Infranode
Infranode is a Stockholm-based, privately held Nordic infrastructure investment firm (founded 2013, subsidiary of Areim) that manages ~EUR 1.8 billion across two funds, investing with a 25-year horizon in energy, digital, transport, and social infrastructure in Sweden, Norway, Finland, and Denmark on behalf of Nordic pension funds and insurers.
- Company typePrivate
- Founded2014
- HeadquartersStockholm, Sweden
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Infranode does
Infranode is a Stockholm-headquartered, privately held infrastructure investment firm founded in 2013 as a subsidiary of Areim that invests in social and economic infrastructure across Sweden, Norway, Finland and Denmark with a distinctive 25-year holding period. The firm manages approximately EUR 1.8 billion (SEK 18 billion) in committed capital across two funds (Infranode I and II) on behalf of Nordic institutional investors including Folksam, KPA Pension, Fjärde AP-fonden, Storebrand, KEVA, Lähitapiola, IMAS Foundation, and the European Investment Bank. It operates with offices in Stockholm, Oslo, Helsinki, and Copenhagen and claims the largest dedicated team of Nordic infrastructure specialists.
Infranode invests as both minority and majority owner in mid-sized, often municipally-owned infrastructure assets spanning four verticals: energy (district heating, solar, wind, biogas, electricity networks), digital infrastructure (fiber and telecom towers via the Nordity Fiber platform), transport (ports), and social infrastructure (healthcare, elderly and child-care facilities). As of 2025, the portfolio comprised 20 companies, 17 of which have developed Net Zero 2040 roadmaps, with approximately 900,000 people indirectly benefiting from portfolio services. Major portfolio assets include Hafslund Oslo Celsio (Norway's largest district heating company, 20% stake), Vandel III Solar PV Park (one of the largest in the Nordics), Ranasjöhöjden/Salsjöhöjden wind farms (242 MW), Sandefjord Bredbånd, MPY Telecom, Skånska Energi, and Loiste. EU Taxonomy alignment is reported at 73% for Fund I and 53% for Fund II.
The firm earns revenue through management fees on committed capital plus performance-based carried interest on successful exits. Capital is raised bilaterally from pension funds, insurance companies, sovereign wealth funds, and development banks rather than through public fund marketing, and deal flow is generated through off-market bilateral processes with municipal and government owners, frequently structured as co-investments with continued public-sector ownership. The firm also operates the Nordity Fiber platform as a dedicated vehicle for fiber infrastructure consolidation and was named Sweden's Sustainability Leader 2025 (Head of Sustainability Julia Holm Kosulko).
Infranode firmographics
Firmographics- Name
- Infranode
- Legal name
- Infranode
- Website
- https://infranode.se
- Company type
- Private
- Founded year
- 2014
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Infranode is a Stockholm-based, privately held Nordic infrastructure investment firm (founded 2013, subsidiary of Areim) that manages ~EUR 1.8 billion across two funds, investing with a 25-year horizon in energy, digital, transport, and social infrastructure in Sweden, Norway, Finland, and Denmark on behalf of Nordic pension funds and insurers.
- Ownership category
- akta.pro rank
Infranode industry classification
Industry- Product category
- Infrastructure Investment Management
- NAICS
- Funds, Trusts, and Other Financial Vehicles (525), Portfolio Management and Investment Advice (52394)
- SIC
- Services-Engineering, Accounting, Research, Management (8700)
- akta.pro primary industry
- Renewable Energy Infrastructure (FSAAAKAG)
- akta.pro secondary industry
- Infrastructure & Energy Fundraising Placement (FSAEALAF)
Keywords
Where Infranode is headquartered
LocationHeadquarters
- HQ city
- Stockholm
- HQ country
- Sweden
- HQ region
- Europe
Offices4 records
Markets served
Infranode business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- Fund management fees: Infranode charges management fees on committed capital from institutional investors. The fees are based on assets under management (approximately EUR 1.8 billion / SEK 18 billion across two funds) and are structured to align with long-term investment horizons.
