Stockholm briefing

Monday 18 May - 20 May

Monday Vargas, then P Capital Partners

  1. Vargas

    Creates and backs industrial companies vargasholding.com
    Founded
    2014
    Address
    Vastra Tradgardsgatan 15, 111 53 Stockholm
    Management
    Carl-Erik Lagercrantz, CEO; Harald Mix, Chairman
    Capital
    Initial Vargas investments have been financed principally through Kallskar, Harald Mix's investment vehicle. The founders use an evergreen ownership approach; later scale-up capital is raised separately at portfolio-company level through equity and debt rounds.

    Main person we are meeting

    Carl-Erik LagercrantzCEO of Vargas. Current Vargas portfolio board roles include Aira, Syre and Stegra. Earlier roles include IT and telecom leadership at Utfors, Telenor and BT Nordics; previous Vargas portfolio roles include Northvolt co-founder / vice-chair and Polarium chair.

    History

    • Founded in 2014 in Stockholm to create new industrial companies, finance the first phase and stay involved as long-term owner.

    Commercial focus

    • Identifies an industrial problem, validates the market and technology, forms a new company, brings in management and customers, and raises company-level financing.
    • Focus areas include energy storage, steel, hydrogen, home energy-tech, textiles and low-carbon aluminium.

    Portfolio detail

    Polarium

    What
    Lithium-ion energy storage and energy optimisation systems for telecom, commercial, industrial and residential uses.
    Started
    Founded in 2015.
    Status
    Stockholm HQ; production facilities in South Africa and Vietnam; 440,000+ installed solutions in 70+ countries. Polarium timeline also includes a first factory in Guadalajara, Mexico; local offices in Sydney and Melbourne; a BESS installation in Japan; and a project in Portugal.
    Funding / backers
    Public rounds include SEK 955m (approx. EUR 87.1m) from AMF in 2022 and SEK 500m (approx. EUR 45.6m) convertible preference shares in Oct 2024; 2024 participants included Vargas, AMF, Alecta, Stefan Jansson Global Invest and RoosGruppen.

    Stegra

    What
    Green hydrogen, green iron and green steel, with a large-scale plant under construction in Boden, Sweden.
    Started
    Founded in 2020 as H2 Green Steel; changed name to Stegra in 2024.
    Status
    Headquartered in Stockholm. First plant under construction in Boden, northern Sweden. Annual green-steel output target of 5m tonnes by 2030. Oct 2025 project update: more than 60% progressed; Apr 2026 update: project timeline under review.
    Funding / backers
    By Jan 2024, EUR 6.5bn had been secured: EUR 2.1bn equity, EUR 4.2bn debt and a EUR 250m EU Innovation Fund grant. Apr 2026: EUR 1.4bn new financing agreed in principle, led by Wallenberg Investments with Temasek and IMAS. May 2026: creditor agreement reported for access to about EUR 1.5bn of unused credit lines, subject to regulatory approvals. Other named backers include Altor, Hy24 and Just Climate.

    Aira

    What
    Clean home energy-tech centred on intelligent heat pumps and home energy systems.
    Started
    Founded in 2022; commercial launch in June 2023.
    Status
    Headquartered in Stockholm, with R&D in Helsingborg and production in Wroclaw, Poland. Operates in Italy, Germany and the UK. Aug 2025 annual sales run-rate: EUR 200m, with 1,200 employees, 18 hubs and four Aira Academies.
    Funding / backers
    Disclosed equity rounds total EUR 393m: EUR 35m Series A, EUR 145m Series B, EUR 63m 2024 extension and EUR 150m Aug 2025 round. Additional disclosed financing includes EUR 200m debt commitments and a EUR 15m Polish government grant; investors include Altor, Kallskar, Kinnevik, Lingotto and Temasek.

    Syre

    What
    Textile-to-textile recycling, starting with polyester.
    Started
    Founded in 2023; initiated by Vargas and H&M Group.
    Status
    Headquartered in Stockholm. Blueprint production plant built in North Carolina in 2024. May 2024 financing announcement shortlisted Vietnam and Iberia for first gigascale plants; Apr 2025 MoU signed with Binh Dinh Province, Vietnam.
    Funding / backers
    USD 100m Series A in May 2024. Lead investor: TPG Rise Climate. Other named investors: H&M Group, Giant Ventures, IMAS Foundation, Norrsken VC and Volvo Cars. Earlier founder capital not publicly quantified.

