Absorbed Account

An account that has been combined with related accounts in preparing the financial statement to simplify the accounting. After combining the original account losest its separate identity. After an account has been absorbed, it will cease to exist.

Graal chce wycofać się ze sprzedaży SuperFish na rzecz Ameriprise

Graal rozpoczął rozmowy z Ameriprise Holdings LTD dotyczące wycofania się z umowy sprzedaży akcji SuperFish, ze względu na zaniżony w ocenie Graala good will spółki będącej przedmiotem transakcji, wynika z komunikatu spółki. Obecnie strony nie zawarły ostatecznego porozumienia w tej kwestii. 

"Pomimo otrzymania częściowej zapłaty (25 mln zł – przyp. red.) rozpoczął rozmowy z przedstawicielami Ameriprise Holdings Ltd dotyczące wycofania się emitenta z umowy inwestycyjnej z dnia 21.09.2013 r. i rozwiązania tej umowy za porozumieniem stron (bez kar umownych) oraz zwrotnego przeniesienia sprzedanych akcji SuperFish SA na emitenta" - głosi komunikat.

"Wobec powyższej decyzji zarząd emitenta zadecydował o zwrocie do Ameriprise Holdings Ltd całej otrzymanej kwoty w dniu 05.03.2013 r. oraz dokonania tego samego w stosunku do kwoty, którą Ameriprise Holdings Ltd ma przekazać zgodnie z deklaracjami w dniu 08.03.2013 r. (12,8 mln zł – przyp. red.). W chwili obecnej strony nie zawarły ostatecznego porozumienia co do rozwiązania umowy inwestycyjnej i zwrotnego przeniesienia akcji SuperFish" – czytamy dalej.

Według komunikatu, powodem podjęcia powyżej opisanych działań było "to, że otrzymana zapłata oraz wszelkie pozostałe kwoty z zawartych umów sprzedaży akcji oraz umów przyrzeczonych nie są dla Emitenta w obecnej chwili satysfakcjonujące". Całkowita cena za pakiet akcji SuperFish to 82,82 mln zł.

"Uzyskana kwota miała częściowo zostać przeznaczona na sfinansowanie przez spółkę zależną emitenta - Koral w Tczewie zakupu od SuperFish nieruchomości w Kukinii oraz maszyn i urządzeń za cenę w wysokości 40.832.364,21 zł. Pozostała kwota, która miała być uzyskana z ww. sprzedaży akcji, tj. 41.991.707,39 zł obejmuje kwotę 28.500.000,00 zł stanowiącą wartość majątku SuperFish (transakcja sprzedaży w toku) oraz kwotę 13.491.707,39 zł stanowiącą wartość tzw. good will (wartość firmy) SuperFish. Wskazana powyżej wartość good will jest wg. emitenta wartością zaniżoną. Wartość ta w ocenie emitenta powinna być wyższa, zwłaszcza z uwagi na pozytywny wynik restrukturyzacji SuperFish SA przeprowadzonej w 2012 roku" - czytamy dalej.

W wyniku rozwiązania umowy inwestycyjnej cofnięcia transakcji dotyczącej sprzedaży akcji SuperFish nastąpi konieczność obniżenia zysku wygenerowanego przez Graal w III kw. 2012, którego częścią składową był zysk, w wysokości 4,39 mln zł, na tym wydarzeniu jednorazowym, podkreślono w informacji.

Grupa Kapitałowa Graal jest największym krajowym producentem konserw rybnych. W 2011 r. przychody spółki wyniosły 521 mln zł.

Poland: Government Retains Economic Forecast

Despite the economic slowdown, Poland´s Minister of Finance Jacek Rostowski demonstrates optimism.

According to Rostowski, Poland´s GDP will grow by 2.2% this year. Rostowski underlines that the initial forecasts will not be changed. At the moment, there are no substantial reasons to change the forecasts. In the fourth quarter of 2012, the economic growth only came at 1.1%, though. Moreover, an economic upswing is not in sight yet. At the beginning of the year, Rostowski said that the upswing is expected to become visible in the second half of 2013.
The economic slowdown is mainly due to the stagnating consumption and the decrease in foreign direct investments. Besides that, Poland still suffers from a high unemployment rate. At the beginning of January, the unemployment quota exceeded that 14% threshold.

