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About us
Acathia Capital specializes in investments in fully regulated insurers and banks across Europe. We leverage our sector insight to execute superior value investments based on 20 years of investment expertise and top management experience in the financial services sector.
On a deal-by-deal basis, we manage single investment vehicles for our institutional investor base delivering top-quartile returns.
Based on our extensive investment experience in the financial services sector, we command a tried and tested toolbox facilitating fast and very robust decision-making.
Our Track Record
The management of Acathia Capital has successfully closed more than 20 financial services investments since 2003. With a 100% approval rate by regulators across Europe we are a reliable, fit and proper investor providing utmost transaction certainty. Below is a selection of those investments.
Investment Strategy
Licensed Professionals
01 Value Investments
We engage in full conviction investments only, typically with good downside protection and upside potential. Our toolbox commands several value-added strategies to create upsides, e.g. buy-and-build or development of run-off platforms. Our deal-by-deal approach provides us flexibility in terms of investment size and we can assemble a bespoke and optimal investor base. This enables us to focus on the most promising value-investment opportunities, often with an anticyclical approach.
02 Partnership with Management
As former top managers in insurers and banks, all our partners have firsthand experience with the daily challenges faced by executives of financial institutions. Based on this experience, we support the management teams as sparring partners with sound business judgment. Through close and trustful collaboration, we empower managers to become entrepreneurs, unlocking the full potential of their business without the restrictions of a large group.
First-Rate Materials
03 Alignment with Investors
We always invest substantially in those full conviction investments with our own money creating strong alignment with our investors. We pool institutional investors in our joint venture investment vehicles on a deal-by-deal basis eliminating the blind-pool risk and lowering fees and costs for our investors.
04 Investment Criteria
Investors
Currently, we manage over €250 million of equity in two active investment vehicles on behalf of our institutional investors. Approximately half of the assets under management come from German pension funds and half from German insurance groups.
Active since 2021
Through this investment vehicle funded by German insurers and pension funds Acathia has increased its stake in Futur from 31% to almost 50%.
Viking Life
Active since 2018
A consortium led by Acathia and Polaris acquired Danica Pension (now Futur) from Danske Bank. Two German insurers and five German pension funds have invested alongside Acathia. Futur is a fully digitalized Swedish savings platform with an insurance license. Since the acquisition, Futur has delivered outstanding results, such as more than doubling AUM to SEK 200+ billion. and increasing net income increase by 217% to SEK 316 million.
Benelux Life Run-off
Exit in 2018
ABN AMRO Life Capital was acquired in 2017 from ABN AMRO in order to establish a Life Run-off Platform in Belgium. In 2018 the investment was exited to Monument Re together with the follow-on acquisition of a closed life insurance portfolio "First A" from the Belgian life insurer Ethias S.A..
