May 2026
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Largest Asset Management Public Companies in Sweden
Benchmark revenue and EBITDA valuation multiples for public comps like
EQT, Industrivärden, Lundbergföretagen, Latour and Röko.
 | Swedish conglomerate Investor AB set up EQT as its private equity division in 1994. In its early days, EQT focused primarily on private equity investments in Sweden and the rest of Scandinavia. Today, EQT is one of the largest global private-market investors, with funds that focus on private equity, real estate, and infrastructure globally. Investor AB retains a minority stake. | PE & VC+1 | $35 | +2% | $40B | $36B | 11.3x | 19.5x | |
| Industrivarden AB is a holding company that invests in and works long-term to develop and create value in its portfolio companies. Active ownership is exercised through sizable ownership stakes in a selection of listed companies with firm market positions, good cash flows, financial strength, and clear development capacity. Its stock offers exposure to a portfolio of companies with validated business models, a wide breadth of underlying business areas, and good value potential. | $56 | +51% | $24B | $24B | 6.3x | 6.1x | ||
| L E Lundbergforetagen AB is an investment holding company with a long-term, activist orientation. Its portfolio includes a wholly owned unlisted real estate entity, publicly-traded subsidiaries, and other shareholdings. Lundberg’s investment objective is to generate returns on capital that over time substantially exceed the yield on a risk-free, interest-bearing instrument. Real estate operations, which the company has conducted through subsidiaries for decades, account for nearly half of the company’s net asset value. Lundberg exercises activism through board representation on all of its portfolio companies. It supports its capital allocation program by maintaining low levels of indebtedness on its balance sheet. | $59 | +16% | $15B | $17B | 5.2x | 9.0x | ||
| Investment AB Latour is an investment holding company that makes investments in wholly owned industrial operations and a portfolio of securities. Latour has a long-term and activist orientation, with the vast majority of its total net asset value deriving from companies that have been in its portfolio for more than 20 years. The company measures its performance against its benchmark, the Stockholm Stock Exchange’s total return index. Its criterion is to invest in companies that have their own products that meet growing international demand. Latour specifically evaluates four trends: demographic development, sustainability, globalization, and competition for limited resources. | $22 | -20% | $14B | $15B | 4.9x | 19.7x | ||
| Roko AB (publ) is a serial acquirer company. It invests in equity capital from its own balance sheet into stable and profitable companies with market positions in their respective niche markets. The company has two operating segments: B2B and B2C. Geographically company operates in Sweden, Denmark, Netherlands, Norway, UK, Others. | $205 | -17% | $3B | $3B | 4.4x | 19.0x | ||
| Bure Equity AB is a Sweden-based investment company. It is focused on long-term and active ownership, creating successful, profitable companies and a good long-term return for shareholders. Bure's portfolio is well diversified and comprises companies in different industries such as technology, medtech, industry, finance, consultancy, and others in their different phases of development. The company's investment portfolio includes both listed and unlisted companies. | PE & VC+1 | $30 | -3% | $2B | $2B | 75.2x | (4.3x) | |
| Storskogen Group AB is an international group of businesses. It acquires and manages profitable small and medium-sized businesses with prime positions in their respective markets. It is divided into three business areas, Industry, Services, and Trade, predominantly in Sweden and with an increasing presence in the Nordics, Germany, Switzerland, and the UK. | $1 | -18% | $2B | $3B | 0.7x | 5.8x | ||
| Creades AB is a Sweden based investment company. It invests in small and medium-sized public and private companies that both have the potential for revaluation and the potential for underlying value creation. The company's principal investment strategy is to act as an engaged owner and create shareholder value through operational, structural and financial change initiatives. | $8 | +3% | $1B | $1B | 8.2x | - | ||
| Investment AB Oresund is an asset management company that invests mainly in c securities. The company is engaged in to make long-term investments in a limited number of companies. The company's portfolio includes such listed companies as Bilia, Fabege, SEB, as well as such unlisted entities as Carnegie and Acne. | $17 | +32% | $751M | $751M | 8.1x | - | ||
