First Month Since Launch: ÆRA Reflections & Feedback

ÆRA Capital AS (“ÆRA”) launched on 10 Mar 2025 and we’ve been delighted with the positive, welcoming response from across our network. One month in, we’re taking the chance to share an update and reflect on early feedback.

What’s been keeping us busy:
Our priority has been updating the network on our investment proposition and working closely on our pipeline with borrowers and capital providers. We’re pleased with the initial traction, reflected in the volume of early activity.

Since launch, we’ve screened €1bn+ of transactions across 30 deals spanning the Nordics and asset classes, typically in the €10–250m range. We currently see a strong qualified pipeline of c. €500m, and are confident it’ll keep growing in line with our pan-Nordic approach.

Our capital provider base has grown significantly. We’re in active discussions with several groups who stress the need for reliable, on-the-ground partners with deep regional knowledge and a willingness to do the heavy lifting. Many form JVs with local managers, but few have strong Nordic coverage—ÆRA aims to be that partner.

What seems to be resonating:
Investors value differentiated thinking backed by local insight—enabling them to revisit and unlock missed deals. Traditional lenders say they’re narrowing focus to relationship clients, tightening leverage, and reducing risk exposure—especially in Finland, where retrenchment is highest. That opens up opportunities. Denmark, with less retrenchment, is seeing more junior debt and construction lending opportunities.

ÆRA’s strategy spans the capital structure, adding value at all levels with a holistic lens—this has landed well with the groups we’ve engaged.

Evolving macro backdrop:
A major global shift since launch has been the rise of US-led trade wars and broad-based tariffs. While no region is immune, we’ll closely watch the Nordics—typically a stable, low-volatility environment in turbulent times.
These developments prompt a key question: is there greater need for alternative lenders now?

We believe so and are keen to discuss with interested parties

info@aeracap.com