Stockholm (HedgeNordic) – After increasing its stake in Skandinaviska Kreditfonden (SKF) from 20 percent to about 25 percent in 2016, Mangold AB upped its ownership stake in the Stockholm-based asset manager by an additional three percent to 27.5 percent.
According to an announcement on Friday by Per-Anders Tammerlöv (pictured), “Mangold has today entered into an agreement to acquire an additional 3.0 percent of the shares in Skandinaviska Kreditfonden AB for a cash consideration of approximately SEK 2.3 million.” Mangold acquires the 3.0 percent-stake from a previous shareholder who decided to sell the stake in Skandinaviska Kreditfonden. Prior to the agreement, Mangold owned a stake of 24.5 percent in SKF.
Skandinaviska Kreditfonden has become a significant player in the market for direct loans to Nordic companies since launching its first direct lending fund, Scandinavian Credit Fund I, in 2016. Scandinavian Credit Fund I provides senior secured loans with maturities between three and 48 months to small and mid-sized companies in Scandinavia. SKF has launched a second fund, called Nordic Factoring Fund, that focuses on the Nordic market for factoring loans.
Mangold owns stakes in two other Nordic alternative asset managers, QQM Fund Management and Resscapital. Last year, Mangold acquired a 25 percent-stake in QQM Fund Management, which runs systematic market-neutral fund QQM Equity Hedge. Resscapital manages Ress Life Investments, an alternative investment fund that invests in the secondary market for U.S. life insurance policies. Ress Life Investments was crowned as the “Best Nordic Hedge Fund Overall” and “Best Nordic Multi-Strategy Hedge Fund” at this year’s edition of the Nordic Hedge Award.