The State of Nordic Private Equity Report
Executive Summary
In this report, we share insights on the largest Nordic investors, entries, add-ons, exits, holding periods, PE portfolio, growth rates and much more. Here is a summary of our key findings:
Largest Nordic HQ’d investors — EQT has emerged as the leading Nordic HQ’d investor, managing a total estimated EV of €93bn in Europe (including the Nordics), followed by Nordic Capital (€20bn) and A.P.Møller (€10bn). Collectively, the largest 50 Nordic HQ’d investors manage an estimated EV of €193bn in Europe, with the top 10 alone managing €158bn (82%).
PE portfolio — The Nordic PE market is one of the most domestically focused in Europe. 47% of PE-owned EV assets in the Nordics are owned by domestic investors. The presence of North American sponsors is limited and the lowest of all European regions (18% by EV).
Entries — Compared to the rest of Europe, PE entry activity in the Nordics remains subdued. By sector, activity has held up better in TMT and Services, while Industrials and Consumers have lagged. Sweden is the most active region, accounting for 40% of all Nordic PE entries.
Exits — Exit activity is expected to be up marginally in 2025. Holding periods are up (6.2 years YTD, up from 4.3 years in 2020), with 40% of exited assets held in portfolio for more than 7 years.
Buy-and-build — The Nordics are the most add-on-heavy region in Europe, with 54% of portfolio companies there pursuing a buy-and-build strategy. 82% of all PE deals in 2025 were add-ons, with services being the acquisitive sector (47% of deals), followed by TMT (18%) and Industrials (15%).
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Chapter 01: Largest Investors
Largest Global Investors Investing in the Nordics
EQT has emerged as the largest investor in the Nordics, managing an estimated enterprise value (EV) of €28.3bn, followed by Hg Capital (€19.8bn) and CVC Capital Partners (€16.1bn).
Other investors in the top 10 include KKR (€10.4bn), Triton (€8.8bn), Macquarie (€7.9bn), Nordic Capital (€7.6bn), Altor Equity Partners (€6.8bn), Norvestor (€5.4bn) and Goldman Sachs Asset Management (€5.3bn).
Collectively, the largest 50 investors in the Nordics manage an estimated €211bn in enterprise value in the Nordics, with the top 10 alone accounting for around €116bn (~55% of the total), reflecting a higher level of concentration than the French and DACH regions.
The Nordic PE market is one of the most domestically focused in Europe. 47% of PE-owned EV assets in the Nordics are owned by domestic investors. While activity from North American sponsors is increasing in the region, it still remains limited and is the lowest of all European regions (18%).
Activity from international sponsors tends to focus more on larger firms with EBITDA over €50m, where the greater scale justifies cross-border investment. At the country level, Norway and Finland see higher participation from international investors, while Sweden and Denmark have a higher concentration of domestic sponsors.
By sector, international investors dominate deal activity in TMT, Energy & Materials and Financials. Domestic sponsors, in contrast, remain more active in Industrials and Consumer, where they are more familiar with local laws and the regulatory landscape.
Chapter 02: Entries
Overall PE Entries
We expect Nordic PE entry activity in 2025 to be flat year-on-year, continuing the stabilization trend seen in 2024. While credit spreads have eased, there is still a degree of uncertainty in the market holding back investors.
Compared to the rest of Europe, PE entry activity in the Nordics remains subdued. It has declined 40% from 2021 levels — a far steeper drop than the 10% decline seen across Europe.
Deal activity rose from Q1 to Q2 but nudged lower in Q3. Q4 typically sees a pickup in momentum as sponsors accelerate deployments toward year-end, suggesting activity could rebound in the final quarter if market conditions remain stable.
Chapter 03: Exits
Overall PE Exits
Exit activity is expected to be up marginally in 2025. Despite subdued valuations, investors are prioritizing liquidity for LPs and bringing a backlog of delayed exits to the market.
Quarterly PE exit activity points to stabilization. After a slow start in Q1, exits gained momentum through Q2 before leveling off in Q3.
By sector, exits in Industrials and Consumer are most challenged relative to the backlog. Both these sectors have seen growth and margins slow down post-pandemic, which has clouded the outlook for these assets.
Chapter 04: Asset Insights
PE Penetration & Employment
PE-backed businesses in the Nordics employ ~1m people. That’s roughly ~6% of the Nordics’s working-age population. By sector, the largest employers are in Services (40%), followed by Industrials (18%), Consumer (13%) and Science & Health (14%).
PE penetration in the Nordics stands at 15%, notably higher than 11% in the rest of Europe. The region is home to a large pool of mid-sized family firms that PE firms frequently acquire. Additionally, the business-friendly regulatory environment with strong rule of law, transparent governance standards and efficient bankruptcy procedures makes PE transactions more favourable. By sector, PE ownership is highest in Technology, MedTech and Telecom, and lowest in Education and Asset Management.
TMT is dominated by larger assets in the Nordics, with over 75% of the sector's companies valued at >€1bn. In contrast, Industrials and Consumer show a relatively lower proportion of assets >€1bn, indicating a more diverse landscape.
