Stockholm (NordSIP) – Summa Equity, a private equity manager based in Stockholm and Oslo, announced the closing of its second fund at SEK 6.5 billion. Together with its first fund, closed in 2017, Summa Equity now manages SEK 11.2 billion of aggregate capital commitments targeted at achieving the UN Sustainable Development Goals (SDGs).
Summa Equity was founded in 2016 by five partners, Reynir Indahl, Jenny Keisu, Johannes Lien, Christian Melby and Tommi Unkuri, to become a specialised private equity firm in the Nordic lower mid-market. “Our investment strategy is designed to address the challenges associated with generating long-term profitability in a volatile market underpinned by low economic growth. In the process we hope to be part of developing innovative solutions to some of the most pressing challenges of our time,” says Reynir Indahl, Managing Partner of Summa Equity.
Summa Equity owns eleven companies that are advancing the SDGs through its first fund. Seven days after the announcement of the closing of Fund II on February 26, the private equity firm revealed it had invested in Metry, whose platform helps the real estate sector digitise and structure energy data to become more energy efficient.
Top-tier endowments, foundations, pension funds, insurance firms and fund of funds from the Nordics, Europe and North America invested in the new fund, according to Summa Equity. One such investor, Sweden’s first AP fund, reportedly invested SEK 300 million (€ 28.5 million) in the new fund.
“AP1’s overriding goal is to deliver the best possible return on pension savers’ money. We are convinced that one way of achieving this goal is by considering sustainability aspects in our investment decision process. We seek investments which are characterised by sustainable value creation. We are therefore excited to invest in Summa Equity, and look forward to a close and fruitful cooperation,” says Jan Rådberg, Portfolio Manager Private Equity at AP1.
“Some of the leading global investors are not only continuing to invest in us, but also increasing their investment in Fund II. This confirms that investors increasingly recognise that companies that incorporate solutions to environmental, social, and governance challenges, will show stronger growth and returns while having lower risk. They are more future-proof,” concludes Indahl.
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