Agenda
Registration & breakfast
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Keynote interview: Geopolitical insights for navigating the global economic landscape
A macroeconomist or former politician will reflect on the current state of the global economy, discussing the impact of geopolitical events, such as the Ukraine/Russia conflict and Israel/Palestine tensions, on the Nordic region and its M&A landscape.
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Opening panel: Regional outlook - the resurgence of Nordic M&A
Over half of the world’s population is heading to the polls this year to vote in what could be pivotal year with lasting impacts on geopolitical dynamics and, subsequently, on global M&A activity. This panel will focus on the macroeconomic drivers behind recent and upcoming Nordic M&A activity, including retreating inflation, stabilising interest rates, pent-up demand from private equity firms and corporates, and the role of technology in driving efficiency. Panellists will review strategies for navigating the new dealmaking landscape including adjusting for seller expectations, identifying attractive targets, navigating regulatory hurdles, and addressing energy security concerns. Panellists will discuss:
- What are the main macro-geopolitical drivers impacting Nordic M&A? Consider ECB/Fed politics and spillover effects, the implications of the entire Nordic block being part of NATO, and how recent government changes are affecting the M&A landscape.
- How are M&A professionals addressing adjusting seller expectations in this new economic climate?
- What opportunities exist in bolt-on acquisitions, carve-outs, and small-to-mid cap listed companies?
- How is the focus on energy security influencing investments in the renewables sector, and what potential rebalancing efforts are being considered?
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Panel: Exploring the financing landscape in the Nordics
Against the backdrop of a challenging financing landscape including geopolitical uncertainty, high interest rates, and a looming maturity wall, this panel will discuss the current state of financing in the Nordic region. Panellists will discuss on the upcoming maturity wall, NAV (Net Asset Value) based lending, direct lending, restructuring, and the differences between public and private financing options for corporates. Panellists will debate:
- How are private equity firms and corporates adapting to the new financing environment and exploring alternative options like NAV based lending?
- What role do direct lenders play in the current financing landscape, and how are they collaborating with PE firms and corporates?
- What is the outlook for restructurings in the Nordics? And what refinancing and restructuring strategies are companies using to navigate a challenging economic environment?
- What are the key differences between public and private financing options for corporates, and how are they making an informed decision?
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Networking break
Case study: ESG innovation in action
Join us for an insightful discussion on ESG practices featuring experts from DLA Piper, Position Green and Norvestor. This panel will explore real-world applications of ESG principles, sharing valuable experiences and strategies. Our speakers will delve into the challenges and opportunities presented by ESG implementation, offering practical insights for businesses looking to enhance their sustainability efforts.
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Panel: Building a resilient and diverse portfolio
The Nordics, as well as the wider European economies, are set for further uncertainty in 2024 with elections, on-going conflict, and energy security concerns afoot. Amidst this landscape, dealmakers must build resilient and diverse portfolios that can face and resist headwinds to generate alpha. This session will explore diversification strategies across sectors and asset classes, techniques for identifying and mitigating portfolio risks, and the importance of thorough, risk-savvy investment decision-making. Speakers will discuss:
- What are some effective diversification strategies for building resilient portfolios across various sectors and asset classes? How do funds adapt their strategies within their LP-defined mandates?
- How do investors view risk and what are the different types of risk that exist for GPs? How can investors identify and mitigate portfolio risks in the current economic climate?
- What role do alternative investments play in generating alpha, and how can they be effectively incorporated into a portfolio?
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Lunch
Fireside chat: Sector spotlight – energy and industrials in a geopolitical context
This panel focuses on two key sectors driving Nordic M&A activity: energy (including oil and gas, and renewables) and industrials (including manufacturing and machinery). Panellists will discuss the impact of energy security concerns due to ongoing conflicts in Ukraine, the challenges posted by foreign direct investment (FDI) regulations, and the need to navigate various regulatory hurdles. The discussion will also explore the role of the green energy transition in shaping M&A activity, the cross-over with infrastructure, and the growing importance of data centres.
- How are energy concerns, heightened by the ongoing conflicts in Ukraine, driving M&A activity in the oil and gas and renewables sectors, and what strategies are companies employing to mitigate these risks? Are investors also able to embrace the green energy transition in this context?
