Swedish institutions set up Covid-19-focused JV

The joint entity – named Sindre Invest – will back medium-sized Swedish companies that were successful before the crisis and that are expected to be so again once the economy has returned to a more normal situation.

Pension fund AMF will invest SEK 2bn in Sindre. Bank SEB will invest SEK 1bn, of which SEB Pension & Försäkring accounts for SEK 100m, and will also contribute with staff and expertise. FAM, the holding company of the Wallenberg foundations, and the three largest Wallenberg Foundations themselves will together invest SEK 500m, including SEK 400m from FAM alone.

Sindre will acquire minority positions in the selected companies, with the express goal that the existing owners will be able to buy out Sindre's ownership stake after the crisis.

It will invest mainly in unlisted private and family-owned companies. The target group is companies with at least 250 employees and annual sales of more than SEK 300m.

The firm said in a statement that, as the crisis continues, it sees a large need among "well-managed and vital unlisted Swedish companies to strengthen their balance sheets with additional equity". 

The company will start operating from 1 July and will hire staff from SEB. 

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