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.