Incentive As

SEC-registered Private Fund Manager · Mid-sized ($1B–$10B) CRD 174704 · SEC file 801-101477 · Oslo · www.incentive.com

☆ Save with Pro ADV data as of May 22, 2026

Regulatory AUM: $2.5B
Discretionary: $2.5B
Clients: 9
Avg AUM / client: $274M
Accounts: 9
Employees: 6

AUM over time

$168M $2.6B

Jul 2015 May 2026

Annual snapshots from Form ADV filings · as of May 22, 2026

Who they serve

Client type	Clients	AUM	% of AUM
Pooled investment vehicles (non-investment companies)	4	$1.6B	66.6%
Sovereign wealth funds and foreign official institutions	1	$488M	19.8%
Corporations and other businesses	4	$336M	13.6%

Private funds (3)

Reported in Form ADV Section 7.B.(1), filing of Mar 2024 · $2.1B combined gross assets

Fund	Type	Domicile	Gross assets	Owners
Incentive Active Value Long Only Master Fund, Sub Fund Of Incentive Investment Funds Icav master	Hedge Fund	Ireland	$2.0B	83
Incentive Active Value Master Fund, Sub Fund Of Incentive Investment Funds Icav master	Hedge Fund	Ireland	$76.5M	39
Incentive Special Opportunities Fund, Sub Fund Of Incentive Investment Funds Icav	Hedge Fund	Ireland	$39.5M	1

Retirement plan clients

Plans that reported this firm as an investment service provider on Form 5500 Schedule C.

Plan	Location	Plan year
Employees' Retirement Plan Of Duke University Duke University		2024

People (10)

Name	Role / title	With firm since	Ownership
Hvide, Wollert	Director	Dec 2005 (21y)	≈ 0.94% – 5% via Prieren As
Høgset, Svein, Rune	Managing Director	Feb 2014 (13y)	≈ 14.06% – 50% via Storteigen As
Antman, Niklas, Dan	Owner In Charles Jacob Holding Ab	Mar 2014 (12y)	≈ 14.06% – 50% via Charles Jacob Holding Ab
Berglund, Mikael Arne	Owner In Emmo Capital As	Mar 2014 (12y)	≈ 14.06% – 50% via Emmo Capital As
Antman, Dan, Niklas	Director	Jul 2014 (12y)	Less than 5%
Hammerich, Peter, Ulrik	Chairman	Jul 2014 (12y)	Less than 5%
Kopp, Hermann Alexander	Owner In As H Kopp & Co	Aug 2014 (12y)	≈ 14.06% – 50% via As H Kopp & Co
Kopp, Hermann, Alexander	Director	Sep 2015 (11y)	Less than 5%
Knudsmoen, Gry	Director	May 2023 (3y)	Less than 5%
Eide, Gudrid	Chief Compliance Officer	Jul 2023 (3y)	Less than 5%

Entity owners (Schedule A/B)

Entity	Title / status	Since	Sch.	Ownership
Incentive Holding As	Owner	Feb 2014	A	75% or more
Sector Asset Management As	Owner	Oct 2014	A	5% – 10%
Prieren As	Owner In Sector Asset Management As	Dec 2005	B	≈ 1.25% – 5% via Sector Asset Management As
As H Kopp & Co	Owner In Incentive Holding As B Shares	Aug 2014	B	≈ 18.75% – 50% via Incentive Holding As
Emmo Capital As	Owner In Incentive Holding As B Shares	Mar 2014	B	≈ 18.75% – 50% via Incentive Holding As
Charles Jacob Holding Ab	Owner In Incentive Holding As B Shares	Mar 2014	B	≈ 18.75% – 50% via Incentive Holding As
Storteigen As	Owner In Incentive Holding As B Shares	Nov 2022	B	≈ 18.75% – 50% via Incentive Holding As

Undisclosed: 0% – 20% of the firm is not attributable from the filed Schedule A bands.

Estimated effective ownership (look-through of filed bands):

Hvide, Wollert: 75% – 100% of Prieren As × 25% – 50% of Sector Asset Management As × 5% – 10% direct ≈ 0.94% – 5% of the firm
Høgset, Svein, Rune: 75% – 100% of Storteigen As × 25% – 50% of Incentive Holding As × 75% – 100% direct ≈ 14.06% – 50% of the firm
Antman, Niklas, Dan: 75% – 100% of Charles Jacob Holding Ab × 25% – 50% of Incentive Holding As × 75% – 100% direct ≈ 14.06% – 50% of the firm
Berglund, Mikael Arne: 75% – 100% of Emmo Capital As × 25% – 50% of Incentive Holding As × 75% – 100% direct ≈ 14.06% – 50% of the firm
Kopp, Hermann Alexander: 75% – 100% of As H Kopp & Co × 25% – 50% of Incentive Holding As × 75% – 100% direct ≈ 14.06% – 50% of the firm
Prieren As: 25% – 50% of Sector Asset Management As × 5% – 10% direct ≈ 1.25% – 5% of the firm
As H Kopp & Co: 25% – 50% of Incentive Holding As × 75% – 100% direct ≈ 18.75% – 50% of the firm
Emmo Capital As: 25% – 50% of Incentive Holding As × 75% – 100% direct ≈ 18.75% – 50% of the firm
Charles Jacob Holding Ab: 25% – 50% of Incentive Holding As × 75% – 100% direct ≈ 18.75% – 50% of the firm
Storteigen As: 25% – 50% of Incentive Holding As × 75% – 100% direct ≈ 18.75% – 50% of the firm

Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.

Private funds (3, $2.1B gross assets)

Fund	Type	Gross assets	Min. investment	Owners
Incentive Active Value Long Only Master Fund, Sub Fund Of Incentive Investment Funds Icav	Hedge Fund	$2.0B	$1.0M	83
Incentive Active Value Master Fund, Sub Fund Of Incentive Investment Funds Icav	Hedge Fund	$76.5M	$1.0M	39
Incentive Special Opportunities Fund, Sub Fund Of Incentive Investment Funds Icav	Hedge Fund	$39.5M	$1.0M	1

From Form ADV Section 7.B private fund reporting.

Retirement plans served (1)

Plan	Sponsor	Participants	Plan assets	As of
Employees' Retirement Plan Of Duke University	Duke University	23,682	$2.8B	07/01/2024

From Form 5500 service-provider disclosures.

Documents (1 archived)

Form	Period	Size
Form ADV (full filing)	05/22/2026	1.77 MB	View · PDF · Source ↗

Archived copies of the firm's regulatory filings, versioned by content hash.

Disciplinary disclosures

No disciplinary events reported on the firm's latest Form ADV filing.

How they charge

• Percentage of assets under management
• Performance-based fees

Services

• Portfolio management for pooled investment vehicles
• Portfolio management for businesses/institutional clients

Custody

Reported custodians

BNY Mellon $336M (14% of AUM) May 2026

Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).

Firm reports it does not have custody of client funds or securities (Item 9.A).

Source

All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: May 22, 2026.

View current Form ADV (SEC/IAPD) ↗