and-securities\/about-shares-and-securities\/tax-rules-for-gainslosses-from-realisations-and-share-dividends\/\">realisasjon og skattebehandling<\/a> for investeringen din. Et selskap innenfor fritaksmetoden trekker ikke fra aksjetapet. Ingen av veiene gir alltid senere tidfesting enn den andre.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Om fradraget i det hele tatt er tilgjengelig, avhenger av om aksjene var eid personlig eller gjennom et holdingselskap. Eierformen du valgte da du investerte, avgj\u00f8r dermed hva et tap betyr skattemessig. Begge utfall er normale i en portef\u00f8lje bygget p\u00e5 at de fleste investeringer gir mindre tilbake enn investert kapital.<\/p>","protected":false},"excerpt":{"rendered":"<p>En unotert investering kan ende med salg, tilbakekj\u00f8p, b\u00f8rsnotering, avvikling eller konkurs. Utfallet for investorene varierer mye, og en exit kan ta mange \u00e5r. Sett deg inn i alternativene og hvordan de brukes i Norge.<\/p>","protected":false},"featured_media":7684,"template":"","meta":{"_tec_requires_first_save":true,"_yoast_wpseo_focuskw":"","_yoast_wpseo_title":"Exit routes for Norwegian angels: the realistic picture","_yoast_wpseo_metadesc":"The six ways out of an unlisted Norwegian holding, what the evidence says about how often each happens, and why an angel plans in years, not quarters.","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"_EventAllDay":false,"_EventTimezone":"","_EventStartDate":"","_EventEndDate":"","_EventStartDateUTC":"","_EventEndDateUTC":"","_EventShowMap":false,"_EventShowMapLink":false,"_EventURL":"","_EventCost":"","_EventCostDescription":"","_EventCurrencySymbol":"","_EventCurrencyCode":"","_EventCurrencyPosition":"","_EventDateTimeSeparator":" kl. ","_EventTimeRangeSeparator":"\u2013","_EventOrganizerID":[],"_EventVenueID":[],"_OrganizerEmail":"","_OrganizerPhone":"","_OrganizerWebsite":"","_VenueAddress":"","_VenueCity":"","_VenueCountry":"","_VenueProvince":"","_VenueState":"","_VenueZip":"","_VenuePhone":"","_VenueURL":"","_VenueStateProvince":"","_VenueLat":"","_VenueLng":"","_VenueShowMap":false,"_VenueShowMapLink":false,"_tribe_blocks_recurrence_rules":"","_tribe_blocks_recurrence_description":"","_tribe_blocks_recurrence_exclusions":"","kb_id":"INV-43","kb_level":"foundation","kb_standfirst":"An unlisted investment may end in a sale, a buyback, a stock-market listing, winding-up or bankruptcy. Each can leave investors with very different amounts, and an exit can take years. Understand the available routes and how they are used in Norway.","kb_counterpart":"","kb_reviewer":"","kb_last_reviewed":"2026-09-02","kb_review_due":"2027-09-02","kb_norway":true,"kb_disclaimer":true,"kb_takeaways":["Six routes lead out of an unlisted holding: trade sale, secondary sale, buyback, listing, a solvent winding-up and bankruptcy. The last two can produce little or no recovery.","In the 2020 UK angel survey, trade sales and wind-ups together accounted for 59 per cent of all exits, and 44 per cent of exits broke even or lost money.","The exit evidence is British and American, from markets with deeper secondary and listing routes than Norway: it gives the shape of the outcomes, not Norwegian levels.","Plan for an uncertain holding period measured in years. Some investments exit earlier, others remain illiquid for much longer, and some never return capital.","Neither drag-along nor tag-along is a statutory right in Norway. Both exist only where they have been contracted."],"kb_assets":[],"kb_assets_planned":[],"kb_related":["INV-46","INV-01","INV-45"],"kb_terms":[{"en":"Companies