- Performance/carried interest: Infranode earns performance-based carried interest on successful infrastructure investments, aligning fund manager incentives with investor returns over the 25-year investment horizon.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Infranode product offering
Product offeringCore offering
Infranode is a Nordic infrastructure investment firm that raises and manages long-term institutional capital (approximately EUR 1.8 billion across two funds, Infranode I and Infranode II) from pension funds and insurance companies, and deploys it as equity into Nordic infrastructure assets across energy, digital infrastructure, transport, and social infrastructure. The firm operates a 25-year investment horizon, acquiring minority and majority stakes alongside public-sector and private co-owners across Sweden, Norway, Denmark, and Finland.
Product overview
Infranode is a long-term Nordic infrastructure investment firm that operates primarily as a holding company for infrastructure assets rather than a product company. The firm manages a diversified portfolio of infrastructure investments across four sectors: energy (solar, wind, biogas, district heating), digital infrastructure (fiber networks, telecom towers), transport (ports), and social infrastructure (healthcare facilities). The core investment vehicle is Infranode's funds, with Nordity Fiber serving as the dedicated platform for fiber infrastructure investments. The company acquires majority and minority stakes in established infrastructure assets, partnering with municipal owners, pension funds, and institutional investors to develop and operate critical infrastructure across Sweden, Norway, Denmark, and Finland.
Differentiator
Problem solved
Functional benefit
Brands
- Nordity Fiber: Infranode's fiber platform for long-term investments in local fiber infrastructure across the Nordics.
- Nordic Infrastructure Podcast
Products and services
- Infranode I Fund First Nordic long-term infrastructure fund managed by Infranode for institutional investors, with 73% EU Taxonomy alignment. Targets stable, inflation-linked returns through equity investments in Nordic infrastructure assets.
- Infranode II Fund Second Nordic infrastructure fund managed by Infranode, continuing the firm's 25-year investment horizon strategy with additional institutional capital from Nordic pension funds and insurance companies.
- Nordity Fiber Platform A Nordic digital infrastructure platform operated by Infranode for long-term equity investments in local and municipal fiber networks across the Nordics, structured as long-term co-ownership models with municipal partners.
Quantifiable outcome
- EUR 920 billion in estimated Nordic infrastructure investment needs over the coming decade
- +4 more outcomes
Companies that use Infranode
Customer profileNamed customers19 records
Segments3 records
Ideal customer profiles2 records
Infranode technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Infranode partnerships and signals
Strategic signalPartnerships
18 partnerships are on record, tiered core and minor.
- Ronneby kommun (Ronneby Miljö och Teknik AB)coreNordity Fiber (Infranode's fiber platform) acquired 65% of Ronneby Stadsnät to a company value of SEK 417 million. Ronneby municipality remains a 35% co-owner through Ronneby Miljö och Teknik AB, retaining influence and governance through a shareholders' agreement and joint business plan. This is the first shared ownership model of its kind in Sweden for a municipal fiber network.
- LysecoreLyse is a Norwegian telecom company that partnered with Infranode to acquire 100% of Sandefjord Bredbånd for an enterprise value of NOK 1,012 million. Lyse acquired 10% of shares while Infranode acquired the remaining 90% from Sandefjord municipality.
- Renegas A/ScoreInfranode acquired a 49% stake in two biogas assets from Danish biogas platform Renegas. This is Infranode's first biogas investment and the start of a collaboration to create a biogas platform in the Nordics, further accelerating the green transition.
- City of JyväskyläcoreInfranode acquired 100% interest in 13 social and healthcare service facilities and their plots from the city of Jyväskylä in Central Finland for approximately EUR 84 million. The facilities include healthcare centres, disabled care units, youth/child protection facilities, and an elderly care unit, serving the Wellbeing Services County of Central Finland.