- What are the key FDI regulations and regulatory hurdles affecting M&A transactions in the energy and industrials sectors, and how are investors navigating these challenges?
- How are investors capitalising on the growing synergies between the energy and infrastructure sectors in the drive towards energy transition? What are the pipeline opportunities in data centres and energy storage?
- How are companies in the manufacturing and machinery subsectors adapting to the changing landscape considering the growing emphasis on sustainability?
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Fireside chat: From niche to Nasdaq - EQL Pharma's journey to the Main Market
Join Adam Kostyál, President of Nasdaq Stockholm, and Axel Schörling, CEO of EQL Pharma, as they discuss EQL Pharma's recent listing on the Nasdaq Stockholm Main Market. This insightful conversation will explore the company's rapid growth, the impact of the listing and the future of pharmaceuticals in the Nordic region.
- What was the rationale behind EQL Pharma’s decision to focus on niche generics and cost-efficient medicines and how does this strategy position EQL Pharma in the competitive pharmaceutical landscape?
- What did the process of moving to Nasdaq Stockholm’s Main Market involve? And what were they key factors in driving this decision? How does it align with EQL Pharma’s growth objectives?
- What role does Nasdaq’s Main Market play in EQL Pharma’s ambitious growth plans and how does this intersect with boarder trends in the Nordic pharmaceutical industry? What role do capital markets play in supporting innovation and expansion in the sector?
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Networking break
Panel: The evolution of due diligence in M&A
In today’s rapidly changing dealmaking environment, thorough and comprehensive due diligence is more critical than ever in M&A transactions. This session will explore the latest developments and best practices in M&A due diligence, with a particular focus on emerging areas such as supply chain risk considering new regulations such as the German Supply Chain Due Diligence Act and the proposed EU (European Union) Directive on Corporate Sustainability Due Diligence, the impact of the Digital Operational Resilience Act (DORA), and anti-money laundering compliance developments including the 6th EU Anti-Money Laundering Directive (AMLD6). Speakers will discuss:
- How can buyers effectively incorporate supply chain due diligence into their M&A processes to ensure compliance with emerging regulations, and what are the best practices for assessing and mitigating supply chain risks?
- What impact does the Digital Operational Resilience Act (DORA) have on M&A due diligence, particularly in the financial services sector, and how can buyers evaluate a target company’s cybersecurity and IT resilience to minimise potential liabilities?
- How can M&A practitioners navigate the increasing scrutiny of AML compliance, driven by high-profile enforcement actions and developments such as AMLD6?
- How can M&A professionals effectively collaborate with consultants and advisors to leverage their specialised due diligence services, and what are the best practices for ensuring a comprehensive and efficient due diligence process while managing costs?
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Panel: Innovative strategies for enhanced returns
In a climate where fundraising is proving increasingly difficult and access to financing is more constrained, private equity firms are placing higher emphasis on generating alpha to deliver superior returns for investors. This session will explore innovative strategies designed to enhance investor returns in a challenging environment. Panellists will debate diversifying into alternative asset classes such as private equity and real assets, the growing popularity of GP-led secondaries and refinancings to provide liquidity to LPs while allowing GPs retain control of high-performing assets, the role of co-investments and emerging fundraising mechanisms, such as continuation funds and long-dated vehicles.
- How can private equity firms effectively diversify into alternative asset classes? Which asset classes are proving most effective in delivering returns for investors?
- What are the key benefits and considerations for GPs and LPs when utilising GP-led secondaries and refinancings, and how can these strategies be deployed to provide liquidity?
- How can co-investments be structured to align the interests of LPs and GPs, and what are the potential advantages and challenges of this approach in terms of fees, transparency, and return potential?
- What are the most promising fundraising mechanisms, such as continuation funds and long-dated vehicles, and how can GPs leverage these structures to enhance flexibility, adapt to market conditions, and deliver superior returns to investors?
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Kasper heads market intelligence and new ventures at ION Analytics, identifying growth opportunities, both through partnerships and inorganic investments. He is also the deputy director with the Diligence domain at ION Analytics, focused on the strategy and development of key capabilities across investigative diligence, risk screening, regulatory analysis and cybersecurity.
