Nordic Alpha Partners
Nordic Alpha Partners is a Copenhagen growth-equity fund that backs industrial green-technology companies and scales them globally. Founded in 2017, it is one of Europe's larger Article 9 funds, the EU's strictest sustainability label, and counts water and wastewater among its six sectors; (don't) Waste Water tracks two of its water bets across four deals.
Compiled by Antoine Walter, (don't) Waste Water, from official filings and direct intelligence in Leviathan.
The take
Nordic Alpha Partners is the Copenhagen growth-equity firm that a group of Danish operators founded in 2017 to do the thing most private equity avoids: take ultra-complex, capital-hungry green hardware and scale it globally. In June 2024 it closed its second fund at EUR 266 million, more than double the EUR 126 million of its 2017 debut, pulling in backers like Novo Holdings, ABN Amro, the Maersk family and the European Investment Fund.
Nordic Alpha Partners does not just write a cheque and wait. It runs an in-house operational value-creation model, a team that goes into a company to engineer the hypergrowth itself, and it concentrates on hardtech, the physical machines and plants of the green transition rather than software. Its mandate carries Article 9, the EU's strictest sustainability label, and spans six sectors, from energy transition and industrial decarbonisation to water and wastewater.
Nordic Alpha Partners treats water as one of those six sectors, not a side bet, and its water scope is squarely industrial: real-time water-quality monitoring, decentralised wastewater treatment, and the destruction of forever-chemical PFAS. (don't) Waste Water tracks two of its water companies across four deals: Variolytics, whose membrane-free sensors read the chemistry of a wastewater plant in real time, and AquaGreen, whose pyrolysis units turn sewage sludge into biochar while breaking down the PFAS that ordinary plants only pass downstream.
For a newcomer, Nordic Alpha Partners is what water looks like through a hardtech growth lens: not pilots and pretty pitch decks, but plants, sensors and sludge that have to work at industrial scale and turn a profit doing it. With a fresh EUR 266 million fund to deploy, the question I am watching is how many more of its bets land in water versus the energy and decarbonisation sectors that compete for the same money.
Water Commitment Score
Compiled from official filings, third-party records, and direct intelligence from investors and founders, in Leviathan · recomputed monthly · as of Jun 2026.
Portfolio · 2 water companies
Invests alongside
Highlighted = profiled on (don't) Waste Water.
Frequently asked
- What does Nordic Alpha Partners invest in?
- Nordic Alpha Partners invests in industrial green-technology companies and scales them globally from its Copenhagen base. Its six sectors span energy transition, agriculture, building, industrial decarbonisation, circular economy and water. In water, (don't) Waste Water tracks two companies, the sensor maker Variolytics and the sludge-treatment firm AquaGreen, across four deals.
- Who runs Nordic Alpha Partners?
- Nordic Alpha Partners was founded in 2017 and is led by three senior partners: Rasmus Lund, who heads the investment team, Laurits Bach Sørensen, who leads value creation, and Troels Øberg, who runs fundraising. All are co-founders, alongside partner Jakob Fuhr Hansen and general counsel Morten Naldal.
- How big is Nordic Alpha Partners?
- Nordic Alpha Partners manages roughly EUR 392 million across two funds: a EUR 126 million debut from 2017 and a EUR 266 million second fund closed in June 2024. Both are Article 9 under EU rules, the strictest sustainability label, meaning sustainability is the core objective rather than an add-on.
- Where is Nordic Alpha Partners based?
- Nordic Alpha Partners is based in Hellerup, a coastal district of Copenhagen, Denmark, and invests across Northern and Continental Europe. Founded in 2017, it backs established industrial companies, typically with revenue in the tens of millions, that can scale a green hardware technology globally.
- Is Nordic Alpha Partners a water fund?
- No. Nordic Alpha Partners is a generalist green-growth fund, not a water-only investor; water is one of its six sectors. But water is an explicit, named part of its mandate, and it has backed two water companies tracked by (don't) Waste Water: Variolytics and AquaGreen.