- Hafslund EcocoreHafslund Eco, Infranode, and HitecVision completed the acquisition of Fortum Oslo Varme (renamed Hafslund Oslo Celsio). Hafslund Eco is the majority owner (60%) while Infranode and HitecVision each hold 20%. The partnership is financing a major CCS (carbon capture and storage) project and investing NOK 10 billion over coming years.
- HitecVisioncoreHitecVision is a Norwegian asset manager and serial entrepreneur with NOK 70 billion in total assets, specialising in the European energy sector. HitecVision holds a 20% stake alongside Infranode in Hafslund Oslo Celsio.
- Bregentved GodscoreBregentved Gods is the landowner of the Vandel III solar park site in Vejle Municipality, Denmark. Through its fully owned entity Unity Power, Bregentved handles operations and maintenance of the solar park and holds a minority equity stake in the asset. A 60 MW / 120 MWh battery energy storage system is being developed co-located with the solar park.
- Revv EnergycoreRevv Energy's Cyrille de Barace leads program management for the Vandel III battery storage project, overseeing development and asset delivery.
- Unity Power (Bregentved subsidiary)coreUnity Power, fully owned by Bregentved Gods, is responsible for operations and maintenance of the Vandel III solar park and is a key long-term partner in the project.
- Eneo SolutionscoreInfranode invested in solar and geothermal energy facilities through a partnership with Eneo Solutions. Eneo develops, builds, and operates solar and geoenergy installations for property owners. Infranode and Eneo also signed a partnership agreement to develop and expand Eneo's business in the coming years.
- Oslo KommunecoreOslo municipality transferred its 50% stake in Fortum Oslo Varme to Hafslund Eco as part of the 2022 transaction. The city remains served by the district heating network which is central to its 2030 emission reduction targets.
- ArisecoreArise developed the Ranasjöhöjden and Salsjöhöjden wind farms (39 Siemens turbines, 242 MW total capacity). Arise handles operations and maintenance with a focus on efficient production and long-term value creation. Infranode invested alongside InfraRed Capital Partners and TRIG.
- InfraRed Capital Partners (IRCP)minorIRCP co-invested with Infranode and TRIG in the Ranasjöhöjden and Salsjöhöjden wind farms in northern Sweden.
- TRIG (The Renewable Infrastructure Group)minorTRIG co-invested with Infranode and InfraRed Capital Partners in the Ranasjöhöjden and Salsjöhöjden land-based wind farms in northern Sweden.
- ZeroMissionminorInfranode collaborates with ZeroMission for climate compensation of air travel and carbon emissions from ongoing operations. Compensation is certified under the Gold Standard.
- GRESBminorInfranode uses GRESB (Global ESG Benchmark for Real Assets) to evaluate and compare sustainability governance in its portfolio companies. Infranode has used GRESB as a benchmark since 2020.
- PRI (Principles for Responsible Investment)minorInfranode is a signatory to the UN-supported PRI initiative since 2017. Infranode's Director and Co-Lead Value-Add Transition, Johan Tiselius, serves on PRI's Infrastructure Advisory Committee.
- Sweden's Sustainable Investment Forum (Swesif)minorInfranode has been a member of Swesif since 2016. Swesif is an independent forum for organisations working with or for sustainable investments in Sweden.
Scale indicators12 records
Recent moves9 records
Expansion highlights5 records
Infranode competitors and assessment
Company assessmentDirect peers
- Mirova: Paris-based sustainable investment affiliate of Natixis Investment Managers, with dedicated natural capital and infrastructure strategies. Co-invested with Infranode in Finnish energy utility Loiste (33.9% stake), showing directly aligned interest in Nordic sustainable infrastructure with comparable ESG-led investment thesis.
- EQT Infrastructure: Swedish-headquartered pan-European infrastructure fund manager with similar mid-to-large cap focus on digital, energy, and social infrastructure. Competes directly with Infranode for Nordic municipal privatizations and renewable energy deals, with comparable LP base of European pension funds.