Polish manufacturing PMI edges up in February

Poland's purchasing managers' index PMI edged up to 48.9 pts in February from 48.6 pts in January, a PMI report by HSBC showed.
The indicator has been below 50 pts for the last 11 months, the report said.

Orders continued to decline, but only at a slow pace. Output declined in February after holding flat in January, but the pace of decline was only marginal. Also employment declined only marginally.

Production backlogs declined at a faster pace than in January. Also input purchase declines accelerated.

Innova Capital exits DONAKO stake

Mid-market private equity firm Innova Capital has exited its investment in Donako, which has been sold to Rudolf Weinberger Holding.

Innova and and investment group Zeleznik Industrie Consulting, which is owned by Donako’s chairman and co-founder Franciszek Zeleznik, collectively owned 100 per cent of the company prior to the disposal.

Wroclaw-based Donakomanufactures high precision laminations and special tools for electric generators and large-sized motors. The company was previously a subsidiary of ABB and Alstom.

Rudolf Weinberger is the parent company of Eisenwerk Sulzau-Werfen R. & E. Weinberger, an Austrian manufactures of high precision steel cylinders.

Joanna Simonowicz, managing director of Innova Capital, said, “I strongly believe that Donako with its expertise in energy component manufacturing and highly qualified labor force represents a great entry to Poland for RWH.

“We recognised very early in that RWH had both the right approach and vision for DONAKO’s future, which led to mutual trust and ultimately closing the deal.”

Some of the recent deals in Poland included a €2.2m investment in Polish wooden pallet specialist EP Serwis from Enterprise Investors.

EQT Partners

The EQT funds invest in companies in Northern and Eastern Europe, Asia and the US in which EQT can act as a catalyst to transform and grow operations. EQT's business model focuses on driving the process of change and repositioning, driving top-line growth while combining financial discipline with industrial expertise.
Since EQT’s first acquisition in 1995, the average annual growth in the EQT Equity funds' portfolio companies has been 11%, the number of employees has increased by 12% and earnings by 17%.
Today, EQT consists of 16 private equity funds active in buyouts, equity related growth financing and infrastructure with approximately EUR 20 billion of committed capital.  EQT has invested more than EUR 11 billion in around 100 companies and exited close to 50.

EQT is a group of leading private equity funds with investments in Northern and Eastern Europe, Asia and the US. Activities focus on buyouts, growth financing and infrastructure. In our view, the funds have a unique industrial approach. EQT has raised approximately EUR 20 billion since its establishment and invested more than EUR 11 billion in around 100 companies and exited close to 50.

EQT’s strategic vision is to provide the most successful investment organization and network of industrialists in those markets in which the funds operate by combining entrepreneurship, industrial thinking and financial discipline. The funds invest in companies in which EQT can act as a catalyst for change and growth and to transform companies into global or regional leaders by making genuine and sustainable improvements.
The approach of the Equity, Expansion Capital and Infrastructure funds is to acquire or finance high-quality, market-leading, medium-sized companies in growth industries with a potential for top-line growth and to contribute to their industrial acceleration.

All EQT funds are advised by EQT Partners. EQT Partners has around 230 employees in 11 countries, of which around 120 are investment professionals with a broad industrial and financial background. EQT Partners has offices in Copenhagen, Frankfurt, Helsinki, Hong Kong, London, Munich, New York, Oslo, Shanghai, Singapore, Stockholm, Warsaw and Zurich. 

 

 

 

EQT has invested in a wide range of companies and made a large number of successful divestments. EQT’s success is based on its value-building process of industrial acceleration, creating sustainable value and attractive risk-adjusted returns on investments.