Anders Borg is a Swedish economist and politician who served as Minister for Finance in the Swedish Government from 2006 to 2014. A brilliant technocrat, he is known for his far-reaching structural reforms in the labour market and emphasis of a strong fiscal framework. Anders was active during the height of the Great Recession and the crises programs for Latvia, Iceland and in the Ecofin council. In 2011, Anders topped the Financial Times’ annual ranking of Europe’s best treasury ministers.
He is currently leading a new multistakeholder initiative at the World Economic Forum, with the aim to facilitate co-operation towards a new framework for the future global financial system. Anders is also Deputy Chairmen for Kinnevik (lead shareholder in e-commerce companies such as Zalando, Avito, Rocket Internet, and telecoms such as Tele2 and Millicom) and Deputy Chair of Millicom (a telecommunications company based in Latin America and Africa, with leadership in the m-pesa system and mobile financial services).
Following the centre-right parties’ victory in the 1991 general election, Anders became a Political Adviser at the Prime Minister’s Office with responsibility for coordination of the Ministry of Health and Social Affairs, the Ministry of Public Administration, the Ministry of Culture and the Ministry of Education and Science. From 1993 to 1994 he served as a Political Adviser to Prime Minister Carl Bildt.
Anders worked in the private bank sector following the defeat of the Moderate Party in the 1994 general election. From 1995 to 1998 he worked at the company Transferator Alfred Berg as responsible for economic and political analysis. From 1998 to 1999 he was Chief Economist at ABN Amro Bank in Stockholm and from 1999 to 2001 he was Head of the Economic Analysis Department at Skandinaviska Enskilda Banken (SEB) in Stockholm.
From 2001 to 2002 he went on to serve as an Adviser on monetary policy issues to the Executive Board of the Riksbank (the Swedish central bank). He was later recruited as Chief Economist of the Moderate Party in 2003 by Bo Lundgren and stayed in the team of the newly elected party leader Fredrik Reinfeldt. He also served as a Member of the Board of the Swedish Labour Market Administration from 2005 to 2006.
Erik Tregaard is a Managing Director and Co-head of Nordic Investment Banking at Morgan Stanley where he has worked since 2007. He joined the Corporate Finance Department of Warburg Dillon Read in 1999.
Jan is the CEO of the Nordic Region. He joined Deutsche Bank in 1988 and has worked in mainstream M&A execution and structured finance, and since 1996 in Corporate Finance.
Based in London, Jan covers some of our largest corporates and financial institutions in the Nordic region. He has been involved in many high profile M&A transactions, IPO’s and capital raisings in the Nordic region, where Deutsche Bank has a very strong presence.
Jan is also Chairman of the Swedish Chamber of Commerce in London, a Board member of the Swedish Bankers’ Association, and Chairman of the Foreign Bankers’ Association in Stockholm.
Jan received an MBA from Wharton, a MA from the University of Pennsylvania where he also attended the Lauder Institute, a BA from Pomona College and a Graduate Diploma from the London School of Economics.
Björn Sjöberg represents both finance providers and borrowers and works mainly with leveraged- and acquisition finance, project finance, real estate finance and structured finance, particularly asset finance and receivables finance. He also has considerable experience of capital market transactions of various kinds, such as bond issues, convertible bonds, securitization, participating debentures.
Björn is also active within the firm’s Corporate group, focusing on company acquisitions and capital market issues especially in the real estate- and financial services sectors.
Prior to joining Ture Invest in 2015, Martin worked as Director at Nordea Leverage Finance in Stockholm and before that in various roles at SEB in Oslo for five years. Prior to SEB, Martin co-founded the M&A and debt advisor Astrup & Partners in Oslo which subsequently was acquired by SEB. Before moving to Norway, Martin worked at the private equity firm Silver Lake Partners and Goldman Sachs in London where he started his career in 2004.
Martin holds a M.Sc. in Industrial Economics from The Faculty of Engineering, Lund University.
He speaks Swedish, Norwegian, English and German.
Henrik joined CORDET in May 2017. He previously held various positions at Deutsche Bank in London, most recently as an Associate in the Nordic Corporate Finance team in London. Other experience include internships with Deutsche Bank in London and with KPMG in Stockholm.
Henrik holds a MSc in Mathematics and a BSc in Mechanical Engineering from KTH Royal Institute of Technology.
