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About us
Acathia Capital specializes in investments in fully regulated insurers and banks across Europe. We leverage our sector insight to execute superior value investments based on 20 years of investment expertise and top management experience in the financial services sector.
On a deal-by-deal basis, we manage single investment vehicles for our institutional investor base delivering top-quartile returns. Based on our extensive investment experience in the financial services sector, we command a tried and tested toolbox facilitating fast and very robust decision-making.
Acathia now manages over EUR 300 million AuM with an increasing focus on GP-led secondaries.
Our Track Record
The management of Acathia Capital has successfully closed more than 20 financial services investments since 2003. With a 100% approval rate by regulators across Europe we are a reliable, fit and proper investor providing utmost transaction certainty. Below is a selection of those investments.
Our Track Record
Our Track Record
Our Track Record
Our Track Record
Our Track Record
Our Track Record
Our Track Record
Our Track Record
Our Track Record
Our Track Record
Our Track Record
Our Track Record
Our Track Record
Our Track Record
Our Track Record
Our Track Record
Our Track Record
Our Track Record
Our Track Record
Our Track Record
The management of Acathia Capital has successfully closed more than 20 financial services investments since 2003. With a 100% approval rate by regulators across Europe we are a reliable, fit and proper investor providing utmost transaction certainty. Below is a selection of those investments.
Our Track Record
Acathia now manages over EUR 300 million AuM. The management of Acathia Capital has successfully closed more than 20 financial services investments since 2003. With a 100% approval rate by regulators across Europe we are a reliable, fit and proper investor providing utmost transaction certainty. Below is a selection of those investments.
I Secondary Investments
Our two most recent transactions are GP-led secondary transactions. Acathia strengthens its presence in this dynamic and growing market, now managing EUR 100 million AuM. This underscores our commitment to innovative investment strategies and delivering value to our investors.
Our Track Record
The management of Acathia Capital has successfully closed more than 20 financial services investments since 2003. With a 100% approval rate by regulators across Europe we are a reliable, fit and proper investor providing utmost transaction certainty. Below is a selection of those investments.
Our Track Record
Our Track Record
Our Track Record
Our Track Record
Our Track Record
Our Track Record
Our Track Record
Our Track Record
Our Track Record
Our Track Record
Our Track Record
Our Track Record
Our Track Record
Our Track Record
Our Track Record
Our Track Record
Our Track Record
Our Track Record
Our Track Record
Our Track Record
The management of Acathia Capital has successfully closed more than 20 financial services investments since 2003. With a 100% approval rate by regulators across Europe we are a reliable, fit and proper investor providing utmost transaction certainty. Below is a selection of those investments.
II Primary Investments
Through active portfolio management, we drive value creation and foster sustainable growth in our portfolio companies. By leveraging strategic insights, hands-on support, and tailored initiatives, we unlock potential, enhance operational efficiency, and position our investments for long-term success.
Investment Strategy
01 Value Investments
We focus on high-conviction investments with strong downside protection and significant upside potential. Our toolbox includes several value-adding strategies, such as buy-and-build and the development of run-off platforms, to drive growth. Our deal-by-deal approach offers flexibility in investment size and allows us to tailor the investor base optimally. This enables us to concentrate on the most promising value-investment opportunities, often taking an anticyclical approach.
02 Partnership with Management
As former top managers in insurers and banks, all our partners have firsthand experience with the daily challenges faced by executives of financial institutions. Based on this experience, we support the management teams as sparring partners with sound business judgment. Through close and trustful collaboration, we empower managers to become entrepreneurs, unlocking the full potential of their business without the restrictions of a large group.
First-Rate Materials
03 Alignment with Investors
We always invest substantially in those full conviction investments with our own money creating strong alignment with our investors. We pool institutional investors in our joint venture investment vehicles on a deal-by-deal basis eliminating the blind-pool risk and lowering fees and costs for our investors.
04 Investment Criteria
We invest in minority and majority stakes of companies that fulfill the following criteria:
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Banks, insurers and other financial services companies
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Headquartered in Europe
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Enterprise value of EUR 5 million to EUR 3 billion
Investment Vehicles
Currently, we manage over EUR 300 million of equity in three active investment vehicles on behalf of our international institutional investors. Approximately half of the assets under management come from German insurance groups.
Active since 2024
Fjord Pension is Acathia´s second GP-led secondary. It is backed by a global private equity secondaries investment manager and a German insurer. With this vehicle Acathia has increased its stake in Futur to 58%.
Active since 2021
PolarXpress is Acathia´s first GP-led secondary. Through this investment vehicle funded by German insurers and pension funds Acathia has increased its stake in Futur from 31% to almost 50%.
Viking Life
Active since 2018
A consortium led by Acathia and Polaris acquired Danica Pension (now Futur) from Danske Bank. Two German insurers and five German pension funds have invested alongside Acathia. Futur is a fully digitalized Swedish savings platform with an insurance license. Since the acquisition, Futur has delivered outstanding results, such as more than doubling AUM to SEK 200+ billion and increasing net income increase by 217% to SEK 316 million.
Benelux Life Run-off
Exit in 2018
ABN AMRO Life Capital was acquired in 2017 from ABN AMRO in order to establish a Life Run-off Platform in Belgium. In 2018 the investment was exited to Monument Re together with the follow-on acquisition of a closed life insurance portfolio "First A" from the Belgian life insurer Ethias S.A..