Act","no":"aksjeloven","slug":"aksjeloven"},{"en":"drag-along","no":"medsalgsplikt","slug":"medsalgsplikt"},{"en":"tag-along","no":"medsalgsrett","slug":"medsalgsrett"},{"en":"liquidation preference","no":"likvidasjonspreferanse","slug":"likvidasjonspreferanse"},{"en":"winding-up","no":"avvikling","slug":"avvikling"},{"en":"bankruptcy","no":"konkurs","slug":"konkurs"}],"kb_sources":[{"label":"Aksjeloven (Private Limited Liability Companies Act), LOV-1997-06-13-44","url":"https:\/\/lovdata.no\/lov\/1997-06-13-44","accessed":"2026-09-02"},{"label":"Dekningsloven (Creditors Recovery Act), LOV-1984-06-08-59","url":"https:\/\/lovdata.no\/lov\/1984-06-08-59","accessed":"2026-09-02"},{"label":"Skatteetaten, tax rules for gains and losses from realisations and share dividends","url":"https:\/\/www.skatteetaten.no\/en\/person\/taxes\/get-the-taxes-right\/shares-and-securities\/about-shares-and-securities\/tax-rules-for-gainslosses-from-realisations-and-share-dividends\/","accessed":"2026-09-02"},{"label":"British Business Bank and UKBAA, The UK Business Angel Market (October 2020)","url":"https:\/\/www.british-business-bank.co.uk\/wp-content\/uploads\/2020\/10\/20201008-BBB-Business-Angels-Report-Final.pdf","accessed":"2026-09-02"},{"label":"Wiltbank and Boeker, Returns to Angel Investors in Groups (Kauffman Foundation and ACEF, November 2007)","url":"https:\/\/www.angelcapitalassociation.org\/data\/Documents\/Resources\/AngelGroupResarch\/1d%20-%20Resources%20-%20Research\/6%20RSCH_-_ACEF_-_Returns_to_Angel_Investor_in_Groups.pdf","accessed":"2026-09-02"},{"label":"NESTA and BBAA, Siding with the Angels (May 2009)","url":"https:\/\/media.nesta.org.uk\/documents\/siding_with_the_angels.pdf","accessed":"2026-09-02"},{"label":"Angel Resource Institute 2016 angel returns study (Wiltbank), figures as reported by VentureSouth \u2014 ARI no longer hosts the report","url":"https:\/\/www.venturesouth.vc\/2016-5-20-3u3wdqmmhkcygzpnonoygks594kunk","accessed":"2026-09-03"},{"label":"EBAN Statistics Compendium 2024","url":"https:\/\/www.eban.org\/wp-content\/uploads\/2025\/12\/Stats-Compendium-2024.pdf","accessed":"2026-09-02"},{"label":"NVCA, aktivitetsanalyser for the Norwegian venture and private equity market","url":"https:\/\/nvca.no\/aktivitetsanalyser\/","accessed":"2026-09-02"},{"label":"Menon Economics, Forretningsengler i Norge (publikasjon 15\/2010)","url":"https:\/\/www.menon.no\/wp-content\/uploads\/12f4494d01.pdf","accessed":"2026-09-02"},{"label":"Tesla Motors, IPO prospectus filed under Rule 424(b)(4), dated 28 June 2010 (SEC EDGAR)","url":"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1318605\/000119312510149105\/d424b4.htm","accessed":"2026-09-03"},{"label":"Twitter, Inc., IPO prospectus filed under Rule 424(b)(4), dated 6 November 2013 (SEC EDGAR)","url":"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1418091\/000119312513431301\/d564001d424b4.htm","accessed":"2026-09-03"},{"label":"Facebook, Inc., IPO prospectus filed under Rule 424(b)(4), May 2012 (SEC EDGAR)","url":"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1326801\/000119312512240111\/d287954d424b4.htm","accessed":"2026-09-03"},{"label":"LinkedIn Corporation, IPO prospectus filed under Rule 424(b)(4), dated 18 May 2011 (SEC EDGAR)","url":"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1271024\/000119312511145240\/d424b4.htm","accessed":"2026-09-03"}],"footnotes":"","rank_math_title":"","rank_math_description":"","rank_math_focus_keyword":"","_dpc-meta-title":"","_dpc-meta-description":"","_dpc-keyword":""},"kb_track":[50],"kb_pillar":[60],"kb_access":[52],"kb_level_tax":[71],"kb_norway_tax":[74],"class_list":["post-6462","norban_kb","type-norban_kb","status-publish","has-post-thumbnail","hentry","kb-access-free"],"kb_reading_time":7,"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Exit routes for Norwegian angels: the realistic picture<\/title>\n<meta name=\"description\" content=\"The six ways out of an unlisted Norwegian holding, what the evidence says about how often each happens, and why an angel plans in years, not quarters.