Nordstjernan
Also known as Nordstjernan AB
Stockholm investment company founded in 1890, controlled by the Ax:son Johnson family via two foundations; invests in private and listed companies in healthcare, industrials and business services.
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Family-controlled, foundation-owned Swedish investment company of the Ax:son Johnson family. Not Nordstjernan Growth AB, a former subsidiary sold in March 2025, and not the separately owned Axel Johnson Group.
Family & background
- FAMILY
- Ax:son Johnson
- WEALTH ORIGIN
- Industry and shipping (Nordstjernan, est. 1890)
- HEADQUARTERS
- Stockholm, Sweden
- FOUNDED
- 1890
Investment approach
- GEOGRAPHY
- Europe
- STAGES
- GrowthBuyout
- ROUTES
- Companies (own capital)
- STRATEGIES
- Direct investmentsPrivate equityPublic equitiesPrivate credit
- TICKET
- From SEK 500M
- LATEST DEAL
- Circura Group (Minority stake) · Dec 2025
Overview
Nordstjernan was founded in 1890, has been an investment company since 1999 and describes itself as a family-controlled, foundation-owned investment house; two foundations established in 1947 by Consul General Axel Ax:son Johnson and his wife Margaret hold 86% of its capital and 99% of its votes. It invests from its own balance sheet in private and listed companies and, under Partnership Capital, in Nordic credit and in the private equity firm Sigla, with 12 companies in its portfolio, of which 67% by value are private. Its About page states more than SEK 40 billion under management, SEK 4.6 billion invested in 2025 and 12% annual NAV growth over 25 years. In December 2025 it became a minority owner of Circura Group, a Nordic building-renewal platform established with Adelis Equity Partners.
Investment thesis
Acts as an active, professional long-term owner through company boards, as majority or minority owner, in situations where founders, owners or management prefer its ownership to the stock market or traditional private equity. New equity investments in private companies of at least SEK 500 million, plus add-on acquisitions for portfolio companies and Nordic high-yield credit investments.
Holdings & investments (12)
- EtacNOTABLEHealthTech · since 2007
- AidianNOTABLEHealthTech · since 2022
- BonavaNOTABLEReal Estate & PropTech · since 2016
- Circura GroupIndustrial & Manufacturing · since 2025
- GnothisHealthTech · since 2022
- Momentum GroupIndustrial & Manufacturing · since 2019
- Prima VårdHealthTech · since 2017
- Dacke IndustriIndustrial & Manufacturing · since 2016
- AlligoIndustrial & Manufacturing · since 2015
- NobiaConsumer & E-commerce · since 2010
- SunparadiseIndustrial & Manufacturing · since 2009
- RostiIndustrial & Manufacturing · since 2004
People
- Michelle RenntoftInvestment Director · source
- Johan EklundInvestment Director · source
- Viveca Ax:son JohnsonChairman · source
- Johan LilliehöökPresident and CEO · source
- Jimmy RenströmChief Financial Officer · source
- Axel MörnerVice Chairman · source
- Simon SeretisManaging Director · source
- Thomas NaessManaging Director Credit · source
- Carl BergstenHead of Capital Markets · source
- Paula RöttorpGeneral Counsel · source
Frequently asked questions
Nordstjernan is a family holding based in Stockholm, Sweden, founded in 1890.
Nordstjernan invests on behalf of the Ax:son Johnson family (Industry and shipping (Nordstjernan, est. 1890)).
Nordstjernan invests its own capital into companies. Its stated asset mix includes direct investments, private equity, public equities and private credit.
Nordstjernan invests at Growth and Buyout stages in HealthTech, Industrial & Manufacturing and Real Estate & PropTech.
Nordstjernan's stated ticket size is From SEK 500M.
Key people at Nordstjernan include Viveca Ax:son Johnson (Chairman), Johan Lilliehöök (President and CEO), Jimmy Renström (Chief Financial Officer) and Axel Mörner (Vice Chairman).
Nordstjernan's holdings and investments include Etac, Aidian, Bonava, Nobia, Alligo, Dacke Industri, Prima Vård and Rosti, among others.
The most recent publicly reported investment by Nordstjernan is Circura Group (Minority stake), announced in Dec 2025.