Per-Oskar Nordlöf is a Debt Financing Professional with Triton, working with the firm’s debt and financing set up for new platform investments and for current portfolio companies.
He joined Triton 2021 from Nordea in Stockholm, where he worked as a Managing Director in the Leveraged Finance team.
Tony is a Senior Manager at Position Green Advisory. Tony specialises in sustainable finance and corporate governance and has extensive experience of advising companies in building resilient strategies. He has deep knowledge on implementation of ESG frameworks such as the EU Taxonomy, SFDR and ESRS. He is also an appreciated trainer and facilitator with the ability of adopting messages to different target groups.
Tony holds a Master in Global Studies from the University of Gothenburg and studied International Relations at Fudan University in Shanghai, China.
Fredrik joined Norvestor as Head of Sustainability in 2024. Prior to that he was an Associate Director at the Boston Consulting Group (BCG) in their Climate & Sustainability practice focusing mainly on Private Equity and Principal Investor clients. He has more than 25 years’ experience of working with sustainability as a consultant and in sustainability leadership roles, across various industries, geographies, in smaller and larger companies. Fredrik holds a Bachelor in Political Science from Stockholm University.
Experience
- BCG, Associate Director
- Global Child Forum, Head of External Relations
- Peas Industries (Ox2), Chief Sustainability Officer
- PwC, Director
- Ericsson, Sustainability Manager
Education
- Bachelor of Political Science, Stockholm University
Hugo heads DLA Piper Norway’s compliance and risk management group and has broad legal experience within matters concerning corporate compliance, ESG and litigation. Hugo has previously worked as a research assistant at the Scandinavian Institute of Maritime Law and has experience as an in house lawyer for the companies Höegh Autoliners and Höegh LNG.
He also has a background from the Norwegian Armed Forces School of Intelligence and Security Service (FSES), where he studied Russian while going through officer training. Hugo has extensive experience assisting the shipping, offshore and insurance sectors, and lectures annually at the University of Oslo in topics such as maritime law, insurance and tort law.
Hugo advises both Norwegian and multi-national companies in issues related to international trade, ESG, economic sanctions, anti-corruption, AML, FDI and export control. Among other, he assists clients with government relations, risk assessments, international contracting, compliance programs, integrity due diligence, training and internal investigations. Hugo also has broad experience advising in situations where there is suspicion or accusations of compliance breaches and where companies are put under public investigation. Hugo is ranked within compliance and insurance by both Norwegian and international rating agencies.
Marianne Ramel is experienced in a broad range of debt and equity finance transactions, particularly in project finance (including public-private partnership), real estate finance and acquisition finance. Marianne has represented a wide range of finance providers (including sovereigns) and borrowers. Marianne is also active within the firm’s Corporate group.
Marianne is head of the China desk in Sweden, and is experienced in cross-border transactions, with a particular emphasis on the Chinese market. Having worked and studied in various periods in China since 1988, Marianne has given advice on some of the largest foreign investments in China, as well as on outbound Chinese investments. Marianne advises Nordic companies in achieving their strategic and commercial plans in China, as well as Chinese companies investing in the Nordic region.
Bjarne serves as Verdane’s Managing Partner and Chief Investment Officer. In 2003, he launched what later became Verdane, by leading a spin-out from Verdane’s predecessor firm Four Seasons Venture.
At Verdane, he has been instrumental in building companies such as Banqsoft, Chipcon, Easypark, Kappa Bioscience, Polytech, Resman, and Wireless Maingate.
Bjarne had joined Four Seasons Venture’s Oslo office in 2001 from PaperX, a venture-backed B2B marketplace backed by among others Apax and Insight Partners, of which he was co-founder and COO. Bjarne also has scale-up experience from the oil & gas sector with Fountain Oil. He was formerly a consultant at McKinsey & Company in London and a research associate at the European University Institute in Florence. In addition to his role at the helm of Verdane, Bjarne is a Board member of the Norwegian Venture Capital Association and serves on the European Council of The Nature Conservancy.
Education: Bjarne holds an MBA with high distinction as a Baker Scholar from Harvard Business School (USA) and an MA in European Integration from the University of Oslo (Norway)/European University Institute Florence (Italy).
