The State of Nordic Private Equity 2022

Argentum Asset Management is one of the leading fund investors in Northern Europe, with an investment portfolio that comprises more than 200 private equity funds and more than 1,000 companies. 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 Asset Management manages Argentum Fondsinvesteringer, the Norwegian Sovereign Wealth Fund for private equity fund investments, as well as capital for private investors, primarily through the Argentum vintage funds, which raise capital annually. By the end of Q3 2022, the company’s investment portfolio had generated an annual return of 15.8 % since the company was founded in 2001. Total committed capital in funds and structures managed by Argentum amounted to €2.2 bn.

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This report has been 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 exclude add-on investments. The number of exits excludes write-offs³¹. 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 Rebecca Farr and Fredrik Korterud at Norvestor, Frida Einarson at Verdane, Ingrid Teigland Akay at Hadean Ventures, Torkild Hebbert Haukaas at Equip, and Patrik Larsson at No Dig Alliance for sharing their insights and contributing to this report.