Naxs Nordic Access Buyout Fund

What Naxs Nordic Access Buyout Fund does

NAXS AB (publ) is a Swedish publicly listed investment company, founded in 2007 and traded on Nasdaq Stockholm under the ticker NAXS. The company's principal activity is acting as a Limited Partner in Nordic-focused private equity funds, with 84% of its SEK 527 million equity allocated to fund investments, 5% to other investments, and 12% held in net cash as of December 31, 2025. NAXS holds commitments to roughly a dozen private equity managers including Nordic Capital, Apax, JAB Consumer Funds, Valedo Partners, Mimir Invest, Mimir Industries, Celero Capital, and Equip Capital, alongside co-investments in portfolio companies such as Reledo Holding AB, Krispy Kreme, Panera Brands, and direct investments in public listings including MIPS AB, Scout Gaming Group, and Awilco Drilling.

NAXS does not develop proprietary technology; its investment activities are supported by an outsourced advisory model historically delivered via Naccess Partners AB. The company's product set comprises fund investments, co-investments, and direct investments, augmented by shareholder return mechanisms including a SEK 2.00 per share dividend (approved for FY 2025) and a share repurchase program allowing buyback of up to 999,562 shares (10% of total). As of January 2026, the company is led by CEO Amaury de Poret, a founding-era employee, with Gösta Lundgren as CFO and Oliver Molse as Chairman.

The business model generates returns through capital appreciation, fund distributions, and dividends from its PE portfolio, which are then recycled to shareholders via dividends and buybacks intended to address NAV discounts. NAXS primarily targets investors seeking liquid, listed access to Nordic private equity exposure, including both retail and institutional shareholders, with the equity per share reported at SEK 48.10 as of December 31, 2025. The company maintains a lean organizational footprint of 1-10 employees, reflecting its outsourced advisory model and capital-light operating structure.

Name

Naxs Nordic Access Buyout Fund

Legal name

NAXS AB (publ)

Website

http://www.naxs.se

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

1–10 employees

Short description

NAXS AB is a Stockholm-listed investment company that provides public-market investors liquid access to Nordic private equity, primarily acting as a Limited Partner in Nordic-focused buyout funds and returning capital via dividends and share buybacks.

Ownership category

akta.pro rank

Product category

Private Equity Fund of Funds

NAICS

Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Private Markets Fund of Funds (PE / VC / Private Credit FoF) (FSAHAKAF)

akta.pro secondary industries

LP Secondaries — Buyout Funds (FSAHALAA), Co-Investment / Direct Allocation Platforms (alongside FoF) (FSANAGAK)

Keywords

• Private equity funds
• Fund of funds
• Buyout investments
• Nordic investments
• Portfolio management

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Private Equity Fund Returns: NAXS generates returns through its investments as a Limited Partner in private equity funds. Returns come from dividends, capital distributions, and unrealized gains on fund investments. The company may also use treasury shares as acquisition consideration.
2. Dividend Distribution: NAXS distributes dividends to shareholders from available funds, with SEK 2.00 per share approved for 2025 fiscal year.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

NAXS Nordic Access Buyout Fund is a publicly listed investment company on Nasdaq Stockholm that invests primarily as a Limited Partner in Nordic-focused private equity buyout funds. It makes LP commitments to managers such as Nordic Capital, Apax, JAB, Equip Capital, Celero Capital, Mimir and Valedo, co-invests alongside fund managers in portfolio companies, and selectively invests directly in public companies via IPOs and private placements. Returns are distributed to shareholders through dividends and share buybacks.

Product overview

NAXS is an investment company listed on Nasdaq Stockholm that primarily invests in private equity funds with a Nordic focus. The company was established in 2007 and manages a portfolio consisting of fund investments (Apax Europe VII LP, Celero Capital Fund, Equip Capital Fund I, JAB Consumer Fund, Mimir Invest, Nordic Capital Fund X, Nordic Capital Evo Fund I, Valedo Partners Fund II), co-investments alongside fund managers, and direct investments in public companies. NAXS also returns capital to shareholders through share buyback programs and dividends.