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.norban.no\/no\/knowledge\/investing\/exit-routes-for-norwegian-angels\/\" \/>\n<meta property=\"og:locale\" content=\"nb_NO\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Exit routes for Norwegian angels: the realistic picture\" \/>\n<meta property=\"og:description\" content=\"The six ways out of an unlisted Norwegian holding, what the evidence says about how often each happens, and why an angel plans in years, not quarters.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.norban.no\/no\/knowledge\/investing\/exit-routes-for-norwegian-angels\/\" \/>\n<meta property=\"og:site_name\" content=\"NorBAN - Norwegian Business Angel Network\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/norban.no\" \/>\n<meta property=\"article:modified_time\" content=\"2026-10-13T09:10:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.norban.no\/wp-content\/uploads\/2026\/10\/norban-kb-pillar-investing-i7.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Ansl. lesetid\" \/>\n\t<meta name=\"twitter:data1\" content=\"7 minutter\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.norban.no\\\/knowledge\\\/investing\\\/exit-routes-for-norwegian-angels\\\/\",\"url\":\"https:\\\/\\\/www.norban.no\\\/knowledge\\\/investing\\\/exit-routes-for-norwegian-angels\\\/\",\"name\":\"Exit routes for Norwegian angels: the realistic picture\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.norban.no\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.norban.no\\\/knowledge\\\/investing\\\/exit-routes-for-norwegian-angels\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.norban.no\\\/knowledge\\\/investing\\\/exit-routes-for-norwegian-angels\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.norban.no\\\/wp-content\\\/uploads\\\/2026\\\/10\\\/norban-kb-pillar-investing-i7.png\",\"datePublished\":\"2026-09-09T20:55:05+00:00\",\"dateModified\":\"2026-10-13T09:10:54+00:00\",\"description\":\"The six ways out of an unlisted Norwegian holding, what the evidence says about how often each happens, and why an angel plans in years, not quarters.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.norban.no\\\/knowledge\\\/investing\\\/exit-routes-for-norwegian-angels\\\/#breadcrumb\"},\"inLanguage\":\"nb-NO\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.norban.no\\\/knowledge\\\/investing\\\/exit-routes-for-norwegian-angels\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"nb-NO\",\"@id\":\"https:\\\/\\\/www.norban.no\\\/knowledge\\\/investing\\\/exit-routes-for-norwegian-angels\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.norban.no\\\/wp-content\\\/uploads\\\/2026\\\/10\\\/norban-kb-pillar-investing-i7.png\",\"contentUrl\":\"https:\\\/\\\/www.norban.no\\\/wp-content\\\/uploads\\\/2026\\\/10\\\/norban-kb-pillar-investing-i7.png\",\"width\":1200,\"height\":630,\"caption\":\"Featured image for the Investing track of the NorBAN Knowledge Base, pillar 7 of 8: Exits. How angels in Norway actually get their money back, from an early secondary sale to a full exit. The Knowledge Base logo sits in the navy header band, the pillar icon in white on a blue panel to the left.