About

Investment Management

Partnering with top-tier investors & industrial leaders, we develop & execute infrastructure strategies that drive sustainable value creation and deliver superior long-term returns.

Nordic infrastructure strategies delivering sustainable growth & superior returns

Obligo is a trusted investment partner and asset manager in the Nordics, specializing in crafting attractive infrastructure strategies backed by a strong track record of delivering superior long-term returns to investors.

We originate and structure both direct and co-investment opportunities by partnering with leading institutional investors and industrial players. By leveraging deep regional expertise and an extensive network of sustainable infrastructure and climate impact professionals, we ensure access to high-quality investments.

Our broad investor network bridges international capital with Nordic infrastructure opportunities— facilitating strategic partnerships and unlocking value for our investors.

With a local, hands-on approach to infrastructure investing, we deploy capital and expertise to create long-term value in the Nordic market.

News

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30.4.25

Site visit to Carbon Centric's flagship plant in Rakkestad!

12.3.25

Drachtsterweg solar power plant site visit

16.1.25

Falcon Wind expands ownership in Tolvmanstegen windpark

19.11.24

Solgrid granted a license by NVE to build Ørje solar power plant

19.11.24

Fastcharge’s upcoming Furulund station is about to get even greener

Infrastructure strategies

We invest in and actively manage high-quality Nordic infrastructure assets, with a focus on direct and platform investments while offering select fund investments for diversified institutional exposure.
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Through bilateral transactions and strategic partnerships with leading industrial and financial players, we unlock exclusive, scalable opportunities that drive sustainable growth and long-term value creation.

Our local presence and hands-on asset management enhance risk-adjusted returns, while our commitment to sustainability strengthens robustness and long-term performance in Nordic infrastructure investing.

Direct investments

Majority or minority stakes in high-quality Nordic infrastructure and green growth assets, applying active ownership to drive sustainable transformation and long-term value creation.

Obligo Infrastructure Opportunities
Obligo Nordic Climate Impact Fund I

Platform investments

Origination and structuring co-investment platforms, enabling investors to access scalable infrastructure opportunities through tailored asset origination, operational expertise, and strategic platform development.

Digital infrastructure platform
Swedish onshore wind I
Swedish onshore wind II
Norwegian renewable platform

Global allocation funds

Selective access to global institutional infrastructure funds, offering stable, long-term returns through a fund-of-funds approach.

Obligo Global Infrastructure I
Obligo Global Infrastructure II

Direct investments

We invest in companies that develop and own resilient and sustainable assets. Value creation occurs through our active ownership and targeting strategic opportunities within attractive sub-segments. We take an active approach to climate impact investing based on key market drivers – consumer behaviour, regulations, technology and investor demands.

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Platform investments

We source and craft co-investments that provide international investors with strategic access to the Nordic market. By leveraging our local expertise, we structure bilateral deals with leading industrial players in high-potential sectors—unlocking value through opportunistic asset origination, tailored structuring, and scalable platform development.

Platform investments

We source and craft co-investments that provide international investors with strategic access to the Nordic market. By leveraging our local expertise, we structure bilateral deals with leading industrial players in high-potential sectors—unlocking value through opportunistic asset origination, tailored structuring, and scalable platform development.

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Global allocation funds

Using our unique Risk & Return Mapping Model to identify managers with ability to create alpha and add value, we have created a diversified infrastructure fund with 60 underlying investments. We apply a research-based approach to sustainable investments, identifying managers and projects that add real value through ESG risk management.

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Global allocation funds

Using our unique Risk & Return Mapping Model to identify managers with ability to create alpha and add value, we have created a diversified infrastructure fund with 60 underlying investments. We apply a research-based approach to sustainable investments, identifying managers and projects that add real value through ESG risk management.

Sustainability

Obligo Investment Management is a proactive and sustainability-focused investor, dedicated to achieving measurable environmental and social outcomes across our portfolio companies.

Team

Jørgen Pleym Ulvness

Group CEO

Jørgen Pleym Ulvness

Group CEO

jp@obligoim.com

Mr. Ulvness has over 20 years of experience as an advisor in connection with transactions, mergers, acquisitions, capital raising and other strategic ownership issues. He has extensive experience as a CEO and from serving on boards of directors, both as chairman and board member of numerous different companies. He graduated as a lawyer from the University of Oslo.

