Marie Lindskog, Head of Alternative Investments

Building on a Foundation of Illiquidity

Marie Lindskog leads one of Sweden’s more consequential alternatives programs in institutional asset management. As Head of Alternative Investments at Afa Försäkring she oversees a portfolio spanning private equity, private credit and infrastructure within a total asset base of over $20 billion.

Afa Försäkring allocates approximately 20 percent of its total portfolio to alternatives, with about 20 percent of that alternatives sleeve dedicated to private credit. The rest sits primarily in private equity, with a smaller slice in infrastructure. Real estate, though significant at Afa, falls under a separate team.

Career Path: From Fund Analysis to Portfolio Leadership

Lindskog studied economics and finance at Umeå University from 2002 to 2006, with a brief exchange period at BI Norwegian Business School in Oslo focusing on marketing. She began her professional career as a product assistant and later financial analyst at Acta Asset Management, before moving on to Navexa Securities, where she spent five years as a senior investment manager. She then worked at Obligo Investment Management, followed by a nearly five-year stint as a Senior Fund Analyst at Movestic Liv och Pension.

She joined Afa Försäkring in January 2019 as an Investment Analyst in the alternatives team, was promoted to Investment Manager in February 2021, and in November 2023 stepped into the Head of Alternative Investments role, taking over from Mikael Huldt, who moved up to become Head of Asset Management. In September 2023, she also completed a board leadership programme at Michaël Berglund Board & Leadership Services, and she holds a board seat at Cinder Invest.

The Alternatives Philosophy: Diversification Through the Unlisted Economy

Lindskog’s investment thinking is anchored in the idea that private markets give access to parts of the economy simply not available through listed securities. As she put it in HedgeNordic’s 2024 Alternative Fixed Income special report: “Much like private equity, the diversification benefit to the overall portfolio of private credit comes from accessing a substantial portion of the economy and pool of borrowers that are not part of the listed space.”

This logic extends to how she frames the purpose of each asset class within the portfolio. Private equity remains the largest alternatives component, with the program dating back to 1998. The current focus is on mid- to large-cap buyout funds and co-investments in North America and Europe, with a smaller portion in growth and secondary funds.

Private Credit: Defensive by Design

On private credit, the area she spoke about most extensively, Lindskog describes a deliberately conservative posture. Since the early days of the program, Afa Försäkring has targeted a lower risk-return profile, aiming for net returns of six to seven percent. In the higher base rate environment of recent years, she believes that target is clearly achievable without venturing further along the risk spectrum.

“We operate in the lower risk-return segment of the corporate lending market, and so far, we haven’t felt the need to venture into more opportunistic areas,” she explains. “Our investment strategy is highly focused on minimizing downside risk, with a strong emphasis on diversification.”

On Market Risks: Covenants and Competition

Lindskog has been forthright about the risks she monitors most closely in the current credit environment. Rather than macro fears, her concern centres on structural deterioration in deal terms as capital chases fewer good opportunities. She has noted that increased competition from stronger traditional lending markets and rising dry powder in direct lending funds has already compressed spreads in parts of the market, and may also lead to weaker documentation and covenants as lenders compete for deal flow.

Manager Selection: Scale and Discipline Over Yield

When it comes to picking managers, Lindskog’s framework is consistent with her broader risk-first philosophy. She favours larger managers, prioritising scale advantages, proven track records, low loss ratios, a strong emphasis on credit quality and underwriting, and demonstrated experience in managing challenging situations, rather than chasing the highest headline returns.

Alternatives as the New Normal

Lindskog represents a generation of Nordic institutional investors who have grown up with alternatives as a normal, structural part of the portfolio rather than a satellite bet. Her public profile remains relatively low-key, but her position overseeing a multi-billion alternatives program at one of Sweden’s most important insurance institutions makes her an increasingly relevant voice in the Nordic LP community.

Press sources:

HedgeNordic – Private Credit: “A Natural Part of Our Portfolio”