July 2026
Largest PE & VC Public Companies in Sweden
Benchmark revenue and EBITDA valuation multiples for public comps like
Investor AB, EQT, Bure Equity, Kinnevik and Ratos.
 | Investor AB is an industrial holding company with a long-term, active investment portfolio plan. The operations are divided into three business areas: Listed Companies, Patricia Industries, and Investments in EQT. Geographically, the company operates in Sweden, Europe, U.S, and Other countries. | $41 | +33% | $125B | $138B | 6.2x | 8.5x | ||
| Swedish conglomerate Investor AB set up EQT as its private equity division in 1994. In its early days, EQT focused primarily on private equity investments in Sweden and the rest of Scandinavia. Today, EQT is one of the largest global private-market investors, with funds that focus on private equity, real estate, and infrastructure globally. Investor AB retains a minority stake. | PE & VC+1 | $33 | -7% | $39B | $34B | 10.7x | 18.3x | |
| Bure Equity AB is a Sweden-based investment company. It is focused on long-term and active ownership, creating successful, profitable companies and a good long-term return for shareholders. Bure's portfolio is well diversified and comprises companies in different industries such as technology, medtech, industry, finance, consultancy, and others in their different phases of development. The company's investment portfolio includes both listed and unlisted companies. | PE & VC+1 | $29 | -9% | $2.1B | $2.1B | 75.2x | (4.3x) | |
| Kinnevik AB is an operationally oriented investment group with an entrepreneurial focus on building digital brands. It concentrates its growth-style investment efforts on four sectors: TMT, e-commerce and marketplaces, Healthcare and financial services. Nearly all of its capital is committed to the communication e-commerce and marketplace sectors. The group, through its various subsidiaries, is geographically diversified and operationally present in over 80 countries. Kinnevik's bias is toward investing in emerging markets because of the opportunity afforded by these markets' reliance on legacy products and services. A key component of its is to create consumer choice of solutions in markets where supply may have been previously constrained. | $5 | -46% | $1.4B | $1.7B | - | (3.2x) | ||
| Ratos AB is an investment company that owns and develops unlisted medium-and small-sized Nordic companies. It focuses on technological and infrastructure solutions and comprises three business segment; Industry, Construction & Services and Consumer. Majority of the revenue is generated from its Construction & Services segment which predominantly includes maintenance of infrastructure within railway, road, energy solutions, and construction of new critical buildings such as hospitals, schools, police stations and governmental buildings in the Nordics. Geographically, the company generates majority of its revenue from Norway and rest from Sweden and other regions. | $4 | +1% | $1.2B | $1.9B | 0.9x | 4.6x | ||
| Investment AB Spiltan is an investment company that invests in listed and unlisted Swedish growth companies. It currently owns a portfolio consisting of tech, finance, real estate and industry. | $18 | -21% | $534M | $536M | 43.6x | (19.8x) | ||
| VNV Global AB is an investment company that invests in unlisted companies in both developed and emerging markets. Its focus is on long-term investments with the potential for value appreciation, particularly in businesses with network effects. Its investment portfolio mainly comprises holdings in digital health, mobility, marketplace, and other sectors. Majority company invest in mobility. | PE & VC+1 | $2 | -20% | $221M | $248M | 420.3x | (36.8x) | |
| VEF AB is an investment company. It invests in growth-stage private fintech companies. It focuses on scaling emerging markets and invests across all areas of financial services inclusive of payments, credit, mobile money and wealth advisors. | $0 | -12% | $187M | $176M | (332.7x) | 2.0x | ||
| Flerie AB is a pharmaceutical company focusing on immunological diseases with great medical needs for new treatment options. The portfolio of the company includes Immuno-Oncology, metabolic diseases, and biologics development and manufacturing organizations. | $2 | -56% | $179M | $148M | - | (1.9x) | ||
| Karolinska Development AB is a life science investment company. It is focused on identifying breakthrough medical innovations in the Nordic region. It selects commercially attractive medical innovations, develops innovations to the stage where the return on investment can be achieved, and commercializes the innovations through the sales of companies or out-licensing of products. The company focused on profiles namely Aprea Therapeutics; Modus Therapeutics; BioArctic; Umecrine Cognition; and OssDsign. | -- | -- | $163M | $43M | - | - | ||
| Arbona AB is a Sweden based investment company. Its core business consists of investing and developing less Swedish unlisted companies. Its main focus is to acquire well-managed companies with potential for further development. | $0 | -10% | $120M | $111M | 1.0x | 5.9x | ||
| Front Ventures is an investment company that focuses on the fintech sector. The firm focuses on acquiring and growing smaller public and unlisted companies, including those that may be undergoing a turnaround or need growth capital. | $1 | +7305% | $13M | $13M | 33.0x | (19.0x) | ||
| Katalysen Ventures AB operates as a venture capital company. | $0 | -21% | $6M | $6M | 34.4x | (2.7x) | ||
| Cardeon AB is an investment company. It primarily invests in Nordic innovative companies and startups within life science. | $0 | +5% | $5M | $5M | 8.1x | (3.1x) | ||
| Abelco Investment Group AB is an investment company and venture builder. It invests or builds companies in the digitized the growth sectors with a primary focus on the verticals Gaming / E-sports, E-commerce and Fintech. | $0 | -28% | $714K | $710K | 10.9x | (0.3x) | ||
| Median | $2 | -11% | $187M | $176M | 10.8x | (2.3x) |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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