Christian Dovland

CEO and Managing Director

Christian Dovland

CEO and Managing Director

cd@obligoim.com

Mr. Dovland has been with Obligo since its inception in 2012 and was responsible for investing its first infrastructure fund as an external manager. He has played a decisive role in developing Obligo to become an infrastructure manager focusing on direct climate impact investments in the Nordic, and instrumental in sourcing the first transactions to the Fund. Before Obligo, Dovland worked for more than 11 years within Corporate Finance at Swedbank First Securities. He holds a BA in Business Organization from Heriot-Watt University, as well as an MBA in International Management and an MA in International Policy Studies from the Monterey Institute of International Studies.

Jens-Morten Wembstad

Chief Investment Officer

Jens-Morten Wembstad

Chief Investment Officer

jmw@obligoim.com

Mr. Wembstad has amassed 30 years of experience in the asset management industry. He specializes in transactions and asset management across various sectors, as well as in strategy and fund development. He was instrumental in developing Obligo’s ESG policies and programs, propelling the company to become a leading UNPRI sustainability performer. His previous roles include equity portfolio manager positions at Alfred Berg Asset Management, Industrifinans, and Danske Capital. Mr. Wembstad holds a BA (Hons) in Business Administration, was a former PhD candidate in International Business at Strathclyde Business School, and earned an MBA in Finance from the Norwegian School of Economics (NHH).

Mats Clarhäll

Head of Investor Relations

Mats Clarhäll

Head of Investor Relations

mc@obligoim.com

Mr. Clarhäll has over 20 years of experience from the financial industry, including Head of Investment Relations in Fondsfinans Kapitalforvaltning with focus on equity and fixed income funds, broker in Carnegie investment bank for institutional clients and Sales and marketing manager within savings and investments in Terra (Eika). He joined Obligo in 2017 and has played an instrumental role in growing the company’s product scope and investor base. Mr. Clarhäll holds a Master of Science in finance from the University of Stockholm, Sweden and portfolio manager and fixed income analyst from NHH/NFF, Norway.

Aleksandra Sem

Sustainability and Asset Management

Aleksandra Sem

Sustainability and Asset Management

als@obligoim.com

Ms. Sem joined Obligo in 2022 as a part-time sustainability analyst while completing her MSc in Sustainable Finance at Handelshøyskolen BI (Oslo). She is now working full-time both on sustainability and the investment team, working primarily with strategy, analysis and supporting the management of portfolio companies.

Even Mesna Dahl

Head of Risk and Investment Manager

Even Mesna Dahl

Head of Risk and Investment Manager

emd@obligoim.com

Mr. Dahl is an experienced Investment Manager specializing in Infrastructure at Obligo. He has over 8 years of experience in this role. He is also OIM’s Head of Risk. Prior to Obligo, Even worked as a Transaction Professional in the Real Estate industry for 4 years. He also served as a Corporate Finance Professional at Agasti Capital Markets AS for 4 years. Even began his career at KPMG Norway, as an auditor before he worked as a consultant in Transaction Services for 5 years. Even is skilled in investment management, transaction services, and corporate finance. Mr. Dahl holds a Master of Science in accounting/finance from Handelshøyskolen BI.

Knut Bringedal

Transactions

Knut Bringedal

Transactions

kb@obligoim.com

Mr. Bringedal has more than 20 years of transaction experience (corporate- and structured finance), working across multiple asset classes and has also been involved in asset management of the same. Before joining Obligo Investment Management in 2013 he held positions with ABG Sundal Collier (2007 – 2012) as part of their investment management team. Prior to this he had various corporate positions in companies in the transportation sector, Veolia Transport (2002-2003) and Star Shipping (2003-2007), while also being a consultant in the Norwegian Army (2000-2002). Bringedal holds a BSc (Hons) and an MSc business degree.

Gilles Lafleuriel

Head of Sweden

Gilles Lafleuriel

Head of Sweden

gl@obligoim.com

Since early 2022, Gilles Lafleuriel is the Head of Sweden at Obligo Investment Management, a Nordic investment manager focusing on sustainable infrastructure projects and assets in the Nordics. Prior to Obligo, between 2015 and 2021, Gilles was heading the Alternatives portfolio of Nordea Asset Management’s externally managed funds. Gilles also held various positions as engineer, business developer, M&A advisor and investor, mostly in the energy industry, namely at the Belgian grid operator Elia and the French utility EDF where he started his career in 1999. Gilles holds and MSc from Ecole Centrale Paris and an MBA from INSEAD.