More than 75% of the value created in the companies sold in the EQT funds can be  attributed to operational improvements and top-line growth. Some examples of key measures:

• Sales growth –  increasing sales through organic growth and acquisitions 
• Operational excellence, improving margins and efficiency – increased efficiency and profitability. We install state-of-the-art benchmarking and assessment methods 
• Strategic repositioning – utilizing changing industry  dynamics, investing in future technologies and divesting non-core businesses, to create a strong base for rapid expansion
• Market and production expansion – targeting new customer groups or broadening the product offering which could mean new products in existing categories or applying a proven technology to new product categories or uses
• Internationalization –  key benefi t of EQT ownership, given our extensive international network
• Bolt-on acquisitions – expanding the company step-by-
  step by acquiring competitors or companies with similar or
  complementary products, technologies or market presence
• Optimizing capital structure – creating efficient capital structures and,
  ultimately, prepare the improved company for sale to its potential owner

EQT always has a strategy for developing and creating value in the acquired companies. The strategic plan is usually geared towards creating growth. This is illustrated by the fact that during the EQT Equity funds' ownership, the portfolio companies have annually, on average, increased sales by 11%, the number of employees by 12% and earnings by 17%.

Before becoming owners, EQT ensures that the management shares EQT's view on how to move the company forward. Consensus on strategic direction is a prerequisite, since a cornerstone in the ownership model is to retain and partner with management to transform the companies in which EQT invests.

 

 

EQT’s values provide the foundation for everything the funds do – it is the cornerstone of all business. EQT Partners, advisor to all EQT funds, share these values:

• Entrepreneurial – we are innovative, action-oriented and have a sense of urgency about driving change
   
• Industrial – we have a long-term view on value creation by taking an industrial approach to our business
   
• High performing –  we give people responsibility and freedom to act and base evaluation on performance
   
• Ambitious – we believe that good enough is never good enough – there is always room for improvement
  
• Informal – we are non-hierarchical and transparent – everyone is encouraged and expected to speak their mind
   
• Respectful –  we act with integrity and have respect for each other and our business partners in everything we do

 

 

Private equity is an alternative asset class, generally comprising equity investments in unlisted companies. It plays a vital role in growing companies in many countries and industries.
The money invested is normally derived from a pooled fund of longterm institutional investors, such as pension funds, endowments, banks or insurance companies. As with many alternative asset classes, private equity strives for a high absolute return for investors, with limited correlation to the public equity market or other security markets. Private equity usually provides medium- to long-term committed
capital, which helps companies to grow and become successful to the benefi t of all stakeholders.

There are three principal styles to private equity investing:

• Expansion Capital helps companies grow. They may need help to finance a new factory, a rapid geographic expansion or to develop new product lines.
• Buyout means acquiring a controlling interest in a more mature company. The acquisition often entails a complete change in ownership and applying new strategies to add value to the company.
• Special Situations involve investment in a distressed company, or a company that faces special challenges.

In all these cases, the private equity fund is seeking a high-quality management team and a strategic plan to grow and improve the business. In many situations, the private equity fund will finance an investment partially with debt, to limit the capital requirement and to leverage the returns. Private equity investors usually invest for the long-term and seek sustainable improvements in the operations of the business.

There are three ways for a private equity fund to exit an investment:

• IPO (Initial Public Offering), floating part of or the whole company on a public stock exchange. The private equity fund often stays on as a substantial owner for a period of time.
• Trade Sale in which the company is sold to an industrial buyer.
• Secondary Sale in which the company is sold to another financial investor.

 

 

 

 

EQT manages four Equity funds with a focus on the Nordic region, German-speaking Europe and CEE with commitments totalling nearly EUR 14 billion: EQT III, EQT IV, EQT V and EQT VI.

The Equity funds realize their business concept by acquiring and developing high-quality, market leading, medium-sized to large companies in attractive industries. The funds preferably make controlling or co-controlling equity investments in companies with strong market positions that:

• have a significant potential for top-line and earnings growth, 
• have a strong cash flow,
• have a solid platform in a proven management team that can retain or
  attract high-quality management, 
• EQT will be able to make a controlling investment in, 
• operate in industries that are consolidating or changing and
• demonstrate well-defined realization alternatives.

Currently, EQT VI is active, with commitments available for new investments. EQT III,
EQT IV and EQT V  are closed for new investments.  Earlier Equity funds (EQT I, EQT II, EQT Finland and EQT Danmark) have realized all their investments.
 

