What Nordic investors want

With 30 LPs in five Nordic countries, Ardian has been steadily deepening its presence in one of Europe's most sophisticated private capital markets.¹ We spoke to the Investor Relations team about the priorities shaping allocations across the region – and how Ardian is responding to them. 

The Nordic region punches well above its weight in institutional capital. In Sweden alone, assets under management in pension funds amount to €800 billion – seven times what its share of EU GDP would suggest, according to the Swedish Ministry of Finance.² Nordic institutional investors have been allocating to private markets for up to 25 years, and are among the most experienced LPs in Europe.

"Given the scale of the pension system and the private wealth segment in the Nordics, there is a big opportunity to raise capital for Ardian funds," says Julie Burgermeister, Co-Head of Investor Relations for Europe and Senior Managing Director. "And we really think that there is still lots to be done in the coming years."  

Reflecting the growing importance of the Nordic market, Ardian recently brought its Annual General Meeting to Stockholm, marking the first time the event has been held in Northern Europe.

Ardian has been active in the region for approximately 15 years. Three years ago, the firm opened its first Nordic office in Stockholm, with Erik Rosensvärd, Investor Relations Managing Director for the Nordics, joining in January 2023. With the arrival of Poul Hansen came a second Nordic office in Copenhagen in December 2025. Since Erik joined, the number of Nordic LPs in Ardian's base has doubled to 30, spanning all five countries.

Three qualities Nordic LPs value

According to PitchBook, the bulk of capital raised in the Nordics in 2025 flowed to established firms, reflecting a broader ‘flight to quality’ trend across the global private market as LPs prioritized factors such as scale and performance consistency.³  

When asked what tends to resonate most with Nordic investors, Rosensvärd highlighted three elements of Ardian’s proposition: entrepreneurship, expertise and downside protection.  

Entrepreneurship, Rosensvärd says, means responding creatively and coming up with new solutions to investor needs.  

On expertise: "Nordic LPs are sophisticated. When they outsource to managers, they really expect top expertise and delivery. Otherwise, you’re not on the roster." The team’s ability to provide access to senior investment professionals across each investment strategy is one way it responds to those expectations. "We can get the most senior people of any strategy to give us six days over a month to travel around the Nordics," says Rosensvärd. "We don't need to do all the convincing – we can bring the people making the investment decisions and place them in front of our clients."  

On downside risk: "The legacy from being owned by an insurance company shines through – we are extremely focused on downside protection and long-term portfolio resilience. This resonates well with Nordic investors, who generally prefer stability and a long-term investment approach.

Europe and sustainability: the themes shaping LP allocations 

The team is seeing clear shifts in how Nordic investors are thinking about allocation, with an increasing geographical focus toward Europe.  

“European resilience has become an important theme,” says Poul Hansen, currently Ardian's Investor Relations Director in Denmark. “Our Infrastructure platform is a strong fit for the Nordics because it speaks directly to the themes of European autonomy and building out Europe's infrastructure.”

That trend is playing to Ardian's strengths as a large, independent European investment manager with a long track record. "When we invest in Italy we are perceived as an Italian investor, when we invest in Germany we're perceived as a German investor, because we have locals speaking the local language, knowing the regulators and the society," says Rosensvärd.

Sustainability is another area of natural alignment. "Sustainability and ESG have always been very important to the Nordics," says Hansen.  

The Nordic private wealth opportunity 

Beyond institutional capital, the team sees significant growth potential in private wealth. Nordic individual investors are among the most financially engaged in Europe.⁴ In Sweden, just over 10% of household financial assets are held in cash or bank deposits – the lowest share in the EU – while 70% of all households hold investment funds directly. Yet private markets allocations among individuals remain low compared to institutions, which often allocate a meaningful share of their portfolio and capital to private markets.

"The Nordics, especially Sweden and Finland, are equity nations," says Rosensvärd. "Adding private markets has been an increasing theme. We're seeing growing interest for our Ardian Access evergreen funds across both private equity and infrastructure." Hansen adds that the strength of Ardian’s secondaries platform is proving particularly resonant at recent roadshows: "It is designed to provide diversified exposure to private equity and infrastructure."

For the team, that breadth of appeal across both institutional and private wealth channels is a sign of Ardian's growing strength in the region. "We've been able to attract money basically across all the verticals of the Ardian platform," says Rosensvärd. "That shows us that Ardian is a well-perceived brand – and we can win across the region, from Norway and Iceland to Sweden and Denmark, and across our different strategies.” 

Important notice: This article is provided for general informational purposes only and should not be construed as investment advice, an offer to sell or a solicitation of an offer to buy any securities or interests in any fund. Investments in private markets involve risks, including illiquidity and the partial or total loss of capital. Any investment decision should be made solely on the basis of the relevant fund’s official offering documentation. 

¹ Figures as of July 2026. 

² Swedish Ministry of Finance, “The Swedish capital market in brief,” November 27, 2025.

³ PitchBook, “Nordic Private Capital Breakdown,” March 7, 2026.

⁴ Swedish Ministry of Finance, “The Swedish capital market in brief,” November 27, 2025. 

⁵ Swedish Ministry of Finance, “The Swedish capital market in brief,” November 27, 2025.