Summa Equity, the Nordic lower mid-market firm, has closed its debut fund at SEK4.5bn (€480m).
The oversubscribed Summa Equity Fund I reached its hard cap, having exceeded its target of SEK3.3bn, and will focus on the themes of resource scarcity, energy efficiency, changing demographics and tech-enabled businesses.
LPs in Summa’s fund include endowments, foundations, pension funds, insurance firms and funds of funds across the Nordics, Europe and North America.
Summa Equity was founded last year by five industry professionals: Reynir Indahl, Christian Melby, Johannes Lien, Tommi Unkuri, and Jenny Keisu.
It has already made two investments – in Sortera, a building material collection and recycling business, and eGain, a provider of remote and climate-based heating control systems in apartment buildings.
“Sortera and eGain are great examples of the investment opportunities we see,” said Summa partner and chief operating officer Jenny Keisu. “They both have megatrend driven, resilient business models uncoupled from GDP growth.”
A third investment from the fund has been finalised.
Summa also has a strong ESG (environmental, social and governance) focus, and aims to generate long-term sustainable growth and profitability. It will become the first Nordic private equity firm to report towards the UN Sustainable Development Goals.
Rede Partners advised on the fundraising, while Mannheimer Swartling and Ropes & Gray provided legal advice.
The fundraise follows the successful example of several fellow first-time funds across Europe, including EMK Capital which recently entered the market.