Differentiator

Problem solved

Functional benefit

Products and services

• Fund Investments Limited Partner commitments to Nordic-focused private equity buyout funds managed by established firms such as Nordic Capital, Apax, JAB, Equip Capital, Celero Capital, Mimir and Valedo Partners. These commitments provide NAXS shareholders with diversified exposure to Nordic buyout investing.
• Co-investments Direct co-investments made alongside NAXS's private equity fund managers in their portfolio companies, including Reledo Holding AB, Krispy Kreme Doughnuts, Pret Panera, and Panera Brands. These provide concentrated exposure to specific PE-backed companies alongside established managers.
• Direct Investments Selective direct investments in publicly listed companies and special situations, including IPO cornerstone investments (MIPS AB, Scout Gaming Group, Tången AB), private placements (Awilco Drilling Plc), and bond investments (Jacktel AS). These complement the core fund investment portfolio with direct equity and credit exposure.

Quantifiable outcome

• NAXS NAV per share increased by 12.2% in 2016 including dividend paid
• +1 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered minor and core.

• Pareto Securities ABminorChannel Partner/ Reseller/ Distributor · 1 January 2026Pareto Securities AB executes share repurchases on Nasdaq Stockholm on behalf of NAXS, making independent trading decisions regarding timing of buybacks.
• Ernst & Young ABcoreOthers · 1 January 2026Ernst & Young AB has been re-elected as auditor of NAXS AB (publ) at the Annual General Meeting.
• Naccess Partners ABminorImplementation/ SI/ Consulting Partner · 31 December 2025NAXS subsidiary NAXS A/S terminated its investment advisory agreement with Naccess Partners AB effective December 31, 2025. The termination incurred SEK 11.0 million impact due to settlement and write-down of receivables, eliminating future management fee and profit sharing obligations.

Scale indicators7 records

Recent moves2 records

Broad incumbents

• Kinnevik AB: Swedish listed investment company with a diversified portfolio of growth/venture and listed holdings. Operates as a listed access vehicle to private markets, but at materially larger scale and a different sector mix than NAXS.
• Investor AB: Large Swedish listed investment company with a diversified portfolio including significant Nordic PE buyout exposure (via portfolio of owned operating companies and PE fund commitments). Closest comparable in structure and listing venue, though materially larger and more diversified than NAXS.
• Industrivärden AB: Swedish listed investment company holding significant ownership in Nordic publicly listed industrials. While more concentrated in listed equity than PE, it shares NAXS's listed Swedish investment-company structure and Nordic focus.
• Lundbergföretagen AB: Swedish listed investment company (Lundbergs) with concentrated holdings in Nordic listed equities and real estate. Comparable as a Swedish listed investment vehicle, though its portfolio is dominated by listed holdings rather than PE fund commitments.

Direct peers

• ICG Enterprise Trust Plc: London-listed investment company that invests in private equity funds and co-investments. Direct listed PE fund-of-funds peer to NAXS, with a similar buyback-active shareholder return program and NAV discount management approach.
• Ratos AB: Swedish listed company on Nasdaq Stockholm that invests primarily in Nordic/European buyout PE, both directly and via funds. Similar listed-PE access model, Nordic focus, and shareholder return program, though Ratos is a direct PE investor rather than a fund-of-funds.
• VNV Global AB: Sweden-based listed investment company focusing on venture and growth investments, primarily in emerging markets. Compares to NAXS as a small-cap listed investment vehicle with concentrated regional focus, although its asset class (venture/growth) differs from NAXS's buyout bias.
• Pantheon International Plc: UK-listed fund-of-funds investing globally in private equity. Direct structural comparable to NAXS as a publicly traded PE fund-of-funds vehicle, with similar NAV discount/buyback dynamics, though at a different geographic and scale profile.
• Princess Private Equity Holding Ltd: Listed investment company focused on a global portfolio of private equity fund investments and co-investments. Another close structural peer to NAXS in the listed PE fund-of-funds category.
• HarbourVest Global Private Equity Ltd: Listed fund-of-funds vehicle providing diversified global PE exposure to public-market investors. Closest international direct peer to NAXS in terms of structure (listed FoF PE), though at significantly larger scale and broader geographic mandate.

Market position

Strengths4 records

Weaknesses4 records

Key risks5 records

Key highlights5 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Naxs Nordic Access Buyout Fund