About Alfa

How it began


Alfa manages a ISK 7 billion private equity fund launched in 2018. The fund invests in unlisted companies, usually as majority owner, and drives transformative growth in value. Our mission is that when we sell, the company is in better condition than when we bought it. Through our actions we aim to leave a positive footprint on the business environment.

The predecessor to Alfa was Icora Partners, which was founded in 2010 by Gunnar Pall Tryggvason and Fridrik Johannsson. Icora Partners worked primarily in Mergers & Acquisitions and restructuring in Iceland, Denmark, Latvia and Czech Republic. In the years 2010-2017 the team completed 20 projects with aggregate size of ISK 200 billion.

In the year 2018 the name was changed from Icora Partners to Alfa. This followed an strategic shift to alternative asset management and the raising of a ISK 7 billion private equity fund.

Prior projects under the name Icora Partners from 2010 to 2017




CEO of Keahotels

“I had a good experience working with Icora Partners. The Icora team developed a deep understanding of our business and the analysis and presentations were top-notch. The Icora team was solutions oriented and the collaboration was enjoyable and successful.”

Former CEO of VÍS

“I worked with Icora Partners on two projects when I was CEO. The Icora team was reliable and experienced and the work was outstanding. Icora’s analysis laid the foundation for well informed decision making.”

CEO of Hame s.r.o.

“Icora Partners played a significant role in the development of Hame from 2010 to 2016 and formed good relationships with all key stakeholders.“

Chariman of Nordic Partners

“Icora Partners brought a different approach to our mature businessess. They challenged our thinking and helped to improve return from our assets.“