 

 

Greater China makes control or co-control investments in high-quality, medium-sized companies that are seeking industrial competence for further growth.
EQT Greater China II was launched in 2006 with commitments of around USD 535 million and targets control or co-control investments in the Greater China and Southeast Asia regions. The investments are typically made in privately-owned, medium-sized companies where the entrepreneur needs help to embark on the next level of the company’s development.

The targeted companies are in attractive and growing industries where the accumulated competence of the EQT Industrial Network in developing similar companies in more mature markets is leveraged. The typical investment size ranges between USD 20 million and USD 100 million.

EQT Greater China II is active with commitments available for new investments.
 

 

EQT currently manages one Infrastructure Fund which was launched in 2008 with capital commitments of EUR 1.2 billion.
A well functioning infrastructure with a high level of service is one of the cornerstones in every developed economy. EQT Infrastructure Fund was launched in 2008 to meet the demand for new and more efficiently managed infrastructure.

The Fund will primarily invest in the Nordic region, parts of Continental Europe and North America. Main focus is existing infrastructure but new projects and public-private-partnerships are also of interest. Investments are financed with equity from the fund and external debt financing from traditional lenders. Potential sectors are power generation, electricity and gas networks, airports, rail transportation, ports, storage, waste, parking facilities, telecommunication towers and infrastructure-related services.
Experienced Team
The Fund is advised by an experienced team. The Fund is also supported by an advisory committee and a network of highly experienced and qualified industrialists in the infrastructure sector. The Fund can make infrastructure investments of more than EUR 5 billion, with each separate investment amounting to between EUR 100 million and EUR 1 billion in transaction value. The Fund’s objective with its infrastructure investments is to develop, grow and improve the infrastructure in order to make it more efficient, more accessible and in the end more valuable to all stakeholders. This typically involves further investment in order to expand services and increase volume.
EQT Infrastructure Fund is advised by a dedicated team with cumulative experience of over 135 infrastructure transactions with an aggregate transaction value of over EUR 65 billion. The Fund acts independently from EQT Equity, EQT Opportunity, EQT Expansion and EQT Greater China.

EQT Infrastructure is active, with commitments available for new investments.
 

 

 

EQT Expansion Capital manages approx. EUR 663 million in two funds: EQT Expansion Capital I and II.

The core investment focus of EQT Expansion Capital is on mid-market companies:

• with an established market position
• with a clear growth perspective
• in need of equity capital to accelerate growth
• where owners like to continue driving the development of the company 
• where owners do not want to exit when the fund realizes returns 

Furthermore EQT Expansion Capital finances companies that are being acquired through a Leveraged BuyOut (LBO).
EQT Expansion Capital I is fully invested and EQT Expansion Capital II is active, with commitments available for new investments.
 

 

 

 

EQT Credit held its final close in December 2010 with total commitments of EUR 350 million. The fund will primarily invest in the debt of operationally sound but over-leveraged mid-sized European companies and seeks to be a mid to long-term investor. The fund has the flexibility to make investments in the secondary market as well as by providing new funds where traditional sources of capital are unable to provide a satisfactory solution for stakeholders.
It is anticipated that the thorough diligence-oriented approach taken by EQT Credit and support from EQT’s network of industrial advisors will provide the fund with an advantage in investment selection.
The fund has made investments in approximately 20 companies since its first closing in December 2009.
 

 

 

The EQT Opportunity Fund was launched in 2005 with a committed capital of EUR 372 million, and closed prematurely for new investments in 2010. The Fund’s investment focus was on medium-sized companies in Northern Europe that have a sound underlying business and a clear value creation potential, but also face problems that require special expertise to resolve. The Fund made seven investments.
 

