About

NCI Advisory

NCI Advisory A/S, based in Copenhagen, is an alternative investment fund manager specialising in European credit, active since 2008. Since then, we have completed more than 100 realised investments.

We focus on high-yield corporate bonds and bespoke, bilateral private debt investments across Europe. Our investment approach is characterised by disciplined credit selection, fundamental analysis, and active, hands-on involvement throughout the entire investment lifecycle.

We manage four alternative investment funds: Nordic Corporate Investments A/S (established in 2008) and feeder fund NCI EUR A/S, and NCI Credit Opportunity Fund A/S (established in 2020) and feeder fund NCIC EUR A/S.

Authorisation

NCI Advisory A/S is authorised and supervised by the Danish Financial Supervisory Authority (Finanstilsynet) as an alternative investment fund manager, FT no. 23023. The authorisation also covers portfolio management and investment advice.

Ownership and partners

In 2025, NCI Advisory A/S was acquired by the NASDAQ-listed entity Newcap Holding A/S, ultimately owned by Jørgen Beuchert, ENDI Corp. (United States), and other investors. newcap.dk

In 2024, NCI Advisory A/S entered into a strategic partnership with CrossingBridge Advisors LLC, a U.S. debt asset manager managing approximately USD 4.3 billion as at 27 October 2026 across a range of credit strategies, including Nordic High Yield. crossingbridgefunds.com

Funds

Nordic Corporate Investments A/SDKK – levered
NCI EUR A/SEUR – levered
NCI Credit Opportunity Fund A/SDKK – unlevered
NCIC EUR A/SEUR – unlevered

Annual reports

202520242023

Whistleblowing

Report a concern

Team

The team has combined over 100 years of relevant debt experience. NCI Advisory is skilled in handling all phases of the debt investment value chain: Sourcing, analysis, structuring, negotiating, monitoring, interacting, and actively resolving special situations.

Jørgen Beuchert

Jørgen Beuchert

  • +45 4199 8250
  • jb@nciadvisory.com
More than 40 years of Nordic and international structured finance and debt asset management experience at executive level, providing strategic advisory in respect of the complete capital structure and hands on implementation of complex finance strategies for large corporations and projects. Was responsible for establishing an international bank’s leveraged finance business in the Nordics with a volume of EUR 3bn and teams in Copenhagen, Stockholm, and Helsinki. Took the initiative to establish the debt fund Nordic Corporate Investments and the debt asset manager NCI Advisory in 2008, which since 2008 has generated double digit returns.

Vidar Thorlaksson

Vidar Thorlaksson

  • +45 4024 1421
  • vt@nciadvisory.com

More than 12 years of corporate finance experience including debt asset management and equity advisory (right issues for listed entities, M&A). Former entrepreneur. Examiner and supervisor at Copenhagen Business School in M&A and valuation. M.Sc. International Management.

Yvonne Gotfredsen

Yvonne Gotfredsen

  • +45 4076 2029
  • yg@nciadvisory.com

HD Diploma in accounting. Experience with debt portfolio management and as accountant, financial controller, HR, and manager of an accounting agency and responsible for Finance and Administration.

Marius Knutsen

Marius Knutsen

  • +45 3020 4048
  • mk@nciadvisory.com

Vincent Sarad

Vincent Sarad

  • +49(0) 177 4620 423
  • info@simulacrumcap.com

Vincent is an Investment Analyst and Strategic Advisor at Simulacrum Capital Advisory, specializing in credit opportunities and special situations across the capital structure. Through Simulacrum Capital Advisory, he provides advisory services to regulated funds including NCI Advisory.

His professional background spans Capital Structure Advisory, Leveraged Finance, Debt Capital Markets, and Credit Asset Management, combined with an academic background in Mathematics from Goethe University Frankfurt am Main.

Board of Directors – Funds

Nordic Corporate Investments A/S & NCI EUR A/S

NCI Credit Opportunity Fund A/S & NCIC EUR A/S

Henning Skovlund Pedersen (Chairman)

Special Advisor to and former CFO at Bikubenfonden.

Thomas Hjort

CEO at AHJ A/S and Partner at Kring Group A/S.

Robert Sørensen

Professional board member and investor.

Niels Troen

Independent finance consultant. Formerly Director at Reviva Capital & CEO of HSH Nordbank.

Board of Directors – Manager

NCI Advisory A/S

Søren Jørgensen (Chairman)

Former Partner at Bruun & Hjejle. Now professional board member and business angel.

Niels Troen

Independent finance consultant. Formerly Director at Reviva Capital & CEO of HSH Nordbank.    

Steen Parsholt

Strong international background in management, finance, and strategy. Chairman or board member of several companies. Business angel.

Investment Committee – Manager

NCI Advisory A/S

Henning Skovlund Pedersen (Chairman)

Special Advisor to and former CFO at Bikubenfonden.

Niels Mazanti

Director at Aage og Johanne Louis-Hansen A/S

Bertil From
Formerly CFO of Lundbeckfonden, now CEO at From Capital Management.

Thomas Hjort

CEO at AHJ A/S and Partner at Kring Group A/S.

Jørgen Beuchert

CEO of NCI Advisory A/S and its funds, and board member of several Nordic companies.

NCI

Nordic Corporate Investments A/S

Going on its 18th year, Open-ended leveraged debt investment company, investing in North European high yield corporate bonds and loans as well as offering private debt to Nordic corporates.

