Behind the most important changes in business lies a financial mirror-world; an entire, interconnected industry of transactions, services and experiences that enable these changes to take place. Plenty will see this mirror-world as too fragmented, risky and complex to dig into. We, on the other hand, understand it well enough to see – and seize – its opportunities. We have invested in this sector for 20 years with one of the best track records in Europe. Supporting this with one of the most distinctive teams of investment professionals and a global industry network. The financial industry is being reshaped by deregulation and digital niche players successfully challenging the incumbents to the benefit of consumers, entrepreneurs, companies, and the environment we live in - developing superior value propositions at lower prices. We see challengers rapidly gaining market share in all the attractive segments of both banking and insurance. We’re also excited by green investments becoming increasingly relevant to mature companies as well as important climate-driven ventures. The ability of smartly applied technology to create new, compelling experiences has always inspired us. Our long tradition of deep partnerships works perfectly in this sector - we back entrepreneurs and founders to scale new challengers transforming financial services. This deep-set engagement and a passion for digital transformation led us to invest in Sbanken, Norway’s first online-only bank. It’s why we teamed up with, and grew, Carnegie into the foremost independent bank in the Nordics. And it’s why we partner with some of the world’s boldest names in finance today, favoring minority positions and never shying away from asset-heavy financial companies at the very core of this sector. Going forward, we will focus on four specific themes in the sector: Digital attackers, Wealth management and Capital creation, Specialized finance and FinTech. But perhaps most importantly of all, we recognize financial services as first and foremost a people industry. We believe our supportive approach to partnerships really sets us apart. And our ambitions are high. We want to be the partner of choice for financial services and to contribute to reshape the industry and help build a more democratic and sustainable environment for future generations.