On November 20, 2024, Ontario Teachers’ Pension Plan (“Ontario Teachers’”) and Nordic Capital agreed to a co-control ownership of Max Matthiessen, a leading Nordic financial advisor specializing in pensions, insurance, and investments. The partnership aimed to accelerate the company’s international growth and product development. Ontario Teachers’ acquired a co-control stake through its Private Capital division, while Nordic Capital re-invested via its Fund XI, following an exit from its 2020 investment via Fund IX.

Founded in 1889 and headquartered in Stockholm, Max Matthiessen served over 18,000 corporate clients with 800 employees across 45 locations. The company provided integrated employee benefits, insurance, and ESG-focused wealth management solutions. The new ownership was expected to enhance Max Matthiessen’s leadership in the Nordic financial services sector through organic growth and strategic acquisitions.

Ontario Teachers’, with over CAD 13 billion in direct financial services investments, brought experience from prior investments in 7iM, TradeRepublic, Diot-Siaci, and Westland Insurance. Nordic Capital, a seasoned investor in Northern Europe’s financial services, had deployed EUR 3.3 billion in the sector and supported Max Matthiessen’s transformation since 2020.

Houlihan Lokey acted as lead financial advisor on the sell side. Legal counsel included Roschier for Ontario Teachers’ and White & Case LLP for Nordic Capital. The transaction value was not disclosed and remains subject to customary regulatory approvals, with closing expected in H1 2025.