    Arctial

    What
    Feasibility study for low-carbon aluminium production in Kokkola and Kronoby, Finland.
    Started
    Industrial partnership announced in Dec 2024; feasibility study started at the beginning of 2025.
    Status
    Project locations are Kokkola and Kronoby, Finland. Contact address: Kokkola. The study covers social, technical, environmental and commercial dimensions.
    Funding / backers
    Funding amount not disclosed. ABB, Fortum, Mitsubishi Corporation, Rio Tinto, Siemens Financial Services, Tesi and Vargas are financing the project company and feasibility study.

    Northvolt

    What
    Lithium-ion battery cells and battery systems.
    Started
    Founded in Oct 2016 by Peter Carlsson and Paolo Cerruti, together with Vargas.
    Status
    Filed for bankruptcy in Sweden on 12 Mar 2025. Lyten completed acquisition of remaining assets and IP in Sweden and Germany in Feb 2026.
    Key moments
    Battery cell assembled at Northvolt Ett in Skelleftea in Dec 2021; commercial shipments to automotive customers in May 2022. Timeline locations include Skelleftea, Gothenburg, Borlange, Gdansk, Germany, Setubal and Quebec.
    Funding / backers
    By Jan 2024, more than USD 15bn in equity and debt financing had been raised, including the largest green loan in European history. Investor and partner set included Volkswagen and Goldman Sachs.
    Sources
    About Aira board Stegra board BT appointment Polarium board Companies Polarium Polarium funding data Polarium AMF investment Polarium 2024 funding Stegra Stegra Jan 2024 financing Stegra Apr 2026 financing Stegra May 2026 credit lines Aira Aira Series B Aira 2024 extension Aira 2025 funding Syre Syre Vietnam MoU Syre Series A Arctial Northvolt status Northvolt Jan 2024 financing

  2. P Capital Partners

    Private credit / direct lending pcapital.se
    Origin
    Strategy began in a family office in 2002; first institutional fund in 2009; management buyout in 2013.
    Address
    Sturegatan 6, SE-114 35 Stockholm
    Ownership
    M&G completed a 70% acquisition on 3 June 2025; management retained the remaining equity.
    Platform
    More than EUR 3.8bn AUM as of September 2024 across six institutional funds; about EUR 7bn raised since inception.
    Market
    European private credit; examples span the Nordics, Germany, the Netherlands, Poland and Ireland.
    Regulated
    Swedish AIF manager; corporate ID 556930-7027; active with Finansinspektionen since 18 June 2014.
    Management
    Daniel Sachs, founder and CEO; David Ullenius, CIO and Managing Director; Petra Elvang, Deputy CEO and Managing Director.

    Main person we are meeting

    Maria OrrgardGeneral Counsel. Joined in February 2025 after advising P Capital externally. Earlier roles include SEB Large Corporate & Financial Institutions legal counsel, 2007-2019, and Snellman finance / restructuring work covering leveraged finance, corporate lending, fund financing and debt-fund matters.

    History

    • Strategy began in a family office in 2002; first institutional fund raised in 2009; management buyout completed in 2013.
    • M&G completed acquisition of 70% of P Capital in June 2025; management retained the remaining equity.

    Commercial focus

    • Private credit for European entrepreneur-owned, employee-owned and family-owned mid-sized companies, plus developers of sustainable infrastructure.
    • More than EUR 5bn invested since 2002.
    • Products range from senior debt to preferred equity, including capex, acquisition, project-finance, refinancing and restructuring facilities.
    • P Capital states an individual investment range of EUR 10m to EUR 150m.

    Strategies

    CorporateTailored non-dilutive credit for established private companies, mainly entrepreneur- and family-owned businesses; primarily senior-secured loans to privately held companies.

    GrowthDebt financing for entrepreneur-led companies that have moved beyond venture stage and are approaching profitability; Foodji in Munich was the 2024 Growth example.

    TransitionSenior-secured financing for infrastructure and real-asset projects linked to sustainability transition, with examples in Sweden, Germany, Finland and Ireland.

