Active. Independent. Sustainable.

For Professional Investors only


About us

CARN Capital is an independent investment organization located in Oslo. The firm has a long-short strategy investing in sustainable European companies, with focus on the Nordics.

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Business principles

  • Independent

  • Focused

  • Long-term

  • Aligned interests

  • Transparency

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Investment philosophy & strategy

  • True active management

  • Under-researched companies

  • Quality companies

  • Value investing and fundamental research

  • Sustainable Investments

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The team

  • Christer Bjørndal

    Partner and Portfolio Manager

    Christer has background from Norges Bank Investment Management (NBIM), the Norwegian Sovereign Wealth Fund. He has a broad and international experience from asset management and was a Portfolio Manager responsible for an equity portfolio of NOK 50 billion (USD 7 billion) prior to co-founding CARN Capital. He initially started as Analyst in Fixed Income in New York, and then moved on to become Regional Operations Manager in Asia before becoming an Analyst and then Portfolio Manager with global focus.

    Christer has both a Master of Science and MBA degree from the Norwegian School of Economics within Finance. He is also a Norwegian and European Certified Financial Analyst and Authorized Portfolio Manager from The Norwegian Society of Financial Analysts and Norwegian School of Economics.

  • Andreas Bomann-Larsen


    Andreas started his career as equity analyst in First Securities where he worked in the period 2003 to 2007. From 2007 until 2013 Andreas worked on the investment team in the asset management firm Formuesforvaltning. He was member of the firm’s 5-person investment committee who was responsible for the firm’s investment portfolio of NOK 45 billion (USD 6 billion). During his time in Formuesforvaltning Andreas was responsible for the Nordic equity portfolios, the global equity portfolios, and the hedge fund portfolios. In June, 2013 he founded what is today CARN Capital.

    Andreas has a Master of Science Degree in Business Administration from the Norwegian School of Economics. He is also an Authorized Portfolio Manager and has completed studies in Advanced Valuation from The Norwegian Society of Financial Analysts and Norwegian School of Economics.

  • Harald Havnen

    Senior Analyst

    Harald started his career at J. P. Morgan’s Investment Banking division in 2004 specializing in M&A. In 2007, he returned to Norway and joined Orkla ASA’s investment management division with AuM of USD 3.5 billion. In 2012, Harald was a founding partner of Solsten AS, an independent and actively managed investment firm with a Norwegian and Nordic fund. Solsten was later acquired by competitor Arctic Fund Management.

    Harald has a bachelor degree in Economics from the University of Pennsylvania (USA), in addition to attending Chinese language and culture studies at Fudan University in Shanghai (China).

  • Jon Audun Kvalbein

    Sustainability Analyst

    Jon Audun joined CARN in 2019 and contributes with his strong background in energy and sustainability analysis. He started his career at the Norwegian Ministry of Petroleum and Energy in 2007. As a senior advisor he has gained extensive experience in the energy field covering topics from renewable energy, climate policy, energy efficiency og ecodesign, including EU legislation in these areas. His work included updating the Ministry’s administrative and political leadership with global energy market analysis.

    Jon Audun holds a Master of Science degree in Management from London School of Economics and a Master of Science degree in Economics from the University of Bergen.

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