Björn Larsson joined Axcel in 2019 as a Partner working from the Stockholm office and a member of the Investment Committee.
Björn Larsson has a broad background within investments and management in the private equity industry, most recently as CFO of AniCura, a veterinary business, which was named Nordic private equity “deal of the year” when it was sold in 2018. Björn previously worked with the international private equity firm The Riverside Company and KPMG Transaction Services.
Educational background
Björn Larsson holds an MSc in Economics from the Stockholm School of Economics in Sweden, including studies at the National University of Singapore. Björn is also a CFA charterholder.
Axcel companies
AddPro, VetGruppen
Sector focus
Industrials, IT & Technology
I believe firmly in sustainable growth and internationalization as a value creation strategy. At my role at Intera I have the chance to support our portfolio companies in their growth and internationalization ambitions. At Intera I have worked mainly with service and consumer sector companies (incl. Rantalainen, Rototec, HopLop, Kamux, Silmäasema) in their development and exits
I joined Intera Partners in 2015 and have been Managing Partner from 2022. Before Intera I was 12 years in investment banking at Danske Bank and Nordea Bank in Helsinki and at Goldman Sachs International in London. In my role as a banker I advised large corporates, financial sponsors and entrepreneurs in dozens of M&A and equity capital market transactions.
Juhana is also Chair Person of the Board of the Finnish Venture Capital Association (FVCA).
Johan Pernvi joined Polaris in December 2019. He was previously employed as Investment Professional with Triton Partners (2015-2019), as Director with H.I.G. Capital (2013-2015), as Senior Investment Manager with Ratos (2006-2013) and as Senior Associate Consultant with Bain & Co. (2003-2006). Furthermore, he has been Non Executive Director for various companies including Logstor, SKF Motion Technologies (now Ewellix), Ovako Group, Diab, Mobile Climate Control and Jøtul AS.
M.Sc., Stockholm School of Economics
Portfolio companies:
- Akademikliniken
- Distriktstandvården
- Micropower Group
Ian joined Norvestor in 2016 as Senior Associate, progressing to Partner in 2024. He has previous investment banking experience from SEB Corporate Finance in Stockholm and Credit Suisse in London.
Ian is based in our Stockholm office.
Experience
- Chairman of the board: Colmec
- Board member: First Camp, BST, Tyro Group, Rantalainen
- SEB Corporate Finance
- Credit Suisse
Education
- BSc Business and Economics, Stockholm School of Economics
Kartick Maheshwari represents private equity firms, sovereign wealth funds and corporate strategic investors in a range of transactions in the healthcare, real estate, financial services, e-commerce and consumer sectors. This has included transactions involving complex restructurings and workouts in India.
He has been highly involved in several recent advisory mandates relating to Indian distressed assets and in particular has been advising several hedge funds and UHNI families on the new Indian insolvency regulations, acquisition of distressed loan portfolios and general enforcement related strategy.
Kartick also actively engages with Indian regulators on policy matters – not just when it comes to pushing a client agenda, but also when it comes to simplicity and efficiency in rule making.
Prior to joining Khaitan & Co as a partner in 2014, Kartick was part of the corporate practice at a large international firm.
Salvatore is Global Head of Renewables, Infrastructure & Transition, but also head of Investment Banking Sweden for DNB’s investment banking division. Salvatore, joined DNB in 2010 and has ca 25 years of experience within investment banking and capital markets for renewables, cleantech, utilities and the infrastructure sector.
Gustav Højmark-Jensen covers the Nordic M&A market across all sectors for Mergermarket. Before joining Mergermarket's Nordics team, he covered the European TMT sector with a focus on digital infrastructure and technology for another financial publication. Gustav is based in London.
Adam Kostyál has been with Nasdaq for the more than 20 years. He currently is the President of Nasdaq Stockholm and also manages the Listing franchise for Nasdaq in Europe. This includes the Nasdaq Stockholm, Nasdaq Copenhagen, and Nasdaq Helsinki listing offering. In addition he also manages the listing offering for Nordic companies wanting to list or dual list in the US. Prior to his current role Adam held various positions within Nasdaq and prior to this with Cell Network, Bloomberg and Enron. He holds a B.A in Economics and Marketing from Vrije Universiteit, Bruxelles, and speaks four languages including English, Swedish, Italian and French, and is also the proud father of five children!
