MAY 29 2026
For Nordic Capital, 2025 was a year of strong portfolio performance and landmark transactions, with eight new platform investments and two significant realisations. The portfolio delivered broad-based earnings growth as Nordic Capital continued to drive operational and strategic development across its companies. This performance, achieved against a backdrop of continued macroeconomic uncertainty, reflects the depth of the firm's subsector expertise and the discipline of its active ownership model.
Selective deployment across high-conviction opportunities
Nordic Capital deployed approximately EUR 3.4 billion across eight new platform investments in 2025, maintaining the selective, subsector-led approach that has characterised the firm's investment strategy across market cycles. New partnerships were established with Anaqua, Hargreaves Lansdown, Minerva Imaging, Arcadia, BMLL, Evosep, Regnology and Max Matthiessen, each reflecting long-standing thematic priorities and relationships built well ahead of any formal process.
Strong value creation across the portfolio
Portfolio performance remained strong, with LTM EBITDA growth of approximately 20 percent across the portfolio, driven by renewed top-line momentum and continued margin expansion. More than 40 material add-on acquisitions were completed during the year, advancing platform-building agendas across multiple portfolio companies. AI capability building accelerated meaningfully across the portfolio, with AI embedded directly in portfolio companies' products and agentic software development already running at the core of business operations across the portfolio.
Two landmark exits mark the year
NOBA Bank Group was listed on Nasdaq Stockholm, completing a multi-year transformation from a monoline lender to one of Europe's leading specialist banks. An agreement was also announced to sell Clario to Thermo Fisher Scientific, the largest full healthcare private equity exit announced globally in 2025[1], following a decade of partnership and sustained value creation across clinical endpoint solutions. Together, the two realisations generated approximately EUR 3.1 billion in exit value, confirming that preparation and earnings quality create optionality whenever realisation opportunities arise.
Building the organisation for long-term strength
Nordic Capital continued to strengthen its own organisation throughout 2025. Three new partners were appointed within the investment and operations advisory teams and the sustainability team was significantly expanded. The firm also welcomed a new partner and Head of Investor Relations as well as a Chief Human Resources Officer, a new role that reflects Nordic Capital's commitment to investing in its own people platform.
Responsible investment as a foundation for value creation
Nordic Capital's sustainability strategy continued to deliver results in 2025. The firm maintained a global top-quartile UN PRI score and was recognised with the Corporate Sustainability Strategy of the Year award at the Private Equity Wire European Awards. Scope 2 emissions were reduced by 55 percent against the 2022 base year, exceeding the firm's near-term SBTi target ahead of schedule. Nordic Capital also expanded its community engagement through a new partnership with Inkludera, supporting Swedish social entrepreneurs focused on inclusion and equal opportunities.
[1] Represents largest complete healthcare exit (i.e., sale of 100% of equity interests without any residual ownership by sellers in target or buyer group after the transaction) in enterprise value terms by a selling PE firm – excluding infrastructure and venture capital firms – announced globally in 2025.