The state of Nordic private equity 2019

Argentum Asset Management is one of the leading fund investors in Northern Europe, with an investment portfolio that comprises more than 150 private equity funds. The core field of expertise is the evaluation and selection of private equity funds and fund managers. In addition to investing in newly established private equity funds, the operations include investments in private equity funds through the secondary market and co-investments with private equity funds in Argentum’s portfolio.

Argentum is the Norwegian state’s asset manager for private equity funds and also manages capital for private investors. Argentum’s objective is to deliver returns on a par with the best European investors in private equity funds. By the end of Q3-2019, the company’s investment portfolio had generated an annual return of 15.1 percent since the company was founded in 2001. Total committed capital in funds and structures managed by Argentum at the end of Q3-2019 amounted to €1.5bn.

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This report is produced for information purposes only and is not to be treated as investment advice. No representation is made, or assurance given as to any opinions, projections, forecasts, etc. provided in this report. Investment figures are calculated from equity value and excludes add-on investments. Number of exits exclude write-offs. Only Nordic companies listed on the main stock exchanges are included in IPO figures. Sources: Argentum’s data, Argentum’s estimates, public information and interviews with selected fund managers.

We would like to thank Ingrid Teigland Akay, Hadean Ventures; Per-Ola Baalerud, Lars Grinde, and Tor Erling Gunnerød, Norvestor; Daniel Blomquist and Carl Fritjofsson, Creandum; Bjarne K. Lie, Verdane; Pål Stampe, Altor; Rebecca Svensøy, FSN Capital Partners; Hanne Thornam, EY Norway; and Arne Trondsen, HitecVision for sharing their insights and contributing to this report.