(Bloomberg) — A US financier involved in oil and mining projects in Greenland is planning a new infrastructure investment venture in the territory, betting that Donald Trump’s focus on the island will help attract American backers.
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Larry Swets Jr., a Chicago-based investor and merchant banker, said he aims to raise between $100 million and $200 million by the end of next year for investments in aviation, maritime shipping, data centers and tourism infrastructure. The effort will be carried out by a new company, Greenland Arctic Development Corp.
Swets said he started the company after being approached by high-net-worth individuals and family offices “eager to invest” in a portfolio of Greenland projects. He has already helped raise about $90 million for his existing ventures there, noting that Trump’s attention has made it easier to bring in US investors.
“It would have been much more difficult for me to raise the money,” he said in an interview, “if it wasn’t for Trump having made Americans aware of how geopolitically important it is to have a sovereign and protected Greenland.”
Swets has become an increasingly active investor in Greenland, with stakes in Greenland Energy Company, which is preparing to drill exploration wells in the eastern part of the territory, and a nickel exploration project in the west. Last month, he also submitted a 36-page proposal to the White House calling on the US to lift its ban on importing seal products.
The new venture comes as governments and private investors race to secure a stake in Greenland’s economic future. The European Union announced on Monday it would invest €200 million ($232 million) to help the territory develop critical minerals, renewable energy and satellite communications. Denmark has also stepped up investment in Greenland, while Canada, France and Norway have moved to establish consulates in the capital of Nuuk.
Greenland, a territory of 57,000 people within the Danish kingdom, is seeking to diversify its economy beyond fishing and to attract investment in sectors such as mining and tourism. Those efforts are part of a broader initiative to lessen its reliance on Danish subsidies and advance toward its long-held goal of independence.
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Still, the influx of US business figures has raised concerns in both Greenland and Denmark. Officials in Copenhagen have warned that Americans with private ties to Trump may be seeking to influence Greenlandic opinion and weaken relations with Denmark, prompting the foreign minister to summon the acting US ambassador last year.
Trump has repeatedly said the US should control Greenland, arguing that the island is vital to American and international security. He has also said he would invest “billions of dollars” and make Greenlanders rich if he succeeded in annexing the territory, though his overtures have made many Greenlanders wary. In January, Copenhagen and Nuuk entered diplomatic talks with the US over Greenland and security in the Arctic, negotiations which are still underway.
Swets said he hasn’t discussed his new company with the Trmup administration and denied being part of any US campaign to take control of Greenland. He described himself instead as “a business person” and “a believer in American capitalism,” which he said could help Greenland achieve greater economic independence.
While moving equipment and traveling for business as chairman of the Greenland Energy Company, Swets encountered significant logistical hurdles with air connectivity and maritime shipping. That, he said, gave him the idea that there could be commercial opportunities in addressing Greenland’s infrastructure gaps, including, for instance, investing in smaller aircraft that could be chartered by companies operating on the island.
Swets has encountered setbacks in some of his Greenland activities. Greenland Energy’s Jameson Land oil exploration project is facing a year’s delay after authorities said the necessary permitting and regulatory approvals couldn’t be completed in time for its planned winter drilling campaign. The project has also drawn local scrutiny over environmental concerns, permitting breaches and its American ownership. Swets said he remains “optimistic” about the project, adding that the delay has given him more time to develop his new venture.
To accommodate the long time horizons involved in Arctic investment, Greenland Arctic Development Corp will be structured as a company rather than a traditional private equity fund, he said. Swets has already lined up preliminary commitments of $10 million, which he expects to close in an initial round by early next year. That will allow him to test his strategy on a small scale before pursuing a larger funding round.
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