 

 

Austria

Company	Fund	Entry
UC4	EQT VI	Sep 2012

Bulgaria/Macedonia

Company	Fund	Entry
Blizoo	EQT V	Oct 2009

Denmark

Company	Fund	Entry
BTX Group A/S	EQT IV	May 2005
ISS A/S	EQT IV	May 2005
ISS A/S	EQT III	May 2005
NORD	EQT Infrastructure	Jun 2010
Tiger	EQT VI	Jan 2013

Finland

Company	Fund	Entry
Adven	EQT Infrastructure	Jan 2012
Sanitec Oy	EQT IV	Apr 2005
Vertu	EQT VI	Oct 2012

Germany

Company	Fund	Entry
BSN medical	EQT VI	Aug 2012
Carl Zeiss Vision	EQT III	Mar 2005
CBR	EQT V	Apr 2007
internetstores	EQT Expansion Capital II	May 2012
Roeser Group	EQT Expansion Capital II	Aug 2010
SAG	EQT V	Feb 2008
Sausalitos Holding GmbH	EQT Expansion Capital II	Mar 2008
Springer Science+Business Media	EQT V	Feb 2010
United Digital Group	EQT Expansion Capital II	Jun 2011

Greater China

Company	Fund	Entry
Japan Home Centre	EQT Greater China II	Mar 2010
LaoBaiXing	EQT Greater China II	Sep 2008
Modern Metal	EQT Greater China II	Dec 2010
PSM International	EQT Greater China II	May 2007
Qinyuan Bakery	EQT Greater China II	Dec 2010

Netherlands

Company	Fund	Entry
Argos Terminals	EQT Infrastructure	Oct 2011
Koole Tanktransport B.V.	EQT Infrastructure	Feb 2011

Nordics

Company	Fund	Entry
Coromatic Group	EQT Expansion Capital II	Jul 2011

Norway

Company	Fund	Entry
Broadnet	EQT VI	Feb 2012
InFiber	EQT V	Jan 2011
Tampnet	EQT Infrastructure	Nov 2012
XXL Sport & Villmark	EQT V	Jul 2010

Poland

Company	Fund	Entry
HTL-Strefa S.A.	EQT V	Dec 2009

Singapore

Company	Fund	Entry
Classic Fine Foods	EQT Greater China II	Jan 2011
Econ Healthcare Limited	EQT Greater China II	Mar 2012

Spain

Company	Fund	Entry
Parkia	EQT Infrastructure	Jul 2011

Sweden

Company	Fund	Entry
AcadeMedia	EQT V	Jul 2010
Anticimex	EQT VI	Jul 2012
Atos Medical	EQT VI	Sep 2011
Candyking	EQT Expansion Capital I	Feb 2008
Dometic Group	EQT V	May 2011
Gambro	EQT IV	Jun 2006
Granngården	EQT Opportunity	Aug 2008
Munksjö AB - EQT Expansion Capital I	EQT Expansion Capital I	Apr 2005
Munksjö AB - EQT III	EQT III	Mar 2005
Scandic	EQT V	Apr 2007
Swedegas	EQT Infrastructure	Feb 2010
TitanX	EQT Opportunity	May 2008

Switzerland

Company	Fund	Entry
Koenig Verbindungstechnik AG	EQT Expansion Capital II	Sep 2008
Sportradar	EQT Expansion Capital II	Jul 2012

Taiwan

Company	Fund	Entry
Gala TV	EQT Greater China II	Feb 2011

UK

Company	Fund	Entry
SSP - EQT Expansion Capital I	EQT Expansion Capital I	Jul 2006
SSP - EQT IV	EQT IV	Jun 2006

USA

Company	Fund	Entry
Peregrine Midstream Partners	EQT Infrastructure	Aug 2011
RTI	EQT Infrastructure	May 2011
Westway	EQT Infrastructure	Feb 2013

 

 

