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Fundraising
We work with a select group of fund managers who share our conviction in thematic investing and meet our rigorous standards. If you believe your strategy aligns, we'd like to hear from you.
Identifying our partners
We take a focused approach to fund manager selection, working with a small number of managers at any one time. Our team requires early engagement, ideally six to twelve months before fund launch, to align the fundraising process closely with our thematic convictions. Experience has shown that this discipline is the foundation of consistent results.
Market Context
Two decades of expansion in private markets have given way to a tougher capital-raising environment. The data below traces the journey: long-run growth in assets under management, shifting allocations across asset classes, and the recent compression in number of funds in the market, time taken to raise capital, and dispersion of returns across asset classes.
Infrastructure rarely tops the league table in bull markets, but it consistently holds up when other asset classes fall. In a world where chasing peak returns now comes with very real downside risk, there has been a shift toward more diversifying assets offering real resilience.
Source: Preqin, a part of BlackRock (2026)
The return premium for taking on extra volatility is steadily compressing across private markets. As the gap between asset class returns has narrowed in recent years, consistency, capital preservation and downside protection now matter more than chasing the next outlier.
Source: Preqin, a part of BlackRock (2026)
Institutional capital has drawn the same conclusion and voted with its feet. Infrastructure AUM has grown 8.8× since 2010, faster than any other private market asset class globally, as allocators have steadily reweighted portfolios toward long-duration, resilient real assets.
Source: Preqin, a part of BlackRock (2026)
The broader fundraising environment remains difficult, with fund count down 72% from the 2022 peak as muted distributions, denominator effects and persistent LP caution continue to weigh on commitments across virtually every sector and strategy.
Source: PitchBook, a Morningstar company (2026)
A key driver of that caution is the distribution drought. Contributions have consistently outpaced distributions in recent years, leaving LPs structurally cash-poor and with materially less capital to commit to new funds. Recent data however indicates that the trend may finally be reversing.
Source: Preqin, a part of BlackRock (2026)
Meanwhile, conviction is quietly concentrating. While most sectors contracted again in 2025, real assets grew sharply both in nominal values and as a share of the total - a clear sign of where institutional capital is genuinely moving across private markets.
Source: PitchBook, a Morningstar company (2026)
LPs are increasingly consolidating around trusted, established platforms. Capital raised by emerging managers has fallen 63% from its 2021 high, while experienced firms increasingly attract the clear majority of commitments. Our Nordic investors supports this view.
Source: PitchBook, a Morningstar company (2026)
Fundraising now takes well over 20 months on average to reach a final close. For managers with differentiated strategies and strong, demonstrable track records, the longer cycle filters out weaker competition, rewards patience and ultimately favours quality over noise.
Source: Preqin, a part of BlackRock (2026)
Who We Work With
Minimum $500-1,000M fund size depending on asset class, sector and strategy. Our fundraising campaigns typically covers fund sizes between $2,000-10,000M.
Demonstrated returns across prior vintages, supported by verifiable performance attribution, and a team with a long shared history of working together.
Our focus spans defence and resilience, the clean energy transition, critical infrastructure, and sustainability related investment strategies.
Above all, we actively seek experienced fund managers who share our vision and cultural values, and with whom we intend to build lasting relationships.
Contact Us Today
Tell us about your fund and strategy. We review every inquiry and will respond shortly.