Project Sandwater

Andreas Thome serves as Chief Executive Officer and Erik Børve Monsen as Chief Investment Officer, forming the senior investment committee. The firm operates with a flat decision-making structure typical of permanent-capital vehicles, where the principals maintain direct involvement in every investment. No external investment committee or limited partner advisory board constrains their mandate.

Without a fixed fund life or mandatory LP distributions, the firm can hold portfolio companies indefinitely — a structural advantage when investing in industrial energy assets with multi-decade infrastructure horizons. This eliminates the forced-sale dynamic that often compresses returns in conventional private equity. The tradeoff is that the firm must generate sufficient liquidity from portfolio operations rather than relying on exit timing to produce distributions.

Project Sandwater invests primarily in direct equity and structured equity positions, typically taking control or significant minority stakes. The firm does not operate a fund-of-funds program, though it will syndicate larger transactions through co-investment alongside strategic partners. This direct approach reflects the principals' preference for concentrated portfolios where they can influence governance and capital allocation.

The firm focuses on Norway, Sweden, Denmark, and Germany, with opportunistic exposure across the broader European Economic Area. The Nordic concentration reflects the team's origination networks and the region's density of industrial technology companies positioned for energy transition tailwinds. Germany represents the primary expansion market given its industrial base and accelerating decarbonization mandates.

The firm targets growth-stage and buyout opportunities rather than seed or early-stage venture. Companies are typically post-revenue with established commercial traction, though the Varanger KraftHydrogen investment demonstrates willingness to back pre-revenue industrial projects when the underlying infrastructure case is compelling and strategic co-investors are present.

Project Sandwater does not publicly identify as a single-family office, and the source of its permanent capital is not disclosed. The firm operates with the structural characteristics of a multi-family office or permanent-capital investment company — indefinite hold periods, no external fundraising cycle, and principal-led governance — but positions itself externally as an asset manager rather than a family office.

The firm will co-invest alongside strategic partners on larger transactions, as demonstrated in the Varanger KraftHydrogen deal where the capital structure included multiple participants. However, Project Sandwater does not operate as a passive LP in commingled funds — co-investment is reserved for situations where the firm can secure meaningful governance rights and direct influence over capital allocation, rather than providing blind-pool commitment capital.