SWEDEN - AP6 - the private equity fund for the Swedish state pensions system - is looking for around four institutional investors to commit to a new venture capital initiative that seeds Nordic high tech companies.
Creandum has been set up along with Skandia Life and is believed to be the first of its kind in the region, explained AP6 fund manager, Till Gutzen.
Both AP6 and Skandia are committing SEK100m (E11m) each. AP6 is guaranteeing that Creandum will start with a minimum of SEK300m.
Gutzen - who oversees several tech funds for AP6 - said that the company takes advantage of a “mismatch” in the Nordic market between the lack of ‘seed managers’ and the “huge” amount of tech deal flow. Overall, the fund has SEK11bn of its SEK17bn assets in private equity.
He added there is an unspecified cap on the amount of investible capital in Creandum. Fundraising is expected to close by December, with initial investments made during the next six months.
AP6 is on the verge of appointing four people to manage Creandum, with an eventual headcount of eight planned.
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