Fidelio Capital Advisory

Mats Heiman, the founder, is the principal decision-maker. The firm describes a methodical approach where Heiman engages personally in each platform investment and often takes a board seat. A small internal team supports deal sourcing and portfolio oversight, but final allocation and structuring authority rests with Heiman.

It operates as a single family office structured through an advisory entity in Stockholm. Fidelio does not raise third-party blind-pool funds or charge management fees to limited partners. Its capital is proprietary, and the firm is not obligated to return capital on a fixed schedule, distinguishing it from most institutional private equity managers.

The firm sources primarily through direct founder outreach, Nordic intermediary networks, and Heiman's personal relationships within the Swedish entrepreneurial community. Fidelio does not rely on broad auction processes and has indicated a preference for proprietary bilateral negotiations, particularly with retiring owner-operators seeking a long-term steward.

Fidelio targets established mid-market operating companies with revenues typically in the SEK 50–300 million range. The firm participates in buyouts, succession transitions, and corporate carve-outs. It does not invest in seed-stage startups or pre-revenue ventures, focusing instead on cash-flow-positive businesses with existing management teams.

The firm has not publicly marketed itself as a co-investment partner for institutional funds. Where it has co-invested, the counterparties tend to be like-minded Nordic family offices rather than private equity houses. Fidelio's preference for permanent-hold structures limits alignment with GPs that operate on 5–7-year exit timelines.

There is no public record of a separate philanthropic foundation or venture-investment vehicle linked to Fidelio or Mats Heiman. The firm's activities appear concentrated within a single advisory entity that houses both investment operations and portfolio governance.

Fidelio has not published an explicit exclusion list, but portfolio composition and deal history suggest avoidance of real estate development, pure-play commodities, and heavily regulated financial services. The firm favors sectors where technology integration and operational improvement can drive organic growth within a permanent-hold framework.