    Platform and borrowers

    • Corporate Credit Fund V closed in March 2024 at more than EUR 1.7bn. PCP Transition closed in June 2022 with EUR 684m of commitments.
    • Examples include borrowers or financed projects in Sweden, Norway, Finland, Denmark, Germany, the Netherlands, Poland, Ireland and the UK.

    Borrower/project examples

    CorporateAir Spiralo-DEC Group, Netherlands, 2026; Hera Residenzen, Germany, 2026; V-Tower and Polon-Alfa, Poland, 2025; Neuplaner, Germany, 2025; Pluq and MTD Water, Netherlands, 2024; CIC, Norway, 2024; Sparc Group, Sweden, 2024.

    TransitionEcoDataCenter, Sweden, 2025; Avrio, Germany, 2025; Mikonkeidas, Finland, 2024; KWD / Limerick Polymers, Ireland, 2021 and 2025.

    Other examplesHima Seafood, Norway, 2022; KRY, Sweden/Norway/France/UK, 2022; PREM Group, Ireland/UK/Belgium/Netherlands, 2021; Better Energy, Denmark, 2019 and exited 2023; Foodji, Germany, 2024 Growth transaction.

    Sources
    Home About Team Maria Orrgard Legal 500 profile Corporate Growth Transition Companies M&G acquisition completion FI register Corporate Fund V V-Tower Neuplaner EcoDataCenter Avrio Pluq CIC Mikonkeidas Hima Seafood Foodji Polon-Alfa Air Spiralo-DEC Hera MTD Water Sparc Group KRY PREM Group Better Energy Limerick Polymers KWD
Tuesday Ture Invest, Susanna Campbell, Altor, then restructuring conference

  1. Ture Invest

    Direct lending / private credit tureinvest.se
    Founded
    Franchise founded in 2007; Ture Invest Partners AB registered in 2020.
    Address
    Nybrogatan 7, 114 34 Stockholm
    Legal entity
    Ture Invest Partners AB, corporate ID 559251-2437.
    Market
    Nordic direct lending, focused on small and mid-sized companies.
    Management
    Jacob Rojdmark, CEO and Co-CIO; Martin Torell, Co-CIO; Asa Hjalte, Deputy CEO and COO; Hans Hellenborg, Head of Investor Relations.
    Platform
    More than EUR 1.4bn managed assets in June 2024; EUR 1.5bn AUM in May 2025. Fund III closed in July 2024 at circa EUR 500m.

    Main person we are meeting

    Javier CastañedaManaging Director and Investment Committee member. Joined from HPS Investment Partners, where he worked on Western Europe private debt and equity transactions. Earlier roles include Anchorage Capital Group distressed credit / equity investing, engineering and service in the Spanish Air Force.

    History

    • Jacob Rojdmark founded the Ture Invest franchise in 2007 after senior roles at Industrivarden and Nordic credit work at Indosuez Capital.
    • Track record covered more than 90 SME loans by June 2024.

    Commercial focus

    • Bespoke credit and direct lending for Nordic SMEs and mid-market companies.
    • Ture Credit Fund III focus areas include software, healthcare, education and environmental services.
    • Fund III policy focuses on registered offices in Sweden, Norway, Denmark and Finland, with ability to fund companies in Germany, Belgium, the Netherlands, Luxembourg and the UK.
    • Long-term sponsor and entrepreneur relationships are part of the origination model.
    • Direct lending products include senior secured lending and ESG-linked pricing toggles tied to agreed ESG targets.

    Fund platform

    Ture Invest Fund I / Hedda Credit Fund IHistorical fund-size figures: Ture Invest Fund I EUR 400m; Hedda Credit Fund I EUR 100m. Hedda Credit Fund I AB is a Swedish AIF vehicle, corporate ID 559103-6495, registered in 2017.

    Ture Credit Fund II ABSwedish AIF vehicle, corporate ID 559275-9459; registered in 2020; active LEI status. Public size not disclosed.

    Ture Credit Fund IIILuxembourg RAIF, register number B269620; closed in July 2024 at target size of circa EUR 500m. Professional investors are primarily Nordic, including KLP in Norway and the SEB Foundation in Sweden. EIF committed EUR 30m as cornerstone investor; Fund III is Article 8 under SFDR.