| Flat Capital AB is an investment company that focuses on companies with prominent entrepreneurs in various positions. Its view is to simplify and improve the path to company building and give more people the opportunity to benefit from shared maximum returns. The company's Investment plan consists of investment in prominent entrepreneurs who have a good position in their companies, investment in markets, where company growth is driven by underlying structural trends, Investment in unlisted companies that are in a growth phase, seeking minority stakes in its portfolio holdings and investment globally. | $1 | -37% | $665M | $749M | 59180.7x | (3.0x) | ||
| Svolder AB is an investment trust. The company holds investments in small to medium-sized publically traded Swedish companies. It has stakes in GARO, Troax, Nordic Waterproofing, New Wave Group, FM Mattsson Mora, Beijer Electronics Group, Platzer Fastigheter, Scandic Hotels, XANO, ITAB Shop Concept, Elanders, Boule Diagnostics and Elos Medtech. | $6 | 0% | $619M | $619M | 199.4x | - | ||
| Investment AB Spiltan is an investment company that invests in listed and unlisted Swedish growth companies. It currently owns a portfolio consisting of tech, finance, real estate and industry. | $20 | -11% | $591M | $586M | 45.7x | (20.8x) | ||
| CoinShares International Ltd is the European digital asset manager that delivers a broad range of financial services across investment management, trading, securities, and consumer products to a wide array of clients that includes corporations, financial institutions, and individuals. The Group comprises three core operating segments; Asset Management, Capital Markets, and Principal Investments. The company derives a majority of its revenue from the Asset management segment. | $8 | -24% | $532M | ($811M) | - | - | ||
| Karnell Group AB is a company that is an active owner of industrial technology companies. The Company’s business concept is to use systematic and proactive acquisition strategies to identify and invest in industrial technology companies where Karnell believes there is development potential and thus an opportunity for value creation with Karnell as a long-term owner. It consists of twelve directly owned group companies, with subsidiaries, divided into two business areas that include Product companies and Niche manufacturers. The business area Product companies consists of companies that wholly or predominantly base their business on proprietary products, which may include various rights such as trademarks, patents, etc. | $9 | +44% | $462M | $523M | 2.8x | 14.7x | ||
| Idun Industrier AB offers investment management services. The company invest in small and medium-sized companies, which are generally very focused in a Europe. | $37 | +2% | $426M | $525M | 2.1x | 13.1x | ||
| Traction AB is a Sweden-based investment company engaged in the long-term business development of wholly and partially owned companies. Its core objective is to realize a good return on capital. Its activities are divided into three business divisions: Customer relationships, providing customer-focused business models; Capital flows, offering cost control; and Risk management, including sharing and reducing risk factors. Traction AB invests in listed active holdings, such as BE Group, Drillcon, Duroc, Hifab Group, Nordic Camping and Resort, OEM International, PartnerTech, Softronic, and SwitchCore, as well as in unlisted active entities, including Banking Automation, Modular Streams, Recco Holding, and Silicon. | $26 | -11% | $379M | $379M | 16.6x | - | ||
| VNV Global AB is an investment company that invests in unlisted companies in both developed and emerging markets. Its focus is on long-term investments with the potential for value appreciation, particularly in businesses with network effects. Its investment portfolio mainly comprises holdings in digital health, mobility, marketplace, and other sectors. Majority company invest in mobility. | PE & VC+1 | $2 | +10% | $258M | $303M | 514.2x | (45.0x) | |
| VEF AB is an investment company. It invests in growth-stage private fintech companies. It focuses on scaling emerging markets and invests across all areas of financial services inclusive of payments, credit, mobile money and wealth advisors. | $0 | +14% | $232M | $221M | (418.0x) | 2.5x | ||
| Catella AB is a property specialist offering qualified advisory services, property funds and carries out principal investments in development projects. The group consists of Property Investment Management (PIM), Principal Investments and Corporate Finance. PIM offers regulated fund products, regional asset management services and project management of real estate developments. Principal Investments makes direct investments and co-investments with partners in real estate projects. Corporate Finance is a European advisor within real estate related corporate finance services such as real estate transactions, M&A, debt and equity capital markets advisory. | $2 | -31% | $195M | $203M | 0.9x | 5.1x | ||
