Trill Impact closes debut fund on EUR 900m

Trill Impact was founded in 2019 by Jan Ståhlberg. Prior to founding the firm, Ståhlberg spent 25 years with EQT Partners, where he was most recently the firm's deputy CEO and vice-chairman.

Trill Impact is backed by Nordea Asset Management, which acted as global distributor for the fundraise. The firm works in partnership with Nordea's responsible investments and investor relations teams.

A spokesperson for Nordea Asset Management told Unquote that the fund held a first close in March 2020, followed by a final close in July 2021.

Simpson Thatcher & Bartlett and Loyens & Loeff provided legal advice on the fundraise, while PwC provided tax advice. Acalyx Advisors acted as sole placement agent in the US. Campbell Lutyens also advised on the fundraise.

Headquartered in Stockholm, Trill has a team of 20 people across its offices in Sweden and Germany. The firm invests in companies that it believes can assist with the UN's Sustainable Development Goals, with the aim of developing companies and creating value via its Return on Impact Toolbox.

Trill signed an ESG-linked revolving credit facility for the fund in 2020.

In addition to its PE fund, the firm manages a micro-finance strategy, through which it provides financing for entrepreneurs to grow and develop their businesses and communities. The GP has raised EUR 140m for its micro-finance strategy so far and has made 26 investments. 

Investors
A spokesperson for Nordea told Unquote that the fund has around 40 LPs. The majority of these (59%) are pension and insurance funds, while 16% are asset managers and financial Institutions. Foundations and government agencies comprise 13% of the LP base, while 12% are family offices.

According to a statement, LPs in the fund include Swedish pension funds AP4 and AP6, as well as Allianz Global Investors, New York Life Insurance Company, Lucie and André Chagnon Foundation, Velliv, Pension & Livsforsikring, and Nordea Life & Pensions.

The majority of the fund's LPs (81%) are European investors, with 17% from the US and Canada, and 2% from the rest of the world.

Investments
Trill Impact focuses on mid-cap companies based in the Nordic, DACH and Benelux regions. The fund will deploy equity tickets of EUR 25m-125m and expects to make 10-12 investments in total.

Although the fund takes a sector-agnostic approach, a spokesperson for Nordea Asset Management told Unquote that Trill sees particularly strong opportunities in the education, healthcare, water treatment and energy efficiency sectors.

The GP has made four deals from the fund so far. Trill made its first investment in July 2020, acquiring energy efficiency building management systems developer Nordomatic from Adelis Equity Partners. The deal was financed via the first sustainability-linked LBO facility in the Nordic region, according to Trill Impact's website.

Trill Impact acquired clinical software platform Meona in an SBO from Emeram Capital Partners in June 2021, as reported. The GP simultaneously acquired I-Solutions Health, a long-term partner of Meona, with the aim of merging the companies to create a larger platform within the healthcare IT market.

People
Trill Impact – Jan Ståhlberg (founder, managing partner).
Nordea Asset Management – Nils Bolmstrand (CEO).

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