2025 in review - after the books have closed

The 2025 books are now closed.

It was an unusual year – even by recent standards. Trade tensions, geopolitical friction and macroeconomic unpredictability made the year anything but straightforward. Even so, the managers in our portfolio found ways to navigate the difficult terrain.  

A few highlights as of December 31, 2025:

Re. the Nordic Investment Club

• ~30 leading Nordic institutions had committed USD +2.5 billion across six Club structures
• That aggregation reduced management fees by USD ~6 million in 2025 alone
• Since inception, fee savings across the three mature Clubs have reached USD +20 million, and counting …
• The Club model have also secured co-investments of USD +750 million
• Across the mature infrastructure funds, managers delivered returns in the 4.5% to 20.7% range
• The private credit club, which recently held a final closing, gained significant momentum during 2025, which has continued into 2026

Re. our private equity fund-of-funds programs

• Managers in our four PE programs delivered returns in the 6.2% to 29.5% range
• Realization activity is picking up … despite the selective exit environment
• Across realized exits, median exit value was 49% above reported NAV 12 months before closing
• This momentum in our mature programs is supporting progress on our fifth PE program 

And 2026 is off to a promising start as well, despite, well, everything else.

We wish you a great summer. Thank you to all our partners. 
Onwards!

[Please note that past performance is not indicative of future results].