| Mangold AB is an independent broker who offers financial services to companies, institutions and individuals. The company's operations include securities trading, corporate finance, emission services, asset management and market making. It also provides advice on placement decisions, pension issues, risk assessments, security solutions and other financial considerations. | $200 | -3% | $96M | $96M | 4.5x | - | ||
| Case Group AB is an independent fund manager. Its business concept is to offer wealth-creating asset management with the goal of offering savers a good risk-adjusted return. | $3 | +32% | $80M | $74M | 3.2x | 12.6x | ||
| Hilbert Group AB is a quantitative investment firm connecting institutions with the digital asset markets. Its main activity, asset management, is operated as a traditional regulated fund business. The group specializes in the investment and risk management of quantitative investment solutions, which generate returns by taking advantage of both alpha and beta trading opportunities in digital asset markets. The firm's asset management activities are supplemented by proprietary trading and strategic balance sheet investments in blockchain-related equity. The group offers various funds such as Hilbert Digital Asset Fund / Hilbert V100 Fund, Hilbert V30 Fund, Hilbert V1 Fund, Byzantine BTC Credit Fund, and others. The majority of its revenue is generated from the sale of cryptocurrencies. | $0 | -59% | $60M | $67M | 3.0x | (3.3x) | ||
| Skogsfond Baltikum AB (publ) is a Swedish alternative investment fund. It is focused on investments in forest assets in the three Baltic countries Estonia, Latvia, and Lithuania. | $198 | +0% | $56M | $56M | 2.7x | - | ||
| SBF Bostad AB (publ) is an investment firm. The company manages real estate funds. | $54 | -18% | $55M | $155M | (120.6x) | - | ||
| NAXS AB is a publicly traded fund focused on investments across Sweden and Northern Europe. The firm principally invests in private equity funds with a Nordic focus. NAXS may also make direct investments or co-investments alongside private equity or other alternative assets funds and may invest up to forty percent of its net asset value in any securities or assets in any jurisdiction. | $4 | -33% | $43M | $43M | (19.9x) | - | ||
| Athanase Innovation AB is an alternative investment firm with exposure to both private and public equity. It invests in innovative companies that benefit from trends such as robotics, digitalization, and automation. The principal revenue stream is initially management fees charged on the external fund capital and investment income of the underlying assets. | -- | -- | $43M | $43M | - | - | ||
| Seafire AB is a Sweden-based company engaged in acquiring and developing companies with business models and market positions and brands. The company has two business segments Industrial components and Products. The Industrial components include Bara Mineraler AB, Farg-in AB, Pexymek AB, Thor Ahlgren AB, Akerstedts Verkstads AB, DOFAB AB, Kenpo Sandwich, Boro-Pannan AB. The products segment includes Luda.Farm AB, Nordbutiker AB, SolidEngineer AB, and OPO Scandinavia AB. | $1 | +45% | $40M | $61M | 0.6x | 7.1x | ||
| Garpco AB is a company that operates through its subsidiaries whose business concept consists of acquiring and long-term development of small and medium-sized industrial and trading companies. Through a combination of company acquisitions and organic growth in the subsidiaries, they create a profitable company group of such a size that the individual subsidiaries' needs for both competent employees and growth capital are secured, while at the same time, it gives the shareholders a good return on invested capital. | $29 | +10% | $30M | $37M | 0.5x | 8.2x | ||
| Navigo Invest AB is an investment company that invests in smaller and medium sized unlisted companies in Sweden. The company also offers professional services, Pegroco Advisory, which includes services within capital procurement, company transactions and business development. | $0 | -97% | $26M | $41M | 0.6x | 4.0x | ||
| Coeli Fastighet I AB is an asset management firm. The company specializes in actively managed funds in equities, interest rates, hedge, real estate, and private equity. | $23 | -6% | $24M | $43M | 28.7x | - | ||
| CNI Nordic 5 AB is an asset management company. It offers shareholders an investment opportunity in a portfolio concept based on investments in unlisted growth companies that are normally not available to smaller investors. The geographical focus of investment activities is Sweden and Northern Europe. | $37 | +12% | $23M | $23M | (4.7x) | - | ||
| Havsfrun Investment AB manages diversified multi portfolio consisting of hedge funds which the company, in consultation with its hedge fund adviser, considered to be the foremost in it. | $2 | -3% | $19M | $7M | 3.3x | 5.2x | ||
| Consensus Asset Management AB is engaged in providing of asset management, foundation services, corporate finance and occupational pensions. Its services include structured products, discretionary management, hedge funds, and small company management. | $2 | +102% | $18M | $18M | - | - | ||
