Kilo Health logoVarjo logo
Founded in 2018 Nordic Secondary Fund is the first and only fund in the Nordics to exclusively invest in secondaries.
In our portfolio
Kilo Health is the second fastest-growing company in Europe that works in digital health and wellness. It has 4+ million customers worldwide.
In our portfolio
Bob W combines the best of both worlds. Prime locations in handpicked neighbourhoods with regular cleaning, gym passes, and contactless access.
In our portfolio
GoMore offers ridesharing, peer-to-peer car rental and private car leasing with a lease-and-rent-out model. More than 2.5 million members.
In our portfolio
Varjo is a leading producer of human-eye resolution virtual and mixed reality products that help professionals in the most demanding industries push the limits of what’s ever been possible.

Our Portfolio

Nordic Secondary Fund’s investment focus is exclusively on Nordic and Baltic companies, where the founder and key employees are domiciled. All startups have a proven and scalable business model, locally as well as globally.

About Nordic Secondary Fund

Founded in 2018 Nordic Secondary Fund is the first and only fund in the Nordics to exclusively invest in secondaries. The Private Equity “Secondaries” asset class is an attractive alternative investment with high yields and is a source of diversification for investors to mitigate overall risk.

As a result of an acceleration in the number of potential business opportunities, especially tech-based, along with better access to venture capital and fast growth, the number of valuable early stage growth companies have increased significantly. Many founders, seed and early investors own stakes of considerable value in these companies. These stakes – however – cannot be monetized, as the market for minority stakes in non-listed early growth Nordic companies is in reality non-existing.

Investment Strategy

Nordic Secondary Fund acquires secondary stakes in companies that have completed a Series-A capital raising from venture capital or corporate venture. We invest in companies that have shown to have a proven business model: a documented market for the companies’ products or services as well as a scalable business model. We aim to invest at a substantial discount to the latest funding round. Due to our fund structure, it is essential that we can see a 2x-5x upside and an exit within 5 years.

Our Team

The Nordic Secondaries Fund is founded by a team with substantial experience (50+ years), a proven track-record as founders, early-stage investors, professional investors and managers as well as an unmatched network among Nordic/Baltic early stage companies, business angels, and investors:
Peter Sandberg
35 years’ experience from investments and asset management; 5 years’ experience as an early-stage investor: 30+ investments in a.o. LegalDesk & Sky. Experience as the founder of Sirius Kapitalforvaltning and PP Capital Asset Management
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Peter Sandberg
Founding Partner & Managing Director
+45 60 16 48
Frank Lyhne
15 years’ experience as founder and early-stage investor: 25+ investments in companies as GoMore, November First, Pleo, Spiir, Tradeshift and Listen To News. Experience as executive director in Deloitte, PwC and Topdanmark. Holds masters in math and economics and actuarial science. Frank has been active in the secondary market for more than 15 years.
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Frank Lyhne
Founding Partner, Director
+45 40 26 99
Henrik Juul
As Head of Legal and Administration Henrik is a vital part of the investment process, as well as the administration of our current two funds. Henrik has more than 30 years of experience from banking, mortgage credit and pension institutes and has for the past 5,5 years been practicing law at Koch / Christensen Advokatfirma. Henrik holds a Master of Law from Copenhagen University as well as a PhD from CBS. Furthermore Henrik has been external lector at CBS within HA (jur.), Cand.merc.(jur.), HD(F) and HD(FR), and previously associate professor. Today Henrik is still censor at the Danish Business Economics Censor Corps.
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Henrik Juul
Head of Legal and Administration Attorney-at-Law, PhD
+45 21 91 13
Karl Christensen
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Karl Christensen
Investment analyst
+45 26 37 92
Julie Breusch
As Executive Assistant at Nordic Secondary Fund, Julie has a central coordinating and supporting role in the daily operation and administration of the fund. She holds a Master’s degree in International Business Communication from Copenhagen Business School, and has three years of experience from a similar position.
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Julie Breusch
Executive Assistant
+45 31 38 69
Mads Bagger Korsholm
As an Analyst at N2F Mads is part of the deals team. Besides working at N2F, Mads currently studies an undergraduate in International Business at CBS.
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Mads Bagger Korsholm
+45 42 56 18

Our Partners

Nordic Secondary Fund has established strategic partnerships in the Nordic region.


It’s great to see a new Nordic fund enter the market, providing Nordic startups with more tools for growth and helping to enable compelling funding rounds from a founder perspective. The process with Nordic Secondaries Fund was smooth, and I’m excited to welcome N2F as our new investor as part of Varjo’s C round.
Niko Eiden
CXO & Founder


N2F has a simple and pragmatic approach to conducting transactions and shows a loyal interest in the long-term partnership with the company. I look forward to the collaboration, which I am sure will be most valuable for all parties.
Matias Møl Dalsgaard
CEO & Co-Founder


As an investor and chairman of DanBAN, I am pleased that the Nordic Secondary Fund has got off to such a great start, with 9 investments and the first exit in 1 year, One of our key objectives is to increase the liquidity of investments in the unlisted growth company segment. This will benefit both founders and angel investors. I am delighted to be part of the further journey from here
Jesper Jarlbæk
DanBAN Chairman & N2F Investor


Thank you guys and congratulation on your ownership in Klarna. I hope and believe this will be a great deal for you and I'm happy I was able to buy my dream house that came up on the market
Former employee, seller of secondaries December 2019


Latest News

June 28, 2024
Nordic Secondary Fund II Completes Investment in Finnish Nosto
Nordic Secondary Fund is excited and proud to announce that we have acquired a stake in the Finnish company Nosto.
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October 16, 2023
Nordic Secondary Fund II Completes its First Investment in Iceland.
We are happy to announce that Nordic Secondary Fund II has acquired a stake in DTE.
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October 4, 2023
Nordic Secondary Fund II Completes Investment in GoMore
We are happy to announce that Nordic Secondary Fund II has acquired a stake in GoMore.
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September 25, 2023
Nordic Secondary Fund II Invests in The Award-Winning, Estonian Company Cleveron
We are happy to announce that Nordic Secondary Fund II has acquired a stake in Cleveron.
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See all news


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