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.norban.no\\\/knowledge\\\/investing\\\/exit-routes-for-norwegian-angels\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.norban.no\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Exit routes for Norwegian angels \u2014 the realistic picture\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.norban.no\\\/#website\",\"url\":\"https:\\\/\\\/www.norban.no\\\/\",\"name\":\"NorBAN - Norwegian Business Angel Network\",\"description\":\"The national interest organization for Business Angels in Norway\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.norban.no\\\/#organization\"},\"alternateName\":\"NorBAN\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.norban.no\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"nb-NO\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.norban.no\\\/#organization\",\"name\":\"NorBAN - Norwegian Business Angel Network\",\"alternateName\":\"NorBAN\",\"url\":\"https:\\\/\\\/www.norban.no\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"nb-NO\",\"@id\":\"https:\\\/\\\/www.norban.no\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.norban.no\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/NorBAN-Logo-Light-Transparent.png\",\"contentUrl\":\"https:\\\/\\\/www.norban.no\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/NorBAN-Logo-Light-Transparent.png\",\"width\":1718,\"height\":469,\"caption\":\"NorBAN - Norwegian Business Angel Network\"},\"image\":{\"@id\":\"https:\\\/\\\/www.norban.no\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/norban.no\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/norban-no\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Exitmuligheter for norske engleinvestorer","description":"Seks veier ut av en unotert norsk investering, hva forskningen sier om hvor vanlige de er, og hvorfor engleinvestorer planlegger i \u00e5r, ikke kvartaler.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.norban.no\/no\/knowledge\/investing\/exit-routes-for-norwegian-angels\/","og_locale":"nb_NO","og_type":"article","og_title":"Exit routes for Norwegian angels: the realistic picture","og_description":"The six ways out of an unlisted Norwegian holding, what the evidence says about how often each happens, and why an angel plans in years, not quarters.","og_url":"https:\/\/www.norban.no\/no\/knowledge\/investing\/exit-routes-for-norwegian-angels\/","og_site_name":"NorBAN - Norwegian Business Angel Network","article_publisher":"https:\/\/www.facebook.com\/norban.no","article_modified_time":"2026-10-13T09:10:54+00:00","og_image":[{"width":1200,"height":630,"url":"https:\/\/www.norban.no\/wp-content\/uploads\/2026\/10\/norban-kb-pillar-investing-i7.png","type":"image\/png"}],"twitter_card":"summary_large_image","twitter_misc":{"Ansl. lesetid":"7 minutter"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.norban.no\/knowledge\/investing\/exit-routes-for-norwegian-angels\/","url":"https:\/\/www.norban.no\/knowledge\/investing\/exit-routes-for-norwegian-angels\/","name":"Exitmuligheter for norske engleinvestorer","isPartOf":{"@id":"https:\/\/www.norban.no\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.norban.no\/knowledge\/investing\/exit-routes-for-norwegian-angels\/#primaryimage"},"image":{"@id":"https:\/\/www.norban.no\/knowledge\/investing\/exit-routes-for-norwegian-angels\/#primaryimage"},"thumbnailUrl":"https:\/\/www.norban.no\/wp-content\/uploads\/2026\/10\/norban-kb-pillar-investing-i7.png","datePublished":"2026-09-09T20:55:05+00:00","dateModified":"2026-10-13T09:10:54+00:00","description":"Seks veier ut av en unotert norsk investering, hva forskningen sier om hvor vanlige de er, og hvorfor engleinvestorer planlegger i \u00e5r, ikke