Family offices: Meet 65 Swedish dynasties open to new impact investments

Swedes generally aren’t known for being showy about their wealth or enjoying the spotlight. There’s a code of conduct across Scandinavia known as the law of Jante (Jantelagen) which encourages modesty, discourages bragging and has typically stopped Swedes from talking about money.

Still, Sweden – despite its reputation for high taxes and social equality – is home to a number of wealthy families that wield significant economic power.

The country has one of the highest proportions of dollar billionaires in relation to its population size, with 43 Swedes worth $1bn or more featuring in Forbes’ 2024 rich list.

Erik Stern, vice president of the Swedish family office network Family Business Network Sweden (FBN), argues that Sweden is an ideal place for European impact companies to seek investments from so-called family offices - privately held companies that handle investment management for wealthy families.

One reason is that these families have been impacted by a range of favorable monetary policies implemented in recent decades.

"The abolition of inheritance tax and wealth tax has made it easier for family businesses to grow in a good way. With that, they also dare to invest for future generations," he says. "Sweden is a great place for business.”

Another is that Sweden has a long history of prioritising sustainability, and over the last two decades this has already translated into many so-called family offices investing in companies that are trying to help cut carbon emissions and tackle climate change.

Stern says that many Swedish families are focused on making a positive impact with their investments, even if they don't use the word "impact."

In addition, he notes that many adopt a long-term perspective, often using what is called patient capital – funds intended for sustainable, long-term investment. This, he argues, could be attractive to startups that faced challenges with the tough growth and return demands of venture capital firms in recent years.

"Venture capital firms think they are long-term when they talk about a horizon of seven years. But many innovations, particularly within deeptech, often require capital for much longer periods," he says. Stern believes that a "blend of ownership" can benefit startups, with funding from VC firms combined with investments from family offices that take a long-term approach.

Sweden’s most famous investor families

The three best-known Swedish families investing in impact are the Wallenberg family, the Ax:son Johnson family, and Karl-Johan Persson's family.

The Wallenberg family is one of Sweden's wealthiest and most influential, primarily known for their investment in large companies through Investor AB, which holds significant stakes in firms like Atlas Copco, a leading industrial equipment manufacturer, and SEB, one of the largest financial services groups in Sweden. Recently, they’ve expanded into impact investing through Navigare Ventures, with investments in companies such as Enginzyme, Nordic Forestry Automation, Ligna Energy, and Arevo, all focused on sustainable innovations.

The Ax:son Johnson family, through their investment firm Novax, is another key player, particularly strong in the foodtech and energy sectors, with several impact-driven businesses in their portfolio.

Finally, Karl-Johan Persson, chairman of global fashion group H&M, has invested through his firm Philian Invest, which has backed companies like Ljusgårda, a vertical farming pioneer.

Lesser-known Swedish families investing in impact

Beyond the well-known Swedish families, several lesser-known families have also made significant strides in impact investing.

For example, Longrun Capital, founded by Johan Frenckner and Cristina Ljungberg, the latter hailing from the prominent Ljungberg real estate family, has made notable investments in sustainable businesses. The Ljungberg family originally built their wealth in real estate development, particularly in commercial properties, and now channels some of that capital into green and sustainable ventures.

Similarly, Neptunia Invest, managed by the Karlsson family, has made strategic investments in companies like Ekolution, which focuses on industrial hemp, and Blykalla, which is developing small nuclear reactors. The Karlsson family made their fortune through a variety of industries, including forestry and industrial manufacturing, and they are now using their wealth to support green innovation.

Additionally, the Sjögren family, through their investment company Alsteron, has supported impactful companies like Corpower Ocean, which develops wave energy technology, and Echandia, a company focused on hydrogen-powered, zero-emission marine vessels. The Sjögren family initially earned their wealth in the energy sector and now invests in sustainable technologies to help reduce global carbon emissions.

Here is Impact Loop's list of 65 family offices open for impact investments: