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Founded in 2018 Nordic Secondary Fund is the first and only fund in the Nordics to exclusively invest in secondaries.
Latest investment
Wingcopter develops advanced drone technology that combines speed, sustainability, and precision, contributing to more efficient and environmentally-friendly logistics solutions.
In our portfolio
Remora Robotics revolutionizes sustainable aquaculture with innovative cage-cleaning robots, enhancing fish health while reducing environmental impact and operational costs
In our portfolio
With 2 million customers Swappie leads the way in sustainable tech by transforming the smartphone industry, offering expertly refurbished devices that reduce e-waste and promote a circular economy
In our portfolio
Nosto empowers sustainable e-commerce growth with AI-driven personalization, enhancing customer experiences while optimizing resource efficiency for online retailers.

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.
Founders of Nordic Secondary Fund Peter Sandberg and Frank Lyhne sitting in a couch

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.
Picture of two men at a meeting table smiling

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 35peter@n2f.vcGo to LinkedIn profile
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 61frank@n2f.vcGo to LinkedIn profile
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 01henrik@n2f.vcGo to LinkedIn profile
Karl Christensen
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Karl Christensen
Investment Manager
+45 26 37 92 94karl@n2f.vcGo to LinkedIn profile
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 06julie@n2f.vcGo to LinkedIn profile
Mads Bagger Korsholm
As an Investment 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
Investment Analyst
+45 42 56 18 03mads@n2f.vcGo to LinkedIn profile

Our Partners

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

Testimonials

What truly sets N2F apart isn’t just their financial backing but how they operate. it’s about trust. They genuinely believe in founders, their vision, and their ability to lead. N2F invests in people as much as they do in businesses, offering support when it’s needed without interfering or trying to steer the ship. They’re the kind of partners who not only have your back in tough moments but are also the ones you’d want to grab a beer with after a long day. Working with them feels like building something amazing with good friends who genuinely care.
Tadas Burgaila
Founder & Head of Growth

Kilo Health

As a Founder, it is hard to find anything negative about the Nordic Secondary fund's process: it was easy, transparent and trustworthy. Everything went really well from the start to the signing. Also, working them after the transaction has been easy for all parties involved, not to forget how kind and professional everyone in their team is. Happy to recommend!
Jiri Heinonen
Co-Founder

Swappie

Wingcopter is proud to have N2F in our shareholder circle as they have proven how to jointly create sustainable value for all. We are particularly impressed by N2F team's ability to understand fast, execute pragmatically as well as to think out of the box while considering the interests of all shareholders - including the founders! In our view, N2F is a true role model for every investor and secondary fund. Thank you for your trust & loyal support!
Tom Plümmer
Co-Founder & CEO

Wingcopter

Partnering with Nordic Secondary Fund has been impactful for Remora Robotics. Their approach is rooted in trust and respect, offering founders and team the unique ability to unlock liquidity while still focusing on the future of their ventures. This balance has allowed us to reinvest in our mission and address personal financial priorities—truly a win-win situation. With N2F, it’s not just about the investment; it’s about having a partner who empowers you to grow on your terms
Brage C. Amundsen
Co-Founder

Remora Robotics

We're very glad to be working with N2F. The process was simple and highly efficient. And we gained a partner who is fully focused on supporting the long-term success of our business. Highly recommend Peter and his team to any founder looking for liquidity.
Sebastian Emberger
Co-Founder & Chief Strategy Officer

BOB W,

When we decided to do secondaries at Minut this year, we had already known Peter and Frank for years. Our investors on the Minut board also knew them from previous transactions and had nothing but good things to say. I made a few reference calls to peer founders who confirmed similarly good experiences, so when Nordic Secondaries came with a fair offer, it was easy for us to accept. I’m also grateful that they supported us even though we extended the offer to all employees, which made the process a bit more complicated than a smaller deal would have been. I would highly recommend working with N2F for anyone who is considering a secondary sale!
Nils Erik Mattisson
Founder & CEO