    Ture Credit Fund IVTure Credit Feeder Fund IV SCSp first closing announced on 16 June 2025; target size EUR 1bn for primary direct lending. Public SFDR disclosure dated 24 September 2025; Luxembourg register number B295260.

    Disclosed financings

    AttensiNorwegian-founded corporate learning technology company; over USD 25m non-dilutive growth funding in May 2025 for US-market expansion and AI training products.

    Keystone Academic SolutionsNorwegian education-search and student-recruitment group; credit facility with Ture signed in Dec 2020 at SEK 500m (approx. EUR 45.6m), increased to SEK 1bn (approx. EUR 91.2m) in Mar 2023, with USD 70.64m drawn at 31 Dec 2024 and refinanced through a EUR 100m four-year senior secured bond in Jan 2025.

    Pagero / GosocketSwedish business-network software company; additional SEK 150m (approx. EUR 13.7m) drawn in September 2023 under the Ture Invest financing arrangement, taking exercised funding to SEK 450m (approx. EUR 41.0m) of the available SEK 1.5bn (approx. EUR 137m).

    OcclutechSwitzerland-headquartered structural-heart-device company; EUR 40m bond subscription commitment in April 2023 under a EUR 75m frame, with EUR 20m issued as first tranche on 31 March 2023 and maturity on 31 December 2027.

    ILT EducationSwedish multilingual digital teaching-services company; 2024 financing case with ESG metric linked to margin adjustment related to gender diversity. Amount not disclosed.

    STIMNorwegian fish-health solutions provider for aquaculture; 2024 financing case covering vaccines, pharmaceuticals and advisory services. Amount not disclosed.

    PricerSwedish retail-technology company; SEK 250m (approx. EUR 22.8m) loan financing with a credit fund advised by Ture Invest Partners AB in Dec 2022 for refinancing and growth flexibility.

    PageroSwedish business-network software company; SEK 750m (approx. EUR 68.4m) senior secured floating-rate notes in May 2022 provided by Ture Invest AB to support the proposed Tungsten acquisition and financing facilities.

    EcoOnlineNorwegian EHS software company; EUR 150m credit framework in Nov 2021 provided by Ture Invest AB for refinancing and future acquisition capacity.

    Sources
    Home About Team Javier Castañeda Deloitte move tracker Contact Responsible investments Sustainability report 2024 Privacy notice EIF Fund III Fund III SFDR investor disclosure Fundraising data Fund IV first closing Fund IV SFDR website disclosure Hedda Credit Fund I LEI Ture Credit Fund II LEI Attensi financing Keystone registration document Pagero Gosocket draw Occlutech financing Pricer financing Pagero financing EcoOnline financing

  2. Susanna Campbell

    Individual / board professional biographical note
    Born
    1973
    Education
    M.Sc. Business and Economics, Stockholm School of Economics, 1996.
    Profile
    Investor, adviser and board professional with private-equity, listed-company, industrial scale-up and consumer-brand roles.
    Current
    Chair and co-founder of Syre; Chair of KIRKBI Climate and NOD Group; board member of Orkla, evroc and Estrid; Senior Advisor at Norrsken VC.

    Career path

    • Alfred Berg Corporate Finance, 1996-2000; McKinsey & Company, 2000-2003.
    • Joined Ratos in 2003; investment director before becoming CEO from April 2012 to July 2016.
    • After Ratos, roles include Syre, KIRKBI Climate, NOD, Norrsken VC, Kinnevik, Indutrade, Northvolt and Stegra.

    Current engagements

    SyreChair and co-founder. Swedish textile-to-textile recycling company that recycles polyester textiles into circular polyester; offices in Stockholm and North Carolina.

    KIRKBI ClimateChair from 15 November 2025. Climate-investment and business-building platform under KIRKBI, covering energy transition, circular plastics and land sustainability; approximately DKK 10bn portfolio, with up to DKK 10bn additional investment planned over five years.

    OrklaBoard member elected on 23 April 2026. Oslo-listed industrial investment company focused on brands and consumer-oriented companies, with portfolio companies across food and ingredients, health and home care, and paints and coatings.

    NOD GroupChair of the Board. Altor-owned Nordic design platform that gathers home-interior and design brands such as String Furniture, Kasthall, Vaarnii, Photowall and Wall of Art; 12 brands across 35 markets.

    evrocBoard member from 2024. European cloud and AI-services platform founded in 2022, focused on European-owned cloud infrastructure for regulated industries, public institutions, defence and critical infrastructure.