Nordic Corporate Investments A/S (NCI) was established in 2008. NCI has DKK 0.6 billion (EUR 81m) in AuM and is a levered company. The company pays dividend on an annual basis subject to performance. Dividends are not guaranteed.

The investor base consists of institutional investors, family offices, and high net-worth individuals. NCI is for professional and semi-professional investors only. The minimum investment amount is EUR 100,000. Click here for Key Information Document (KID), and here for the latest monthly report.

You can find the Policy for Responsible Investments for NCI here.

Feeder fund

NCI EUR A/S is a feeder fund for investors who want to invest in EUR. It invests in Nordic Corporate Investments A/S and is managed by NCI Advisory A/S. NCI EUR A/S has A and B shares: B shares have the same claim to dividends and equity as A shares, but no voting rights. The minimum investment amount is EUR 100,000.

Risks

Main risks: credit, liquidity, leverage, concentration and loss of capital. You may lose some or all of your investment. Read the key information document (KID) before investing.

Investing in NCI

NCI is presently open to new investors. If you are interested, please contact Jørgen Beuchert.

Performance

Marketing communication. Past performance does not predict future returns. You may lose some or all of your investment.

2021 2022 2023 2024 2025 2021–2025
p.a.		 2026 YTD
(30 Sep)		 Since Mar 2008
p.a.
NCI 25.9% 4.6% 26.8% 9.3% 10.5% 15.1% 13.4% 10.5%
EU HY Index* 4.2% −11.1% 12.8% 8.9% 4.9% 3.6% 0.3% 6.9%

Monthly returns


*Bloomberg European High Yield Total Return Index, unhedged, shown for comparison only. Fund returns are net of fees; index returns are gross. NCI uses leverage; the index does not. 2021–2025 p.a.: average annual net return over the five calendar years 2021 to 2025. Since Mar 2008 p.a.: average annual net return from March 2008 to 30 September 2026. NCI was launched on 27 March 2008; 2008 is a partial year.

NCIC

NCI Credit Opportunity Fund A/S

Open-ended debt investment company, investing in North European high yield corporate bonds and loans as well as offering private debt to Nordic corporates.

NCI Credit Opportunity Fund A/S (NCIC) was established in mid-2020, with its first investment in June 2020. NCIC has DKK 115 million (EUR 15m) in AuM. The company pays dividend on an annual basis subject to performance. Dividends are not guaranteed.

NCIC is tailored to semi-professional investors and is for professional and semi-professional investors only. The minimum investment amount is EUR 100,000. Click here for Key Information Document (KID), and here for the latest monthly report.

You can find the Policy for Responsible Investments for NCIC here.

Feeder fund

NCIC EUR A/S is a feeder fund for investors who want to invest in EUR. It invests in NCI Credit Opportunity Fund A/S and is managed by NCI Advisory A/S. NCIC EUR A/S has A and B shares: B shares have the same claim to dividends and equity as A shares, but no voting rights. The minimum investment amount is EUR 100,000.

Risks

Main risks: credit, liquidity, concentration and loss of capital. You may lose some or all of your investment. Read the key information document (KID) before investing.

Investing in NCIC

NCIC is presently open to new investors. If you are interested, please contact Jørgen Beuchert.

Performance

Marketing communication. Past performance does not predict future returns. You may lose some or all of your investment.

2021 2022 2023 2024 2025 2021–2025
p.a.		 2026 YTD
(30 Sep)		 Since Jun 2020
p.a.
NCIC 15.7% −0.3% 10.8% 9.7% 6.5% 8.4% 5.5% 9.9%
EU HY Index* 4.2% −11.1% 12.8% 8.9% 4.9% 3.6% 0.3% 4.0%

Monthly returns


*Bloomberg European High Yield Total Return Index, unhedged, shown for comparison only. Fund returns are net of fees; index returns are gross. 2021–2025 p.a.: average annual net return over the five calendar years 2021 to 2025. Since Jun 2020 p.a.: average annual net return from June 2020 to 30 September 2026. NCIC made its first investment in June 2020; 2020 is a partial year.

Sustainability

Our funds Nordic Corporate Investments A/S and NCI Credit Opportunity Fund A/S promote environmental and/or social characteristics within the meaning of Article 8 of the SFDR. They do not have sustainable investment as their objective.

NCI EUR A/S and NCIC EUR A/S do not promote environmental or social characteristics within the meaning of Article 8 of the SFDR.

NCI Advisory and our funds recognise the importance of sustainability. NCI Advisory integrates sustainability risks and ESG factors into the investment process, as described in our Policy for Responsible Investments.

In NCI Advisory we also focus on our own CO2e emissions. We have measured our CO2e emissions in Scope 1 and Scope 2 in a sustainability impact report.

NCI Advisory supports the ten principles of the UN Global Compact as a place to work, as an investor and business partner, and we have aligned our corporate social responsibility strategy with the Sustainable Development Goals (SDGs) 7, 8, 12, 13 and 16.

Sustainability-related disclosures

NCI Advisory A/S: Policy for Responsible Investments, incl. integration of sustainability risks (SFDR Art. 3) here, Principal adverse impacts statement 2025 (SFDR Art. 4) here and NCIA Impact Report here.

Nordic Corporate Investments A/S: SFDR periodic report 2025 here.

NCI Credit Opportunity Fund A/S: SFDR periodic report 2025 here.