| Effnetplattformen Holding AB is a parent company which owns and invests in companies with interesting potential for growth and to use its structure, capital, and know-how to assist other companies in going from private to public companies. | $1 | +157% | $16M | $15M | 25.9x | (20.3x) | ||
| Stockwik Forvaltning AB is an investment company focused on the acquisition and management of Swedish companies. The group is divided into four segments: Industry, Health, Property Services, and Services. The Industry segment offers retreaded tires, rims, and other accessories and ancillary services for heavy and light vehicles; the Health segment offers specialized, preventive healthcare consultative services in areas such as corporate health and organizational development; the Services segment provides financial services related to accounting, payroll, reporting, financial statements and tax advice; and Property Services includes construction services and maintenance services such as repair, additions and renovations, lawn mowing, weed control, tree pruning, etc. | $2 | -25% | $14M | $61M | 0.6x | 6.8x | ||
| Vo2 Cap Holding AB is the next generation holding company for the media tech industry. It acquires, invests and injects Oxygen into companies. | $0 | -19% | $14M | $15M | 0.4x | 4.4x | ||
| Front Ventures is an investment company that focuses on the fintech sector. The firm focuses on acquiring and growing smaller public and unlisted companies, including those that may be undergoing a turnaround or need growth capital. | $0 | +126% | $13M | $13M | 30.6x | (17.7x) | ||
| B Treasury Capital AB is a Swedish public limited company that operates as a pure-play Bitcoin treasury company. The company specializes in cryptocurrency trading, and focuses on acquiring, securing and maintaining Bitcoin as part of a long-term capital strategy. The company's goal is to gradually increase Bitcoin reserves in relation to outstanding shares, while minimizing risk, leverage or dilution. | $12 | -- | $9M | $9M | - | - | ||
| First Venture Sweden AB is a investment company with a focus on the technology, health and sustainability sectors. | $0 | -23% | $8M | $7M | (3.4x) | (1.9x) | ||
| Webrock Ventures AB is a venture studio that starts and builds companies. It invests in large, growing sectors with immense potential for value creation, and positive social and economic impact. Further, it uses the proven business models and technology of Swedish companies to gain a head start in Brazil's rapidly growing digital industry. | $0 | -38% | $7M | $6M | 48.4x | 3.6x | ||
| Katalysen Ventures AB operates as a venture capital company. | $1 | -20% | $7M | $7M | 38.9x | (3.1x) | ||
| Cardeon AB is an investment company. It primarily invests in Nordic innovative companies and startups within life science. | $0 | +2% | $5M | $6M | 8.1x | (3.1x) | ||
| I Love Lund AB is an investment company that invests in companies based in Lund. It invests broadly across all sectors and with the main focus on pre-seed companies. The portfolio's return objective is to achieve a return over a business cycle that is as good as equivalent references. | $9 | -10% | $4M | $4M | 383.6x | (7.3x) | ||
| Dividend Sweden AB offers financial advisory services. It invests in other smaller, listed companies and assists with services related to financing solutions, in order to thereby create both short-term and long-term high and stable returns for its shareholders via dividends. | $0 | -5% | $3M | $3M | 2.1x | 3.4x | ||
| NanoCap Group AB is an investment company formed to partner with entrepreneurs, management teams, and co-owners to help build outstanding businesses. | $0 | -29% | $3M | $2M | (0.8x) | (0.9x) | ||
| MTI Investment SE is a Nordic investment and venture building company that invests in small and medium-sized enterprises. | $0 | -41% | $1M | $1M | 4.0x | (3.4x) | ||
| Vastra Hamnen Corporate Finance AB is an investment firm that assists companies and their owners with advices in connection with corporate transactions in Sweden and Denmark. | $1 | -76% | $1M | $1M | 1.4x | (3.1x) | ||
| Abelco Investment Group AB is an investment company and venture builder. It invests or builds companies in the digitized the growth sectors with a primary focus on the verticals Gaming / E-sports, E-commerce and Fintech. | $0 | +101% | $993K | $1M | - | (7.6x) | ||
| Upgrade Invest Nordic AB is an investment company that helps growing companies implement an ipo. the company has approximately 3,300 shareholders. | $0 | -11% | $839K | $724K | (3346500.0x) | (8.0x) | ||
| Northern CapSek Ventures AB (publ) is an investment company. The firm invests in growth companies with scalable business models and specializes in sectors driving digital transformation, including Software as a Service (SaaS), Internet of Things (IoT), AI/Machine Learning, and gaming. | $1 | -71% | $564K | $453K | 16.8x | (0.5x) | ||
| Median | $2 | -5% | $43M | $49M | 4.0x | 2.9x |
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