EQT Partners has organized its operation into business lines corresponding to the investment focus of the funds advised:
EQT Equity –  The business line is advisor to all EQT Equity funds. The funds invest in high-quality, market-leading, medium-sized to large companies in growing industries in the Nordic region, German-speaking Europe, Central and Easter Europe (CEE) and Greater China with a potential for top-line growth.
EQT Greater China –  The business line is advisor to the EQT Greater China Fund. The Fund makes control or co-control investments in high-quality market-leading, medium-sized companies in attractive industries in Greater China and Southeast Asia with a potential for top-line growth.
EQT Expansion Capital –  The business line is advisor to the EQT Expansion Capital funds. The funds provide flexible finance solutions in a variety of situations including LBOs led by private equity sponsors, acquisitions by strategic investors, expansion capital or restructuring of the shareholder group.
EQT Infrastructure –  The business line is advisor to the EQT Infrastructure Fund. The Fund will invest primarily in existing infrastructure in Northern and Eastern Europe but will also have the flexibility to invest globally. Potential investment targets are basic infrastructure, concession-based infrastructure, social infrastructure, and infrastructure-related services.
EQT Credit – EQT Partners AB and its subsidiaries act as the investment advisor to EQT Credit. The fund will primarily invest in the debt of operationally sound but over-leveraged mid-sized European companies and seeks to be a mid to long-term investor. The fund has the flexibility to make investments in the secondary market as well as by providing new funds where traditional sources of capital are unable to provide a satisfactory solution for stakeholders.

 

 

 

The EQT Partners team consists of approximately 220 employees, of which approximately 120 are professionals. EQT Partners professionals represent a wide range of industrial and financial experience from different regions of the world. The team reflects the belief that diversity stimulates and improves creativity. Please find below more information on all professionals at EQT Partners.

