While the European Investment Fund again ranks as the region’s most active PE limited partner, Nordic pension funds have collectively accounted for the largest share of fund commitments globally over the past five years.
As the European Union’s development finance institution, EIF has made 150 fund commitments since 2018, totaling around €928 billion, according to PitchBook data. Meanwhile, the six Nordic pension funds included in the top 10 collectively made 259 commitments over the same period.
The most active among them are Finland’s Varma Mutual Pension Insurance and Elo Mutual Pension Insurance, which have €56.6 billion and €28.2 billion in AUM, respectively. The two LPs have made a total of 107 fund commitments.
According to PitchBook’s 2022 Annual European PE Breakdown, fundraising among European GPs—which includes investment from overseas—significantly slowed last year. Fund count reached its lowest point since 2006, with just 92 vehicles raising €52.8 billion, the lowest total capital raised since 2014.
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