    EstridBoard member from 2021. Stockholm-founded vegan hair-removal and body-care brand, launched in 2019, with millions of subscribers across Europe and availability in more than 10,000 retail doors.

    Norrsken VCSenior Advisor from 2017. Sweden-founded impact venture-capital manager started by Norrsken Foundation; Article 9 fund, investing in companies tied to UN Sustainable Development Goals. Disclosed fund sizes: EUR 25m Founders Fund, EUR 125m Fund I and EUR 320m Fund II.

    Selected previous roles

    • Kinnevik board member, 2019-2025; did not stand for re-election at the 2025 AGM.
    • Indutrade board member, 2017-2025; Northvolt board member, 2017-2025.
    • Stegra board director until 2025.
    • Earlier board roles include Telia Company, Rohnisch Sportswear and Nalka.
    Sources
    Wikipedia Syre company Syre team KIRKBI Climate Orkla overview Orkla board profile Orkla AGM Orkla nomination appendix NOD evroc Estrid Norrsken VC Norrsken Foundation Ratos appointment Kinnevik 2025 Stegra board change

  3. Altor

    Private equity altor.com
    Address
    Altor Equity Partners AB / Altor Fund Manager, Jakobsgatan 6, 111 52 Stockholm.
    Offices
    Copenhagen, Helsinki, Oslo, Stockholm, St. Helier and Zurich.
    Platform
    More than EUR 12bn committed across seven funds; close to 100 company investments and 300+ add-on acquisitions.
    Team
    Roughly 120 investment professionals across Nordic and DACH offices.

    Commercial focus

    • Invests mainly in medium-sized companies in the Nordics and DACH region.
    • Active across mature-company transformations, high-growth businesses, private companies, public companies and selective minority shareholdings.
    • Current sector framework covers Business Services, Consumer, Financial Services, Industrial and Tech, with green-transition investments included in the current strategy.

    Portfolio snapshot

    Industrial / climateAira, Circulose, Elicron, Nordic Climate Group, Stegra, Trioworld and Vianode are current examples on Altor's company list.

    ConsumerAarke, CCM Hockey, iDeal of Sweden, Nordic Leisure Travel Group, Rossignol Group and Toteme are current examples.

    Services / financial / techC WorldWide, F24, Kommunalkredit, Ludvig & Co, Mandatum, Meltwater, QNTM Group and Rillion are current examples.

    Sources
    Altor about Altor offices Altor companies Fund VI close

  4. Annual Nordic Restructuring Conference

    Roschier / Houlihan Lokey roschier.com
Wednesday Summa Equity, Roschier, Vinge, Flat Capital*, then R12 Kapital

  1. Summa Equity

    Thematic private equity summaequity.com
    Established
    2016
    Address
    Birger Jarlsgatan 27, 11145 Stockholm
    Founder
    Reynir Indahl, Founder and Managing Partner
    Platform
    Around EUR 4bn funds raised; 35 investments; three funds; around 80 employees.
    Market
    Mid-market thematic buyout and growth investing, focused on the Nordics and Northern Europe.
    Offices
    Stockholm, Oslo and Munich.

    Main people we are meeting

    Martin SjölundPartner & General Counsel at Summa Equity AB in Sweden. Prior to Summa, he worked as a lawyer in Mannheimer Swartling's Funds and Investment team, primarily on fundraising, structuring and M&A-related matters. Master of Law, Lund University.

    Johan CarlssonSenior Legal Counsel at Summa Equity AB in Sweden. Prior to Summa, he worked as a lawyer in Advokatfirman Cederquist's M&A team and worked with Summa on portfolio transactions and during a secondment. Master of Law, Stockholm University.

    History

    • Reynir Indahl drafted the concept for Summa in 2015; Summa was established in 2016 as a thematic investment firm.
    • Investment model: acquire and develop companies whose products or services address environmental, social or resilience-related problems.

    Commercial focus

    • Four stated themes: Circularity, Sustainable Food, Energy Transition and Tech-Enabled Resilience.
    • Active-ownership work covers strategy, leadership, large value-creation projects, sustainability measurement and portfolio-company community work.
    • Fund vehicles and manager are regulated by the Swedish Financial Supervisory Authority; funds typically invest through SPVs.