Minut

Nordic Secondary Fund has been an outstanding partner—supportive, long-term, and highly collaborative. Their due diligence process was swift and pragmatic, allowing us to focus on scaling while knowing we had a trusted partner aligned with our goals. Their strategic insights, balanced with a hands-off approach, have been invaluable. We highly recommend them to any founder seeking a thoughtful and efficient investor.
Thomas Walle
Co-Founder & President

Unacast

Nordic Secondary Fund is playing a very positive role as a shareholder in GoMore. Over several rounds, N2F has invested and acquired secondary shares. We have felt a strong commitment from the N2F team all along, and N2F is today one of the larger shareholders in GoMore. N2F has made it possible for us to meet different interests from different shareholder profiles - while still focusing on growing and developing our company. And despite that N2F on paper is a "follower" fund, they are in fact one of our most engaged and committed shareholders - always ready to contribute and always bringing on positive human energy.
Matias Møl Dalsgaard
Co-Founder & CEO

GoMore

N2F took a position in CathVision by helping a fund’s critical liquidation deadline. All parties were happy with the transaction. N2F has been pleasant and pragmatic in their involvement in CathVision. It’s been a pleasure to have N2F as a co-owner.
Mads Matthiesen
Co-Founder & CEO

CathVision

Working with the Nordic Secondary Fund was a great experience. Their transparent process and clear communication made the transaction smooth and efficient. It’s great to see a fund in this space focused on providing founders and stakeholders with a structured way to sell secondary stakes, creating pathways for growth while ensuring the company's continued success.
Martins Sulte
Co-Founder & CEO

Mintos

We have made two secondary transactions with Peter and the N2F team over the last few years. Both times we have found the process with them tremendously pragmatic and straight forward. The team is very professional and trustworthy. I would recommend them to any founder looking to unlock liquidity.
Timo Toikkanen
CEO

Varjo

Nordic Secondary Fund took on a secondary position in Fastspeed in 2022. N2F’s investment resolved a situation where a couple of shareholders needed to mitigate risk and secure liquidity. N2F’s approach to the process was both pragmatic and highly efficient, ensuring a smooth and effective outcome. What truly sets them apart is their focus on the team behind the business. They base their approach on a foundation of trust in the leadership, fostering a collaborative and supportive environment throughout. Nordic Secondary Fund’s professionalism and dedication make them an excellent partner for any business seeking strategic financial solutions.
Peter Mægbæk
Chairman

Fastspeed

When one of our large shareholders needed to liquidate their holdings, I was concerned it might turn into a complicated process. Instead, we found Nordic Secondary Fund. Working with them has been straightforward and positive. Their process is transparent, their team is professional, and they’ve consistently supported our growth. What stands out most is their ability to balance the interests of all stakeholders while respecting the vision and leadership of the founders. Nordic Secondary Fund has proven to be a reliable and thoughtful partner, and we’re glad to have them on board as we continue our mission to combat blindness globally
Oliver Hvidt
Co-Founder & CEO

Norlase

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

Klarna

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

DanBAN

Latest News

December 22, 2024
Nordic Secondary Fund II Completes Investment in Wingcopter
Nordic Secondary Fund are thrilled to announce our latest investment in the German company Wingcopter.
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November 28, 2024
Nordic Secondary Fund II Makes Follow-on Investment in BOB W.
Nordic Secondary Fund are happy to announce that we have completed a follow-on investment in BOB W.
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November 1, 2024
Nordic Secondary Fund II Completes Investment in Remora Robotics
Nordic Secondary Fund are excited to announce that we have acquired a stake in the Norwegian company Remora Robotics.
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October 14, 2024
Nordic Secondary Fund II Makes Follow-on Investment in GoMore
Nordic Secondary Fund are proud to announce that we have completed a follow-on investment in GoMore, a leading car-sharing and leasing company in the Nordics and Spain.
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Events

We have listed all events we are organizing or attending. Please mail us if you would like to get in touch at any of these events contact@n2f.vc

Upcoming events

Previous events

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