- Antin Infrastructure Partners: Paris-listed European mid-market infrastructure fund manager focusing on energy, digital, transport, and social infrastructure. Closely comparable business model and asset size to Infranode, with similar institutional LP base and pan-European mandate that overlaps in the Nordics.
- Copenhagen Infrastructure Partners: Denmark-based fund manager specializing in renewable energy infrastructure investments across the Nordics and Europe, with multiple energy transition funds. Directly competes with Infranode for Nordic energy and transition infrastructure opportunities, particularly in offshore and onshore wind.
- InfraRed Capital Partners: UK-based infrastructure investment manager focused on mid-market core+ and value-add infrastructure. Co-investor with Infranode in the Ranasjöhöjden and Salsjöhöjden wind farms, demonstrating directly comparable asset selection and LP overlap with major European pension funds.
Others
- StepStone Group: Global private markets investment firm with infrastructure fund-of-funds and co-investment capabilities serving institutional LPs. Comparable as an allocator of institutional capital into infrastructure but operates as multi-manager rather than direct investor like Infranode.
- Areim: Stockholm-based real estate investment and advisory firm and parent company of Infranode. Operates a real estate focus that is thematically adjacent to Infranode's infrastructure mandate and shares capital relationships with similar Nordic institutional investors, but distinct asset class.
Broad incumbents
- Brookfield Asset Management: Global alternative asset manager with the largest infrastructure platform globally. Increasingly active in Nordic energy transition and digital infrastructure, competing with Infranode for renewable energy and fiber assets but at much larger scale and across global geographies.
- Macquarie Asset Management: World's largest infrastructure asset manager with ~EUR 200B+ in infrastructure AUM. Competes with Infranode for larger Nordic infrastructure transactions and is increasingly expanding into mid-market Nordic deals, but operates globally with broader sector mandate and shorter fund horizons.
- KKR Global Infrastructure: Global alternative asset manager with significant infrastructure platform investing in core+ and value-add assets across energy transition, digital, and social infrastructure. Expanding Nordic presence and competing for the same institutional LP mandates as Infranode, though at much larger fund sizes.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Infranode social profiles
Digital presenceInfranode financial estimates
Financial estimateRevenue estimate
Valuation estimate
Infranode leadership team
Management profileNumber of profiles
Profiles17 records
Infranode subsidiaries and ownership
Company hierarchySubsidiaries20 records
Infranode funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Infranode M&A and investment
M&A and investmentM&A1 record
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Infranode
What does Infranode do?
Infranode is a Nordic infrastructure investment firm that raises and manages long-term institutional capital (approximately EUR 1.8 billion across two funds, Infranode I and Infranode II) from pension funds and insurance companies, and deploys it as equity into Nordic infrastructure assets across energy, digital infrastructure, transport, and social infrastructure. The firm operates a 25-year investment horizon, acquiring minority and majority stakes alongside public-sector and private co-owners across Sweden, Norway, Denmark, and Finland.
Is Infranode a public or private company?
Infranode is a private company. It is classified as corporate owned and is currently operating.
When was Infranode founded?
Infranode was founded in 2014. It employs 11 to 50 people.
Where is Infranode based?
Infranode is headquartered in Stockholm, Sweden, in the Europe region.
How does Infranode make money?
Two revenue lines are on record. Fund management fees are the primary driver. The others are performance/carried interest.
Who are Infranode's main competitors?
Direct peers on record are Mirova, EQT Infrastructure, Antin Infrastructure Partners, Copenhagen Infrastructure Partners and InfraRed Capital Partners. Others are StepStone Group and Areim. Broad incumbents are Brookfield Asset Management, Macquarie Asset Management and KKR Global Infrastructure.
Does Infranode have an API?
No public API is recorded for Infranode.
What industry is Infranode in?
Infranode's product category is Infrastructure Investment Management. Its primary akta.pro industry code is FSAAAKAG, Renewable Energy Infrastructure, with a secondary code of FSAEALAF, Infrastructure & Energy Fundraising Placement. Its NAICS code is 525 and its SIC code is 8700.