    Fund platform

    Fund IFinal close in 2017; Nordic-focused buyout fund; SEK 4.7bn (approx. EUR 429m) commitments; close to 30 institutional investors.

    Fund IIFinal close in 2019; Nordic-focused buyout fund; SEK 6.8bn (approx. EUR 620m) hard-cap commitments; close to 35 institutional investors.

    Fund III2022 vintage; Nordics and Northern Europe buyout/growth Article 9 fund; EUR 2.3bn; close to 70 institutional investors.

    Summa CircularClosed in 2023; EUR 550m Article 9 continuation fund for NG Group.

    Selected current portfolio

    CircularityNG Nordic: circular solutions and environmental services. Bollegraaf: turnkey waste-sorting solutions. TBAuctions: online auctions for used business equipment.

    Sustainable FoodNofitech: land-based aquaculture facilities and equipment. STIM: fish-health products and services for aquaculture. Holdbart: surplus-food retail. Nutris: plant-based proteins. Oda Group: online grocery retail.

    Energy TransitionTibber: digital electricity supplier. EA Technology: grid monitoring and transition services.

    Tech-Enabled ResilienceDignio: remote healthcare at home. FAST LTA: secure data storage and archiving. guardsix: cyberattack detection/prevention and security visibility. myneva: software for the social sector. Peoplesafe: workforce safety in the UK, US and Canada. Vyntra: transaction intelligence.

    Changing DemographicsAxion: instruments for biopharma and academia. LOGEX: healthcare data. Sengenics: immunoprofiling for biomarker discovery. Velsera: healthcare and life-sciences data infrastructure.

    Sources
    Home About Strategy Team Contact Current investments Fund I Fund II Fund III Summa Circular

  2. Roschier

  3. Vinge

  4. Flat Capital*

    May move to Thursday flatcapital.com
    Founded
    2013 by Nina and Sebastian Siemiatkowski; Sebastian co-founded Klarna in 2005 and is Klarna's CEO.
    Address
    Norrlandsgatan 10, c/o Cecil Coworking AB, 111 43 Stockholm.
    Listing
    B-share listed on Nasdaq First North Growth Market since 20 Oct 2021; ticker FLAT B. Corporate ID: 556941-0110.
    Ownership
    Double Sunday IV AB held 82.0% of capital and 92.8% of votes at 31 Mar 2026. Sebastian Siemiatkowski personally held 0.9% of capital and 2.4% of votes.
    Management
    Sebastian Siemiatkowski, Chair; Rickard El Tarzi, CEO from 9 Apr 2026; Antonio Melani, CFO.
    Platform
    Q1 2026 net asset value SEK 3.66bn (approx. EUR 334m), SEK 7.35 (approx. EUR 0.67) per share; portfolio value SEK 4.00bn (approx. EUR 365m); net debt SEK 780.8m (approx. EUR 71.2m).

    Main person we are meeting

    Johan SöörBoard member of Flat Capital, elected in March 2026. Flat's Q1 2026 report records audit committee responsibility and remuneration committee membership. Current CEO of First Camp Group; earlier roles include CEO of MTRX, Head of Business Development at MTR and Junior Partner at McKinsey & Company. Education: Stockholm School of Economics and Sciences Po Paris.

    Commercial focus

    • Long-term investment company with a global mandate, mainly focused on growth-stage companies led by entrepreneurs.
    • Invests through its network in listed and unlisted assets, from early company formation through later-stage and listed holdings.
    • Current exposure is concentrated in Klarna, Defensor Group and a set of AI, software, space and other unlisted growth holdings.

    Portfolio overview

    KlarnaGlobal digital bank and payments / commerce network. Flat invested in 2021. Q1 2026 carrying value was SEK 3.07bn (approx. EUR 280m), 83.9% of NAV, held directly and indirectly through Double Sunday AB; Flat's direct and indirect Klarna exposure represented about 6.5% of Klarna's capital.

    Defensor GroupNordic defence and security industrial group. Flat invested in 2025 and held about 62.5% at 31 Mar 2026. Q1 2026 carrying value was SEK 491.9m (approx. EUR 44.9m), 13.4% of NAV. Defensor announced a 40% investment in Novator Solutions in Feb 2026.

