2023-03-16-PitchBook-北欧私人资本明细（英）_22页_3mb

Summary of Nordic Private Capital Trends (2022)

Core Content

The document provides an overview of private equity (PE) and venture capital (VC) deal activity, exits, and fundraising in the Nordic region in 2022, highlighting the resilience and dynamics of the private capital market in the face of macroeconomic challenges.

Main Points

Private Equity (PE)

• Deal Count and Value:

  • PE deal count increased by 6.2% YoY, while deal value remained flat, indicating resilience in the Nordic PE market.
  • Bolt-on acquisitions dominated, representing 53.4% of all buyout deal value, the highest share on record.
  • Mega-deals (€1 billion or more) dropped to an 11-year low, with only one mega-deal recorded in 2022.

• Interest Rates:

  • A global shift in monetary policy led to increased interest rates, raising the cost of debt and affecting deal valuations.
  • The Nordic region maintained relatively lower interest rates compared to other European countries, with Iceland having the highest at 6.5%.

• Geographical Split:

  • Sweden accounted for 42.5% of deal value, slightly above its 10-year average.
  • Denmark had the second-highest deal value, with a higher PE deal value per capita than Norway.
  • Norway historically relies on the oil & gas sector, but the PE market is growing.

• Fundraising:

  • Only 10 funds closed in the Nordic region in 2022, the lowest since 2015.
  • Nordic Capital raised €9.0 billion, the largest fundraising in Europe in 2022.
  • Experienced fund managers such as Nordic Capital, EQT, and Polaris were the primary recipients of capital.

• PE Exits:

  • PE exit value decreased by 24.0% YoY, but this was less severe than the 45.1% decrease in Europe.
  • Public listings were more resilient, accounting for over a third of the continent's public listings in 2022.
  • Six public listings occurred in the Nordic region, with Vår Energi in Norway and Chr. Hansen in Denmark being notable examples.

• Growth/Expansion Funds:

  • These funds represented half of the total PE capital raised in the region.
  • EQT and Summa Equity raised €2.4 billion and €2.3 billion, respectively, in dedicated growth/expansion funds.

Venture Capital (VC)

• Deal Activity:

  • Nordic VC deal value reached €10.1 billion, its second-highest year.
  • The number of deals increased to 1,267, showing strong activity despite the drop from 2021 levels.

• VC Hubs:

  • Sweden, particularly Stockholm, emerged as a leading VC hub in Europe, trailing only London, Paris, and Berlin.
  • Stockholm consistently ranked among the top five European cities by VC deal value over the past decade.

• Top Deals:

  • Northvolt and Klarna were the largest deals in the Nordic VC space in 2022, with Northvolt raising €1.1 billion and Klarna raising €767.0 million.
  • Northvolt is a key player in the EV battery sector, aiming to expand its production capacity.
  • Klarna faced a significant drop in valuation due to inflation and recessionary consumer behavior.

• VC Exits:

  • Nordic VC-backed exits were more resilient, decreasing by 36.4% YoY versus 72.2% YoY for Europe.
  • Acquisitions were the preferred exit strategy, with a record €5.0 billion in exit value, up 65.0% YoY.

• Fundraising:

  • VC fundraising in the Nordic region was sluggish, decreasing by 20.6% YoY to €2.1 billion across 10 funds.
  • EQT was the only Nordic VC fund to raise over €1 billion, becoming the largest private VC fund in the region.

Key Information

• Bolt-on acquisitions became more prevalent in 2022, as companies sought to continue growth through smaller, complementary deals.
• Nordic Capital led the PE fundraising efforts in 2022, raising €9.0 billion for its eleventh fund, which was the largest fundraising in Europe.
• Sweden remains the dominant player in both PE and VC deal activity, with Stockholm as a key hub.
• Public listings in the Nordic region were more resilient than in Europe, despite macroeconomic headwinds.
• Interest rates significantly impacted the PE industry, increasing the cost of debt and affecting deal valuations.
• Fintech emerged as a strong sector in the Nordic VC ecosystem, with over €2.0 billion in deal value and three of the top 10 deals in the region being fintech-related.

Conclusion

The Nordic private capital market demonstrated resilience in 2022, with increased deal count and stronger exits compared to other European regions. Despite the challenges posed by rising interest rates and macroeconomic uncertainty, the region maintained a high level of activity in both PE and VC sectors. Sweden, particularly Stockholm, remained a major VC hub, while Nordic Capital and EQT stood out in PE fundraising. The shift towards growth/expansion funds and bolt-on acquisitions suggests a continued adaptation to the evolving investment landscape.