October 2026
Largest PE & VC Public Companies in Sweden
Benchmark revenue and EBITDA valuation multiples for public comps like
Investor AB, EQT, Bure Equity, Kinnevik and Ratos.
 | Investor AB is an industrial holding company with a long-term, active investment portfolio plan. Its operations are divided into three business areas: Listed Companies, Patricia Industries, and Investments in EQT. The majority of the company's revenue is generated from dividends and changes in the value of its investment in other listed companies. Geographically, it generates the maximum revenue from the United States, with the remainder coming from Sweden, the United Kingdom, France, Germany, South America, Africa, and other regions. | $42 | +26% | $129B | $140B | 6.3x | - | ||
| EQT is a Swedish global private markets investment firm, formally EQT AB, headquartered in Stockholm and listed on Nasdaq Stockholm. It was founded in 1994 by Investor AB, SEB and AEA Investors, with Conni Jonsson as founding chairman, and is associated with the Wallenberg family. Its funds invest in private equity, infrastructure, real estate, growth equity and venture capital across Europe, North America and Asia-Pacific, and it runs a private wealth business. EQT ranks second globally in private equity and fifth in infrastructure by capital raised. Together with Coller Capital it reported about €341 billion of assets under management in the second quarter of 2026, and its portfolio companies employ more than 550,000 people across over 330 companies. It set up EQT Ventures in 2016, listed in 2019, bought Life Sciences Partners in 2021 and Baring Private Equity Asia in 2022. Well-known investments include the software company IFS, the pest-control group Anticimex, SUSE, Zayo Group and the Swedish fibre operator IP-Only. It is led by chief executive Per Franzén and chairman Jean Salata, and earns management fees and carried interest. | PE & VC+1 | $30 | -14% | $37B | $33B | 11.2x | 21.6x | |
| 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 | +0% | $2.2B | $2.1B | 79.5x | (4.6x) | |
| Kinnevik AB is an operationally oriented investment group with an entrepreneurial focus on building digital brands. It concentrates its growth-style investment efforts on four sectors: TMT, e-commerce and marketplaces, Healthcare and financial services. Nearly all of its capital is committed to the communication e-commerce and marketplace sectors. The group, through its various subsidiaries, is geographically diversified and operationally present in over 80 countries. Kinnevik's bias is toward investing in emerging markets because of the opportunity afforded by these markets' reliance on legacy products and services. A key component of its is to create consumer choice of solutions in markets where supply may have been previously constrained. | $7 | -24% | $1.8B | $2B | (5.2x) | (3.9x) | ||
| Ratos AB is an investment company that owns and develops unlisted medium-and small-sized Nordic companies. It focuses on technological and infrastructure solutions and comprises three business segment; Industry, Construction & Services and Consumer. Majority of the revenue is generated from its Construction & Services segment which predominantly includes maintenance of infrastructure within railway, road, energy solutions, and construction of new critical buildings such as hospitals, schools, police stations and governmental buildings in the Nordics. Geographically, the company generates majority of its revenue from Norway and rest from Sweden and other regions. | $4 | -8% | $1.2B | $1.8B | 1.0x | 12.0x | ||
| 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. | $18 | -16% | $507M | $498M | 41.7x | (17.4x) | ||
| VNV Global is a publicly listed investment company that provides patient equity capital to technology businesses with scalable, defensible models. The firm has invested for more than two decades and currently emphasizes companies whose products benefit from marketplaces, networks or other compounding usage effects. Its portfolio spans mobility, marketplaces, digital health and related technology themes across Europe and other international markets. VNV describes itself as stage agnostic and backs founders with capital, operating experience and time to build profitable, sustainable businesses. Shareholders gain exposure to private growth companies that are generally difficult to access directly, while VNV earns returns through changes in portfolio value and investment realizations. The company has teams in Stockholm and Cyprus, and its common shares trade on Nasdaq Stockholm's Mid Cap segment under the ticker VNV. | PE & VC+1 | $2 | -27% | $236M | $246M | (28.2x) | (36.5x) | |
| 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 | -15% | $204M | $196M | (369.9x) | 2.2x | ||
| Arbona AB is a Sweden based investment company. Its core business consists of investing and developing less Swedish unlisted companies. Its main focus is to acquire well-managed companies with potential for further development. | $0 | -8% | $167M | $156M | 1.4x | 8.6x | ||
| Flerie AB is a pharmaceutical company focusing on immunological diseases with great medical needs for new treatment options. The portfolio of the company includes Immuno-Oncology, metabolic diseases, and biologics development and manufacturing organizations. | $2 | -59% | $133M | $107M | - | (1.3x) | ||
| 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. | $32 | -5% | $20M | $20M | (4.2x) | - | ||
| Karolinska Development AB is a life science investment company. It is focused on identifying breakthrough medical innovations in the Nordic region. It selects commercially attractive medical innovations, develops innovations to the stage where the return on investment can be achieved, and commercializes the innovations through the sales of companies or out-licensing of products. The company focused on profiles namely Aprea Therapeutics; Modus Therapeutics; BioArctic; Umecrine Cognition; and OssDsign. | $0 | -66% | $19M | $15M | 87.2x | (0.8x) | ||
| 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. | $1 | -18% | $9M | $7M | 17.5x | (10.0x) | ||
| Cardeon AB is an investment company. It primarily invests in Nordic innovative companies and startups within life science. | $0 | +6% | $6M | $6M | 8.8x | (3.4x) | ||
| Katalysen Ventures AB operates as a venture capital company. | $0 | -45% | $5M | $5M | 31.7x | (2.5x) | ||
| 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 | -29% | $693K | $676K | ||||
| Median | $2 | -16% | $185M | $176M | 8.8x | (1.9x) |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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