Axel Schörling has a background in Consulting and Finance. Overall, he has extensive experience from various industries and assignments in Supply chain, Operations and Finance. Axel has been with EQL Pharma since 2018 when he joined as COO, in 2020 he was promoted to Deputy-CEO and in 2022 to CEO. The revenue of EQL has gone from about 25 MSEK to about 300 MSEK and the market cap from about 290 MSEK to about 1600 MSEK during Axel´s time with the firm. Axel holds a M.Sc. in Engineering Physics from Chalmers and a M.Sc. in Financial Economics from Gothenburg School of Economics. Axel is the 3rd largest physical shareholder in EQL and the 9thlargest shareholder, also considering institutions.
A Swedish national, Anette moved to London last year after spending 23 years in Hong Hong, covering corporate news, ECM and M&A. Before leaving Asia she was editor of Dealreporter APAC, focusing on event-driven and special situations. Previous employers include FinanceAsia (where she covered ECM primarily for the website), South China Morning Post and Dow Jones Newswires.
In her current London-based role, she primarily edits stories on public and private market M&A as well as regulatory content.
Azfar heads the ESG Strategy & Deals practice within PwC Sweden and brings over 20 years of experience as an investment professional from Stockholm, London and New York. He is experienced in leading transactional due diligences for the largest Private Equity funds in the Nordics.
Maria is a Senior Director and Head of Europe at Blackpeak where her work focuses on pre-deal due diligence, investment research, business intelligence as well as litigation and disputes support. Prior to joining Blackpeak, Maria managed a business intelligence & investigations function of a London-based strategic risk consultancy where she led complex multijurisdictional investigations, asset tracing, and integrity due diligence projects for major development banks. Before this, Maria worked in Scotland for a boutique intelligence-led business advisory where she led Eurasia-focused diligence work. Apart from diligence, Maria has a keen interest in ESG and sustainable supply chains. She holds a PhD in Sustainable Development from the University of St Andrews.
Hugo heads DLA Piper Norway’s compliance and risk management group and has broad legal experience within matters concerning corporate compliance, ESG and litigation. Hugo has previously worked as a research assistant at the Scandinavian Institute of Maritime Law and has experience as an in house lawyer for the companies Höegh Autoliners and Höegh LNG.
He also has a background from the Norwegian Armed Forces School of Intelligence and Security Service (FSES), where he studied Russian while going through officer training. Hugo has extensive experience assisting the shipping, offshore and insurance sectors, and lectures annually at the University of Oslo in topics such as maritime law, insurance and tort law.
Hugo advises both Norwegian and multi-national companies in issues related to international trade, ESG, economic sanctions, anti-corruption, AML, FDI and export control. Among other, he assists clients with government relations, risk assessments, international contracting, compliance programs, integrity due diligence, training and internal investigations. Hugo also has broad experience advising in situations where there is suspicion or accusations of compliance breaches and where companies are put under public investigation. Hugo is ranked within compliance and insurance by both Norwegian and international rating agencies.
Kasper heads market intelligence and new ventures at ION Analytics, identifying growth opportunities, both through partnerships and inorganic investments. He is also the deputy director with the Diligence domain at ION Analytics, focused on the strategy and development of key capabilities across investigative diligence, risk screening, regulatory analysis and cybersecurity.
Staffan joined Verdane’s Stockholm office in 2006, after leaving Enkatsu Solutions, of which he was co-founder and CEO. At Enkatsu Solutions, he acquired venture capital in three rounds and set up a sales organisation with exports to 15 countries.
At Verdane, Staffan focuses on the software and e-commerce sectors. He has been active in the acquisition of a number of portfolios and currently holds positions on the boards of serveral e-commerce holdings.
Education: Staffan holds an MBA from the University of Linköping (Sweden). He has studied computer programming at the Linköping Institute of Technology, business at the University PMF (France) and has completed the Program for Leadership Development at Harvard Business School.
Currently at Fåntell, Arthur plays a pivotal role in shaping and executing the firm's investment strategy. He leads efforts across Fund Investments, focusing on both primary and secondary opportunities in Private Equity and Venture Capital. Additionally, Arthur drives early-stage venture investments, targeting innovative sectors poised for significant growth.