Fair value volatility in private equity holdings
Most investments are carried at fair value, so changes in portfolio company valuations flow through earnings and NAV.
- Scope
- Private equity fund investments and other equity holdings
- Materiality
- high
NAXS
NAXS AB is a Stockholm-based investment company focused on private equity fund investments and selected co-investments, with a portfolio built around Nordic buyout and special-situations exposure. The company invests through funds and direct holdings in underlying portfolio companies across sectors and stages, and its shares are listed on Nasdaq Stockholm.
6.57
6.56
| % | |
|---|---|
| Private equity fund investments | 80% Investments in Nordic-focused private equity funds and their underlying portfolio companies. |
| Other Investments | 20% Direct listed and unlisted equity holdings outside the core fund portfolio. |
NAXS does not sell products to end customers; its capital is provided by public shareholders, and value is created...
- Public shareholdersprimary
Investors in NAXS shares who buy the listed vehicle for private equity exposure and capital returns.
- Private equity fund managersprimary
Fund sponsors that receive commitments from NAXS to Nordic-focused private equity vehicles.
- Portfolio company counterpartiessecondary
Companies and owners involved when NAXS participates in co-investments or exits.
- Secondary market buyerssecondary
Purchasers of listed or unlisted holdings when NAXS realizes investments.
NAXS is headquartered in Stockholm and its investment mandate is centered on the Nordic countries, especially Denmark,...
- •Headquartered in Stockholm, Sweden
- •Core mandate focused on Nordic private equity funds
- •Primary exposure to Denmark, Finland, Norway and Sweden
- •Can invest up to 40% of NAV in any jurisdiction
NAXS’s strategy is to maximize shareholder value through orderly realization of its existing portfolio, selective...
01
Realize the existing portfolio in an orderly wayshort-term
Converts illiquid fund and co-investment exposure into cash and shareholder returns.
02
Maximize value of core assetsmedium-term
Improves outcomes from the remaining portfolio and supports NAV preservation.
03
Return capital to shareholdersshort-term
The listed vehicle is used as a capital-return platform as assets are monetized.
NAXS is exposed to valuation risk, liquidity risk, and currency risk because its assets are mainly private equity fund...
Liquidity and exit-market risk
Realizations depend on secondary sales, listings, redemptions, and buyer appetite, which can be delayed.
- Scope
- Co-investments and listed/unlisted holdings
- Materiality
- high
Currency risk
Fund investments are denominated in foreign currencies and are not hedged.
- Scope
- Private equity fund investments
- Materiality
- medium
Macro and geopolitical risk
Private equity activity and valuations are affected by conflicts, tariffs, interest rates, and trade policy.
- Scope
- Nordic and international investment markets
- Materiality
- medium
Fair value measurement of investments
Directly affects profit, equity, and NAV per share
Realization timing
Can cause uneven quarterly earnings and liquidity
Foreign currency translation
Creates translation gains/losses in reported values
: 11/08/2026