About This Fund
Nordic Secondary Fund (NSF) is an independent secondaries investment platform managed by N2F Management ApS, headquartered in Copenhagen, Denmark. Founded in 2018 as the first fund series in the Nordic region dedicated exclusively to secondary transactions, NSF operates as a series of closed-end vehicles — Nordic Secondary Fund I and Nordic Secondary Fund II — targeting non-listed growth companies across Denmark, Sweden, Norway, Finland, Iceland, Estonia, Latvia, and Lithuania. The platform has deployed more than €93 million into secondary positions across a portfolio of over 40 current and exited holdings, establishing NSF as the definitive Nordic secondaries specialist.
NSF acquires minority secondary stakes in companies that have already completed a Series A capital raise from venture capital or corporate venture investors, providing liquidity to existing shareholders at a discount to the latest funding round. The investment thesis targets businesses with proven, scalable models, documented market traction, and clear growth paths, seeking 2–5x return upside with exits projected within a five-year horizon. Target sectors span software and digital platforms, deep technology, hardware, consumer, and sustainability-focused businesses across the broader New Nordic ecosystem. Approximately 37% of the portfolio by deployment has been invested in Baltic-founded companies, reflecting conviction in the dynamism of the Estonian, Latvian, and Lithuanian tech scenes alongside the traditional Scandinavian venture markets.
The management team of Nordic Secondary Fund brings more than 50 combined years of experience as founders, early-stage venture investors, professional fund managers, and operational executives. Portfolio holdings include Wingcopter (autonomous logistics drone systems for last-mile delivery), Swappie (Europe's leading certified refurbished smartphone platform), and Remora Robotics (autonomous robotic systems for industrial and facility cleaning). The secondaries strategy provides limited partners with exposure to growth-stage risk-return profiles at entry valuations discounted to primary rounds — a differentiated, liquidity-driven approach to Nordic technology investing that complements traditional VC allocations in investor portfolios.