About us
Founded in 2023, Belnord Capital is an independent European private markets firm built by a team of experienced buyout professionals across leading global institutions.
We specialise in sponsor-led secondaries, with a primary focus on single-asset continuation vehicles and select co-investments with CV-like characteristics, partnering with leading mid-market private equity managers across Europe. Our rigorous, bottom-up underwriting of proven, high-performing businesses reflects a deliberate strategy of "running with the winners" - capturing compelling private equity returns with the downside protection that comes with continuity and structural alignment.
Strong sponsor relationships, developed over decades, give us privileged access to high-quality deal flow. We operate as constructive, hands-on partners - enabling sponsors to execute their vision while delivering consistent value for our investors.
Alignment is central to how we operate. Belnord's team makes a substantial GP commitment across its funds, ensuring our interests are squarely alongside those of our investors.
Headquartered in Stockholm, Belnord Capital is building a focused, next-generation platform for European private equity investing.
Investment Strategy
Sponsor-led transactions
Continuation vehicles
Direct investments
CV-like co-investments
Other liquidity solutions
Selected portfolio investments
Syclef
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Founded in 2003, Syclef is a leading European player in the installation and maintenance of refrigeration systems. The group is specialised in medium and large refrigeration installations, in industrial refrigeration (logistics platforms, storage warehouses, food processing, etc.), commercial refrigeration (supermarkets, convenience stores, etc.) and air conditioning.
The group's customer base relies on Syclef to manage its complex and critical refrigeration systems. The group benefits from a key player position in the energy transition, using innovative sustainable technologies such as natural refrigerant fluids.
Softway Medical
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Founded in 2006, Softway Medical is a leading provider of mission critical, end-to-end healthcare IT systems with a strong French core and a growing international footprint. The company offers solutions that spans the entire patient pathway across both medical and administrative information systems.
The company operates through five core business units: Hospitals, Imaging, Laboratory, Ambulatory Care and Data & Analytics. Its flagship product is a modular, cloud-based Electronic Medical Record (EMR) system for hospitals, with broad functional coverage and an extensive suite of specialty modules.
DESOTEC
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DESOTEC is a provider of mobile industrial filtration services, based on activated carbon that enables customers to comply with increasing environmental regulations and sustainability requirements. Founded in 1990, DESOTEC has pioneered the market for the purification of liquids and gases through mobile activated carbon filters.
During its 30 years in business, the company has established itself as a European market leader in this field. DESOTEC provides filtration services that enable its customers to comply with increased environmental regulations and sustainability requirements and to serve mission-critical filtration needs offering a flexible rental solution.
DESOTEC's fleet of mobile filters is the largest of its kind in Europe and it serves a broad range of industrial applications, including air emission, biogas, remediation, wastewater, and chemicals. The company’s mobile filters enable its customers to comply with environmental regulations and sustainability requirements, through its closed-loop, “Filtration-as-a-Service” rental solution.
Immedica
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Founded in 2018 with c. 120 employees, Immedica is engaged in the launch, commercialisation and distribution of orphan and niche specialty pharmaceuticals across Europe and the Middle East. Currently, Immedica distributes a portfolio of c. 25 drugs, spanning proprietary, in-licensed and partnered products with a focus on genetic and metabolic diseases, oncology, and ophthalmology.
Immedica is quickly scaling across Europe and recently entered the USA with a vision to become the leading player in launching niche specialty pharmaceuticals targeting diseases with high unmet medical needs.