Norwegian director Arne Lindtner Naess’ “The Olsen Gang Jr. Goes Under Water” will be the first pic subsidized by a new Norwegian Film Fund initiative.Scheme will back movies that are estimated to reach 100,000 admissions domestically. Private investment must meet half the costs, and the public contribution cannot exceed $1.1 million. In this case, Nordisk Film & TV production will receive half the film’s $2 million budget. Scripted by Naess and Sverre Holm, pic is a prequel to the “The Olsen Gang” series. It is set in 1958 when Egon Olsen is at an orphanage, looking for a rich family to adopt him.