Chicago financier Larry Swets Jr. is launching Greenland Arctic Development Corp seeking between $100 million and $200 million in new funding to be in place before the close of next year. The plan is straightforward: address bottlenecks in air travel, ocean freight, computing facilities and visitor infrastructure. He plans to use a company structure instead of the traditional private equity fund model, which he says fits the long timelines that come with Arctic projects.
Swets says the idea came together after high net worth investors and family offices approached him "eager to invest" across multiple Greenland ventures. To start, he already has initial pledges totaling $10 million and expects to close that first round by early next year, using it to test the strategy before pursuing a larger raise. Separately, he says he has already helped bring in about $90 million for existing efforts on the island.
Swets has become a regular player in Greenland, with holdings in Greenland Energy Company that is readying exploration wells in the east, as well as in a nickel prospect in the west. As chairman of Greenland Energy Company, he says the grind of moving equipment and flying in and out underlined the gaps in air service and maritime shipping, sparking ideas like investing in smaller aircraft that companies operating there could charter.
Not everything has gone smoothly. Authorities said the necessary permits and approvals for Greenland Energy's Jameson Land oil exploration program could not be completed in time for the planned winter drilling season, pushing the campaign back by roughly a year. The project has also come under public scrutiny over environmental issues, permitting breaches, and the fact that its owners are American.
Swets says he remains "optimistic," adding the delay buys time to build out the new infrastructure venture. And last month he delivered a 36 page plan to the White House urging the US to lift its prohibition on importing seal products.
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Swets argues Trump's attention has made US backers more receptive.
Trump has said again and again that the US ought to control Greenland, describing the island as vital to American and international security. In January, Copenhagen and Nuuk opened diplomatic talks with the US on Greenland and Arctic security, and those negotiations are still underway.
The wider race for influence is heating up. On Monday, the European Union said it would invest €200 million, about $232 million, to help develop critical minerals, renewable power and satellite communications in Greenland. Denmark has stepped up its own investment, and Canada, France and Norway are taking steps to open consulates in Nuuk, the capital.
Meanwhile, the influx of American business figures has triggered concern in both Greenland and Denmark. Officials in Copenhagen cautioned that Americans connected to Trump in a private capacity might be seeking to sway sentiment in Greenland and weaken its relationship with Denmark, which led the foreign minister to call in the acting US ambassador last year.
Greenland has about 57,000 people within the Danish kingdom, and its leaders want to move beyond fishing by drawing capital into mining and tourism. The goal is to lean less on Danish subsidies and advance a long held ambition for independence. Swets's pitch is to build the unglamorous bits that unlock growth - planes, ships and servers - starting with $10 million in early commitments and, if it works, scaling to a $100 million to $200 million effort.
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