pensions

In brief: AP1 and LGT commit to climate impact fund

Norwegian first time fund Sandwater has reached a final close at NKr1.4bn for a venture fund focusing on climate and health tech in Europe.

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The first Swedish national pension fund, known as AP1, and private bank LGT have an appetite for early venture risk in pursuit of impact: both are LPs in Norwegian firm Sandwater’s debut fund, which closed at NKr1.4 billion ($130 million; €120 million).

The fund invests in late seed to series B companies in themes including resource efficiency, energy transition, impact enablers and health tech. Sandwater describes the fund as “a thematic Article 8 investor with a strong impact mandate”. Other LPs include the European Investment Fund, Norwegian state-backed investors Nysnø and Investinor, and the Canica and Lærdal family offices.

Sandwater was established in 2021 by managing partners Kristian Melhuus and Tom Even Mortensen, a former adviser to Summa Equity.