Name	Fund	Title	Country
Teemu Alahuhta	Equity	Associate	Finland
Päivi Arminen	Infrastructure	Director	Finland
Tomas Aubell	Equity	Partner	Germany
Michael Bauer	Equity	Director	Switzerland
Lennart Blecher	Infrastructure	Head of EQT Infrastructure / Partner	Switzerland
Juhani Bonsdorff	Infrastructure	Director	Finland
Carl Martin Borcher	Expansion Capital	Associate	Denmark
Marcus Brennecke	Equity	Partner	Germany
Maxwell Burke	Infrastructure	Associate	USA
Caspar Callerström	Equity	Partner	Sweden
Tak Wai Chung	Greater China	Partner	Greater China
Piotr Czapski	Equity	Partner	Poland
Alex Darden	Infrastructure	Partner	USA
Johan Dettel	Expansion Capital	Director	Sweden
Rohit Dhote	Credit	Associate	UK
Mads Ditlevsen	Equity	Director	Denmark
Andreas Eichelberger	Equity	Director	Germany
Victor Englesson	Equity	Associate	Sweden
Stephen Escudier	Credit	Director	UK
Matthias Fackler	Infrastructure	Director	Germany
Dr Andreas Fischer	Expansion Capital	Director	Germany
Sabrina Flunkert	Expansion Capital	Associate	Germany
Per Franzén	Equity	Partner	Germany
Ueli Friedli	Equity	Associate	Switzerland
Florian Funk	Greater China	Director	Greater China
Michael Föcking	Expansion Capital	Partner	Germany
Anders Gaarud	Equity	Director	Norway
Stefan Glevén	Infrastructure	Partner	Sweden
Simon Griffiths	Greater China	Partner	Singapore
Kasper Grundtvig Knokgaard	Equity	Director	Denmark
Fabian Gröne	Equity	Director	Germany
Albert Gustafsson	Equity/Opportunity	Director	Sweden
Thomas Joachim Hansen	Equity	Associate	Denmark
Sofia Ahuja	Infrastructure	Associate	USA
Erika Henriksson	Equity	Director	Sweden
Jak Hestnes	Equity	Associate	Norway
Magnus Hillestad	Equity	Director	Norway
Gerran Ho	Greater China	Associate	Greater China
Masoud Homayoun	Infrastructure	Director	Sweden
Nicholas Hooge	Equity	Director	Denmark
Andreas Huber	Infrastructure	Partner	Germany
Morten Hummelmose	Equity	Partner	Denmark
Alexandre Hökfelt	Credit	Associate	UK
Morten Højland Boesen	Equity	Associate	Denmark
Adrian Imreorow	Equity	Associate	Sweden
Eva Jagalla	Equity	Associate	Germany
Paul Johnson	Credit	Director	UK
Herman Johre	Equity	Associate	Norway
Conni Jonsson		Managing Partner	Sweden
Samir Kamal	Equity/Opportunity	Partner	Sweden
Tomasz Karpinski	Equity	Associate	Poland
Mervi Keskitalo	Equity	Associate	Sweden
Jörg Kinberger	Expansion Capital	Director	Germany
Carl Kistenmacher	Expansion Capital	Associate	Sweden
Harry Klagsbrun	Equity	Partner	Sweden
Thomas Klews	Equity	Director	Germany
Angel Kong	Greater China	Director	Greater China
Andrew Konopelski	Credit	Partner	UK
Ville Koskenvuo	Equity	Director	Finland
Vesa Koskinen	Equity	Director	Finland
Gleb Kozyritskiy	Infrastructure	Associate	Germany
Jannik Kruse Petersen	Expansion Capital	Partner	Denmark
Hajo Krösche		Associate	Germany
Ulrich Köllensperger	Infrastructure	Director	Germany
William Liang	Greater China	Director	Greater China
Tomas Lindén		Global Head of Human Resources	Sweden
Katrine Liu	Greater China	Associate	Greater China
Jamie Lucas	Credit	Business Manager	UK
Theerapun Lueprasitsakul	Greater China	Associate	Singapore
Axel Masucci	Infrastructure	Director	Germany
Glen T. Matsumoto	Infrastructure	Partner	USA
Anders Misund	Equity	Partner	Norway
Martin Mok	Greater China	Partner	Greater China
Jarkko Murtoaro	Equity	Director	Sweden
Tomasz Muszynski	Equity	Associate	Norway
Rikke Kjær Nielsen	Expansion Capital	Director	Denmark
Jussi Nyrölä	Equity	Director	Finland
Daniel Perez	Infrastructure	Director	Sweden
Udo Philipp	Equity	Partner	Germany
Johannes Reichel	Equity	Director	Germany
Carl Johan Renström	Equity	Director	Sweden
Matthias Riefer	Expansion Capital	Associate	Germany
Åsa Riisberg	Equity	Partner	Sweden
Niklas Ringby	Equity	Director	Sweden
Andreas Rohman Pettersson	Equity	Associate	Sweden
Mika Saukkonen	Infrastructure	Associate	Finland
Dr Oliver Serg	Expansion Capital	Director	Germany
Christian Shin Høegh Andersen	Equity	Associate	Denmark
Christian Sinding	Equity/Opportunity	Partner	Norway
Niklas Sjöblom	Equity	Associate	Switzerland
Carl Sjölund	Infrastructure	Associate	Sweden
David Slade	Credit	Co-Head and Partner	UK
Lauri Stadigh	Equity	Associate	Finland
Georg Stadler	Infrastructure	Director	Germany
Dominik Stein	Equity	Director	Germany
Jan Stypułkowski	Equity	Associate	Poland
Jan Ståhlberg	Equity	Partner	Sweden
Anna Sundell	Infrastructure	Associate	Sweden
Karl Johan Sundin		Management Associate	Sweden
Dr Christian Süss	Equity/Opportunity	Director	Germany
Lindsay Tan	Greater China	Director	Singapore
Cyril Tergiman	Credit	Director	UK
Lloyd Thomas	Credit	Associate	UK
Erwin Thompson	Infrastructure	Director	USA
Manuela Thomys	Equity	Associate	Germany
Matteo Thun	Equity	Associate	Germany
Bartek Trzebiński	Equity	Director	Poland
Jan Vesely	Infrastructure	Director	Germany
Forrest Wang	Greater China	Director	Greater China
Fabian Wasmus	Expansion Capital	Director	Sweden
Patrick Weber	Expansion Capital	Finance Director	Switzerland
Chee Wei Wong	Greater China	Director	Singapore
Howard Zhang	Greater China	Director	Greater China
Jens Zuber	Expansion Capital	Associate	Germany
Patrick de Muynck	Equity	Partner	Sweden
Paul de Rome	Credit	Co-Head and Partner	UK
Thomas von Koch	Equity	Partner	Sweden
Fredrik Åtting	Greater China	Partner	Greater China