    Minority holdingsQ1 2026 report lists minority holdings including BrindleChute, CDLP, Magic, Nexos, Pieces, Quartr, Talentium, Talk2Me, Harvey, Physical Intelligence, SpaceX, xAI, DeepL, Discord, Perplexity, Remote and others.

    Recent portfolio changesDuring Q1 2026 Flat divested all OpenAI exposure, ElevenLabs, Lovable, Cerebras and Alpaca, plus more than half of Perplexity, for approximately SEK 719m (approx. EUR 65.6m) and reported profit of approximately SEK 525m (approx. EUR 47.9m). Figma was divested separately in January 2026 for approximately SEK 6m (approx. EUR 0.55m).

    Sources
    Flat about Flat investments Flat investor relations Q1 2026 release Q1 2026 report AGM notice 2026 Nasdaq listing notice Klarna CEO profile First Camp management

  5. R12 Kapital

    Family-backed investment company r12kapital.se
    Founded
    Formed on 12 Oct 2009; registered on 27 Oct 2009. Corporate ID: 556791-6951.
    Address
    Riddargatan 12, Box 55720, 114 83 Stockholm
    Ownership
    Owned by af Jochnick family members and managing partners; Swedish records list Hans Ramel and Per Hesselmark as registered control persons at 25-50% each.
    Management
    Hans Ramel, chair and board member; Per Hesselmark, board member; both are managing partners / co-owner managers.
    Model
    Family-backed active ownership through an investment company, with strategy and business-plan support alongside capital.
    Market
    Scandinavian investment focus, with other European markets used for add-on investments.

    Commercial focus

    • Invests in Scandinavian companies and supports add-on activity in other European markets where relevant.
    • Works with capital, strategy and business-plan development to increase profitability and growth at portfolio-company level.
    • Disclosed examples span logistics/distribution, leisure boats, industrial components, lighting infrastructure, HR/payroll software, printed circuit boards and lift equipment.

    Selected holdings and exits

    SMD LogisticsSwedish nicotine-product logistics and distribution business. Purchase agreement dated 25 Apr 2023; European Commission approved R12 as purchaser on 8 Jun 2023; sale from Swedish Match completed on 30 Jun 2023. 2024 revenue SEK 15,182.3m (approx. EUR 1.38bn) and 227 employees.

    Nimbus GroupPowerboat manufacturer and house of brands. R12 acquired the majority in 2012; Nimbus listed on Nasdaq First North on 9 Feb 2021; R12 remains a major shareholder at 38.29%. Main sales markets are the Nordic region, Europe and the USA.

    Bendiro Profile TechFalkenberg manufacturer of customized roll-formed metal profiles for industrial clients and wholesalers. Europe is the primary market; Bendiro is a current R12 group company via Bendiro Holding.

    NorthconeJohanneshov-based developer and seller of roll-formed lighting poles, including crash-safe lighting poles. Northcone is a current R12 group company via Ortic 3D; public sources do not give a reliable acquisition date.

    NCAB GroupPrinted circuit boards. R12 was principal owner from 2007; NCAB first traded on Nasdaq Stockholm on 5 Jun 2018. After a May 2023 sell-down, R12 sold its remaining 21,351,550 shares on 12 Sep 2023 and no longer owned shares after the sale.

    AditroNordic payroll, HR and finance solutions. R12 acquired Aditro from Nordic Capital Fund V on 18 Jul 2013; SD Worx acquired Aditro from R12 in a transaction signed and closed on 28 Apr 2021.

    CibesScrew-driven lift manufacturer with HQ and production in Gavle; products sold in 72 countries through direct sales in 13 markets and 200+ distributors. R12 Kapital Fund I AB and minority owners divested Cibes to Nalka in 2017.

    Sources
    R12 about R12 company record R12 control record R12 group record SMD purchaser approval SMD Logistics SMD 2025 release SMD company record SMD transaction Nimbus overview Nimbus board Nimbus 2025 release Nimbus listing Bendiro Bendiro profile Bendiro company record Northcone Northcone company record Aditro 2013 Aditro transaction Aditro 2021 NCAB NCAB listing NCAB sale Cibes release Cibes transaction Cibes