Summa Equity wraps up third fund

Summa Equity, a Nordic private equity firm, has closed its third fund at 2.3 billion euros. The fund’s limited partners include pension funds, insurance companies, foundations and endowments, financial investors and family offices. Rede Partners advised Summa Equity on the fund.

PRESS RELEASE

Stockholm/Oslo: Today, Summa Equity announced the closing of its third fund (“Fund III” or “the Fund”), with investor commitments of c. EUR 2.3 billion (c. SEK 23 billion). The Fund was closed in record time and was oversubscribed within four months, raised in a fully virtual fundraising environment. The capital raised will strengthen Summa Equity’s ability to contribute to solving global challenges through sustainable investing.

With its new fund, Summa Equity now manages aggregated capital commitments of close to EUR 4 billion (c. SEK 40 billion). Established in 2016, Summa Equity was one of the first Private Equity firms with a clear purpose-driven investment strategy and continues to be committed to positively impacting the UN Sustainable Development Goals (SDG). Fund III will continue to build on Summa Equity’s proven track record of incorporating the SDG framework in shaping the investment and value creation strategy to drive long-run value, focusing on thematic investments in industries supported by the same megatrends within resource efficiency, changing demographics, and tech enabled transformation as its predecessors.

The announcement of Fund III comes three years after Fund II, and five years after Fund I. Fund I and Fund II closed with commitments of c. SEK 4.7 billion (c. EUR 470 million) and c. SEK 6.8 billion (c. EUR 680 million) respectively, and with a further c. SEK 5.4 billion (c. EUR 540 million) in managed co-investments. Fund III represents a scale-up, with an extended investment mandate to invest across a more expansive geographical remit and to also invest in primary capital in growth companies. To reflect this growth, Summa has expanded its investment team to the DACH region, Benelux, and the US.

Leading global investors have chosen to continue to invest in Summa Equity also for Fund III, as well as new investors joining to invest to solve global challenges. Fund III is comprised of a diverse group of investors including pension funds, insurance companies, foundations and endowments, financial investors and family offices with global representation including Canada, the United States, the Nordics, UK, DACH, France, Benelux, Singapore, Japan and Australia.

Summa Equity has made 22 investments to date that are advancing the SDGs. These include five investments delivered in 2021, with representation across all the three structural themes. The portfolio has delivered strong performance to date, as measured through financial and operational value drivers and demonstrable impact-oriented and ESG outcomes. Summa is committed to pushing the limits on quantifying positive impact through its collaboration with the Impact Weighted Accounts (IWA) project at Harvard Business School. Moreover, Summa has recently certified as a B Corporation, joining a growing group of companies reinventing business by pursuing purpose as well as profit.