Introduction to the
Nordic Secondaries Fund

The Nordic countries are one of the most dynamic and successful start-up regions in the world – whether measured by GDP or by capita.


As a result of an acceleration in the number of potential business opportunities, especially tech-based, better access to venture capital and fast growth the number of valuable earlystage growth companies have mushroomed. A number of founders, seed and early investors own stakes of considerable value in these companies. These stakes – however – cannot be monetized, as the market for minority stakes in non-listed early growth Nordic companies is – especially in Denmark – in reality non-existing. The founders and early investors are locked in and at want to realise some of the value created for cash.

Capitalising on a market failure

The Nordic Secondaries Fund will offer to buy minority stakes in early growth companies with a strong proof of business, enabling founders, seed and early investors to monetize part of their holdings – at a substantial discount.

Such transactions give the Nordic Secondaries Fund an opportunity to create substantial value to a number of stakeholders:

Fund investors

The opportunity to buy stakes in early growth companies with strong proof of business at a substantial discount – leading to an above average return on investments at the planned exit.

Founders, seed and early investors

The possibility to monetize part of their often substantial locked-in wealth – freeing cash to reinvest in new ventures, diversify their portfolios or being able to take some risk off the table and get liquidity for living.

Target companies

Achieving a more balanced investor base, enabling the companies to continue focusing on maximising growth and value-creation – without consideration of large, cash-constrained shareholders.

There exists no other fund dedicated to Nordic secondaries.

A battle-proven team

The Nordic Secondaries Fund is founded by a team with substantial experience (90+ years), a proven track-record as founders, early stage investors, professional investors and managers as well as an unmatched network among Danish early stage companies, business angels and investors:

Frank Lyhne, Partner

  • Founder and investor

  • 15 years’ experience as founder and early stage investor: 25+ investments in companies as Endomondo, GoMore, Pleo, Spiir, Tradeshift and Vivino

  • Experience as executive director in Deloitte, PwC and Topdanmark

Niels-Ulrik Mousten, Partner

  • Non-executive director, entrepreneur and investor: chairman of Nykredit Invest, deputy chairman of PFA Pension, member of the investor committee of Nordic Eye

  • 30 years’ experience from investments and asset management; 2 years’ experience as early stage investor and entrepreneur

  • Experience as CEO of SEB Asset Management (Denmark) and Danske Capital

Peter Sandberg, Managing Partner

  • Business angel and Investor

  • 35 years’ experience from investments and asset management; 2 years’ experience as early stage investor: 20+ investments in a.o. LegalDesk & Sky.Garden

  • Experience as founder of Sirius Kapitalforvaltning and PP Capital Asset Management

The founders manage the fund, i.e. source deals, decide investments, …

The founders are supported by an advisory board of senior, successful and well-connected founders and early stage investors:
The advisory board supports primarily in deal-sourcing and as a sounding board for investment decisions.

Claus R Bock

  • Investor and entrepreneur and supervisory board member

  • 20 years’ experience in investments

  • Last 5 years as early stage investor and entrepreneur

  • Experience as Founding partner Capidea Private Equity, Head of Structural Growth and Strategy Nordea Asset Management.

Natasha Friis Saxberg

  • 10 years experience as Digital Strategist, Speaker and Author

  • Worked with StartUps, large organizations & technology for more than two decades, helping brands and corporations develop their digital strategy. Helping Growth companies to the US market.

  • Been appointed three times as one of the most influential women in technology in Europe & one of the Top 100 most influential women in Denmark in 2018.

Unique access to deal flow

In combination, the founders’ and advisors’ network among early stage companies and investors give the fund a unique access to deal flow.

Proven investment criteria

The fund has a number of simple but proven investment criteria. For an investment to be approved, it has to meet the majority of the following criteria:


Proof of business

strong traction


Scalable business model

preferably globally


Successful A-round

funding by venture capital or corporate venture



(IPO, industry sale, …) realistic within 10 years


Substantial discount

in high quality companies


Minimum 5x upside

Fund setup and targets

The Nordic Secondaries Fund targets €50m, Initial Closing at €30m with a hard cap at €70m, from primarily Nordic institutional investors and early stage investors seeking to diversify their portfolios. The lifetime of the fund is 7 + 3 years with an active investment period of 4 years.

The fund targets to make at least +3x return on its invested capital with an IRR above 20% net of 1% management fee and 20% carry above an 8% hurdle rate . This is a return substantially above average in the current Nordic venture capital market.