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Norway’s sovereign fund posted a negative return on investment of 6.1 percent in 2018, while AP4 posted its second negative result since 2008 last year and warned it faced significant challenges in delivering returns at levels achieved in the past decade. A Swedish parliamentary committee that worked on the pension rule changes found that where listed equities generated returns of an average 6.9 percent, alternative investments have delivered a combined 12.3 percent gunmetal cufflinks. Denmark’s PFA, which runs 75 billion euros ($85 billion) in assets, is already active, growing its alternatives investments from 1 billion euros in late 2015 to 5 billion euros now..
“We have an ambition to grow that significantly over the coming years,” Peter Tind Larsen, head of alternative investments at PFA, said. Despite concerns that demand is fuelling a valuation bubble, Selling said Alecta believes there are still opportunities to grow its private equity portfolio, with just 0.5 percent of its 860 billion Swedish crowns ($93 billion) in assets in unlisted equities gunmetal cufflinks. “A good company with a good model and good growth prospects can be deemed interesting even if it is priced at a higher multiple on the earnings,” Selling said..
On the flipside, private equity firms are seeking partnerships with pension funds to bump up the valuation of assets without having to seek a market listing, bankers say gunmetal cufflinks. Independent Vetcare (IVC), Europe’s largest veterinary services firm, was valued at 3 billion euros when Alecta and AP6 – a specialist in unlisted investments – bought 20 percent in February versus the roughly 500 million euros EQT paid to buy it in 2016, sources told Reuters. So far in 2019, five Nordic-based funds have raised a combined 4.2 billion euros in assets, 22 percent of the total for Europe as a whole, Preqin data showed. That compares with 16 percent last year and 6 percent in 2017..
For an interactive version of the graphics, click here tmsnrt.rs/2VMu8jZ and here tmsnrt.rs/2Xeeaja. EQT is the local sector leader and has seven of the ten biggest funds raised in the region, including EQT VIII, which last year raised 10.8 billion euros gunmetal cufflinks. Others include Nordic Capital, Altor, IK Investment Partners, Creandum and Northzone. Much of their focus is on the region’s vibrant digital start-up scene. The European Digital City Index ranks Stockholm second to London in terms of support for digital entrepreneurs. Helsinki and Copenhagen also make the top ten..
“Being a programmer is the most common job in Stockholm, so it’s everywhere,” Ted Persson, operating partner at EQT Ventures, said. Swedish payments company Klarna is seen by bankers as one of the hottest local firms to invest in ahead of a likely IPO, and pension funds seem primed to take a slice in its external fundraising this year gunmetal cufflinks. Valued by bankers with knowledge of its recent internal fundraising at around 32 billion Swedish crowns, the firm counts private equity firms Sequoia and Permira, as well as rapper Snoop Dogg, as investors..