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Fund I

Evolver Fund I is a Nordic-focused small-cap private equity fund that primarily targets investments in small to medium-sized enterprises (SMEs) across the Nordic region, including countries such as Sweden, Norway, Denmark, and Finland. The fund seeks to invest in companies with strong growth potential, typically within the lower end of the market, focusing on companies with revenues ranging from €10 million to €30 million. The fund is designed to support companies in their growth and development, providing not only capital but also strategic guidance to enhance operational efficiency, scale, and competitiveness.
Among the institutional investors in the fund are Finnish Industry Investment (TESI), KRR III fund-of-funds, the Finnish Innovation Fund (Sitra), Veritas Pension Insurance, Valio Pension Fund, Elo Mutual Pension Insurance Company, accompanied by several endowments and Family Office Investors. Evolver’s Partners represent 2.5 % of the committed capital.

The fund’s final closing was held in 2020 with €54 million in total commitments. Evolver Fund I made six platform investments in total during its investment period.

Sustainability information for Evolver Fund I LP

This financial product promotes environmental or social characteristics, but does not have as its objective a sustainable investment. The financial product does not consider Principal Adverse Impacts. A sustainability risk means an environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of the investment. Evolver takes sustainability risks into account in its investment decisions as described in Evolver’s ESG Policy

Evolver’s approach when investing is to ascertain the interest and willingness to improve ESG matters prior to investing in a company and, as part of the quest to breed good governance in our portfolio companies, introduce measures on a purposeful and practically implementable level. Evolver Fund I promotes ESG characteristics in all dimensions of ESG, depending on the specific business of each portfolio company which is affected by the business, sector, organisation and value chain of the portfolio company.

Evolver takes measures both before investing and after (as owners to the portfolio companies). Evolver has included ESG into the investing process and each investment case has to be described from an ESG perspective, with risks and possibilities within all three dimensions of ESG. A contribution to climate change mitigation in the portfolio companies’ businesses is one example of promotion of environmental characteristics as well as contribution within other areas. Evolver has also informed the portfolio companies before investing of Evolvers ESG Policy and the expectations Evolver has on the portfolio company to comply to Evolvers ESG Policy.

As an investee, Evolver performs regular ESG assessments of each portfolio company, partly through a questionnaire. The questionnaire covers material ESG risks, improvements regarding the company’s ESG status, governance of ESG including ESG Policies and roles and responsibilities for implementing the policies and follow up upon them.

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Fund II

Evolver Fund II is the successor to Evolver Fund I and maintains a similar strategy of investing in small-cap companies across the Nordic region, targeting enterprises with revenues typically ranging from €10 million to €50 million. The fund continues to focus on sectors such as technology, business services, and manufacturing, while leveraging its deep expertise in the Nordic market. The investor base remains substantially the same as in Evolver Fund I.

Evolver Fund II places emphasis on buy and build strategies, aiming to accelerate the growth of its portfolio companies through strategic acquisitions. This approach involves identifying platform companies with strong potential and expanding them through targeted add-on acquisitions that can enhance capabilities, broaden geographic reach, or provide complementary products and services. Another distinctive feature of Evolver Fund II is its strong focus on digitalization as a value-creation lever. The fund actively seeks opportunities to modernize and transform portfolio companies by implementing digital tools, improving operational efficiency, and fostering innovation through technology. This can involve digitizing core business processes, enhancing customer experience, and utilizing data analytics to drive more informed decision-making.

In summary, while Evolver Fund II builds on the foundation of its predecessor, it introduces a more aggressive growth strategy through buy and build, and it prioritizes digital transformation as a key factor in creating long-term value for its investments. The goal remains to deliver strong returns for investors by scaling companies, driving operational improvements, and positioning them for successful exits primarily through trade sales or buyouts.

Sustainability information for Evolver Fund II LP

This financial product promotes environmental or social characteristics, but does not have as its objective a sustainable investment. The financial product does not consider Principal Adverse Impacts.

A sustainability risk means an environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of the investment. Evolver takes sustainability risks into account in its investment decisions as described in Evolver’s ESG Policy

Evolver’s approach when investing is to ascertain the interest and willingness to improve ESG matters prior to investing in a company and, as part of the quest to breed good governance in our portfolio companies, introduce measures on a purposeful and practically implementable level. Evolver Fund I promotes ESG characteristics in all dimensions of ESG, depending on the specific business of each portfolio company which is affected by the business, sector, organisation and value chain of the portfolio company.

Evolver takes measures both before investing and after (as owners to the portfolio companies). Evolver has included ESG into the investing process and each investment case has to be described from an ESG perspective, with risks and possibilities within all three dimensions of ESG. A contribution to climate change mitigation in the portfolio companies’ businesses is one example of promotion of environmental characteristics as well as contribution within other areas. Evolver has also informed the portfolio
companies before investing of Evolvers ESG Policy and the expectations Evolver has on the portfolio company to comply to Evolvers ESG Policy.

As an investee, Evolver performs regular ESG assessments of each portfolio company, partly through a questionnaire. The questionnaire covers material ESG risks, improvements regarding the company’s ESG status, governance of ESG I