kvartaler.","breadcrumb":{"@id":"https:\/\/www.norban.no\/knowledge\/investing\/exit-routes-for-norwegian-angels\/#breadcrumb"},"inLanguage":"nb-NO","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.norban.no\/knowledge\/investing\/exit-routes-for-norwegian-angels\/"]}]},{"@type":"ImageObject","inLanguage":"nb-NO","@id":"https:\/\/www.norban.no\/knowledge\/investing\/exit-routes-for-norwegian-angels\/#primaryimage","url":"https:\/\/www.norban.no\/wp-content\/uploads\/2026\/10\/norban-kb-pillar-investing-i7.png","contentUrl":"https:\/\/www.norban.no\/wp-content\/uploads\/2026\/10\/norban-kb-pillar-investing-i7.png","width":1200,"height":630,"caption":"Featured image for the Investing track of the NorBAN Knowledge Base, pillar 7 of 8: Exits. How angels in Norway actually get their money back, from an early secondary sale to a full exit. The Knowledge Base logo sits in the navy header band, the pillar icon in white on a blue panel to the left."},{"@type":"BreadcrumbList","@id":"https:\/\/www.norban.no\/knowledge\/investing\/exit-routes-for-norwegian-angels\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.norban.no\/"},{"@type":"ListItem","position":2,"name":"Exit routes for Norwegian angels \u2014 the realistic picture"}]},{"@type":"WebSite","@id":"https:\/\/www.norban.no\/#website","url":"https:\/\/www.norban.no\/","name":"NorBAN - Norwegian Business Angel Network","description":"Den nasjonale interesseorganisasjonen for engleinvestorer i Norge","publisher":{"@id":"https:\/\/www.norban.no\/#organization"},"alternateName":"NorBAN","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.norban.no\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"nb-NO"},{"@type":"Organization","@id":"https:\/\/www.norban.no\/#organization","name":"NorBAN - Norwegian Business Angel Network","alternateName":"NorBAN","url":"https:\/\/www.norban.no\/","logo":{"@type":"ImageObject","inLanguage":"nb-NO","@id":"https:\/\/www.norban.no\/#\/schema\/logo\/image\/","url":"https:\/\/www.norban.no\/wp-content\/uploads\/2023\/03\/NorBAN-Logo-Light-Transparent.png","contentUrl":"https:\/\/www.norban.no\/wp-content\/uploads\/2023\/03\/NorBAN-Logo-Light-Transparent.png","width":1718,"height":469,"caption":"NorBAN - Norwegian Business Angel Network"},"image":{"@id":"https:\/\/www.norban.no\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/norban.no","https:\/\/www.linkedin.com\/company\/norban-no"]}]}},"_links":{"self":[{"href":"https:\/\/www.norban.no\/no\/wp-json\/wp\/v2\/norban_kb\/6462","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.norban.no\/no\/wp-json\/wp\/v2\/norban_kb"}],"about":[{"href":"https:\/\/www.norban.no\/no\/wp-json\/wp\/v2\/types\/norban_kb"}],"version-history":[{"count":9,"href":"https:\/\/www.norban.no\/no\/wp-json\/wp\/v2\/norban_kb\/6462\/revisions"}],"predecessor-version":[{"id":8231,"href":"https:\/\/www.norban.no\/no\/wp-json\/wp\/v2\/norban_kb\/6462\/revisions\/8231"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.norban.no\/no\/wp-json\/wp\/v2\/media\/7684"}],"wp:attachment":[{"href":"https:\/\/www.norban.no\/no\/wp-json\/wp\/v2\/media?parent=6462"}],"wp:term":[{"taxonomy":"kb_track","embeddable":true,"href":"https:\/\/www.norban.no\/no\/wp-json\/wp\/v2\/kb_track?post=6462"},{"taxonomy":"kb_pillar","embeddable":true,"href":"https:\/\/www.norban.no\/no\/wp-json\/wp\/v2\/kb_pillar?post=6462"},{"taxonomy":"kb_access","embeddable":true,"href":"https:\/\/www.norban.no\/no\/wp-json\/wp\/v2\/kb_access?post=6462"},{"taxonomy":"kb_level_tax","embeddable":true,"href":"https:\/\/www.norban.no\/no\/wp-json\/wp\/v2\/kb_level_tax?post=6462"},{"taxonomy":"kb_norway_tax","embeddable":true,"href":"https:\/\/www.norban.no\/no\/wp-json\/wp\/v2\/kb_norway_tax?post=6462"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}