Industriens Pension has struck a deal with Nordea Asset Management to channel investments into Nordic growth companies via a new credit fund, initially valued at 3.5 billion Danish kroner.
This outcome stems from an agreement between Nordea Asset Management and Industriens Pension regarding investments in the freshly established Nordea Nordic Senior Loans Fund, designed to extend loans predominantly to Nordic companies under private equity ownership.
The new fund will focus on credit for stable, medium-sized companies – “a segment with an almost non-existent loss history for Nordea over many years”, shared the asset manager. The fund has Industriens Pension as a primary investor, committing an undisclosed three-digit million amount.
“We moreover like the profile of the fund with a focus on steadily growing Nordic companies in need of capital to develop further. This means that the investment also contributes positively to the corporate sector in Denmark and our neighbouring countries,” said Lene Boserup, senior portfolio manager at Industriens Pension.
She also pointed out that the investment fits well with Industriens Pension’s investment strategy which is strongly focused on risk diversification and, among other things, different types of credit assets that do not only include listed bonds.
Industriens Pension has investments over DKK 15bn in unlisted credit assets, which will now also include the new credit investment with Nordea Asset Management.
Anders Madsen, managing director, Northern Europe, at Nordea Asset Management said that “the establishment of the fund will strengthen our value proposition within private credit.”
Lea Vaisalo, head of private markets at Nordea Asset Management, added: “The Nordic credit market is structurally attractive but difficult to access. Through a strong partnership with Nordea Bank, we have provided the basis for a new source of financing for the benefit of both companies and investors.”
