What is Nordic Secondary Fund?
Founded in 2018, Nordic Secondary Fund stands out as the first and only fund in the Nordics dedicated exclusively to investing in secondaries. Now, if you’re wondering what that means—“secondaries” refers to a niche within Private Equity that offers an attractive alternative investment option. It’s known for delivering high yields and providing investors with a way to diversify their portfolios, which helps reduce overall risk. The fund taps into a growing market fueled by a surge in tech-based opportunities and better access to venture capital. This growth has led to a significant increase in valuable early-stage companies across the Nordic region. Many founders and early investors hold stakes in these companies, but here’s the catch: these stakes are tough to monetize because there’s practically no market for minority stakes in non-listed early growth Nordic companies. Nordic Secondary Fund steps in to bridge that gap.
Main Benefits of Nordic Secondary Fund
So, what makes this fund a smart choice? Here are some key figures and facts that highlight its strengths:
- Founded in 2018, pioneering the Nordic secondaries market
- Focuses exclusively on secondary stakes in companies post-Series A funding
- Targets companies with proven business models and scalable operations
- Aims to invest at a substantial discount compared to the latest funding round
- Seeks a 2x-5x upside with an exit strategy within 5 years
- Team boasts over 50 years of combined experience in founding, investing, and managing early-stage companies
- Strong network across Nordic and Baltic early-stage companies, business angels, and investors
Investment Strategy That Works
Nordic Secondary Fund’s approach is pretty straightforward but effective. The fund acquires secondary stakes in companies that have already completed a Series-A capital raise, either from venture capitalists or corporate ventures. The focus is on companies that have demonstrated a proven business model—meaning they have a documented market for their products or services and a scalable business model that can grow. The fund aims to buy these stakes at a significant discount to the latest funding round, which means investors get in at a better price. Plus, the fund’s structure demands a clear path to a 2x to 5x return, with an exit planned within five years. It’s a strategy that balances risk with the potential for solid returns.
Meet the Team Behind the Fund
The brains behind Nordic Secondary Fund bring a wealth of experience to the table. With over 50 years combined, the team includes founders, early-stage investors, professional investors, and managers who know the Nordic and Baltic startup ecosystems inside out. Their extensive network among early-stage companies, business angels, and investors gives the fund a unique edge. This team isn’t just about numbers—they understand the challenges and opportunities startups face, making them well-equipped to spot promising investments and support growth.
Strategic Partnerships Across the Nordics
Nordic Secondary Fund has built strong partnerships with key business angel networks throughout the Nordic region. These collaborations help the fund stay connected and informed about the latest opportunities and trends. The partners include:
- DANBAN – Copenhagen, Denmark (Non-profit network for business angels)
- NORBAN – Oslo, Norway (Norwegian Business Angel Network)
- ESTBAN – Tallinn, Estonia (Estonian Business Angels Network)
- LITBAN – Vilnius, Lithuania (Lithuanian Business Angel Network)
- LATBAN – Riga, Latvia (Latvian Business Angel Network)
- BA SLOVENIA – Ljubljana, Slovenia (Slovenian Business Angel Network)
Impact on Sustainable Development Goals (SDGs)
- SDG 8: Decent Work and Economic Growth – by supporting early-stage companies and fostering innovation
- SDG 9: Industry, Innovation, and Infrastructure – through investments in scalable, tech-driven businesses
- SDG 10: Reduced Inequalities – by providing access to capital in the Nordic and Baltic startup ecosystems
- SDG 17: Partnerships for the Goals – via strategic collaborations with regional business angel networks
Latest News and Upcoming Events
Nordic Secondary Fund stays active in the investment scene and the startup community. Some recent highlights include:
- June 30, 2025 – Nordic Secondary Fund II completed its investment in Pistachio
- December 22, 2024 – Investment completed in Wingcopter
- November 28, 2024 – Follow-on investment made in BOB W.
- November 1, 2024 – Investment completed in Remora Robotics
Looking ahead, the fund is gearing up for SLUSH in Helsinki on November 19, 2025—a major event in the Nordic startup calendar. They also recently participated in several key events across Europe, including Oslo Innovation Week, Real Deals Nordic Forum, BITZ & PRETZELS, TECHBBQ, South Summit, SuperReturn, and Latitude59. If you want to connect, reaching out during these events is a great way to start a conversation.
