John Fredriksen and his family have already seen quick returns after launching a new investment company to diversify their interests.

The move was announced in September by Fredriksen's private Seatankers shipowning company, but now the new investment vehicle has been formally established in Oslo under the name Aeturnum Capital.

The branding signifies "eternity", indicating the long-term nature of the investments.

The focus is on private and public "high-quality companies" across the Nordic region, overseen by fund manager Vegard Soraunet, 40.

The idea is to place money outside the group's traditional shipping and oil and gas interests. The family had felt it was missing out on many interesting investment opportunities that were being presented to it.

Fredriksen has assembled an advisory board made up of six executives from finance, retail and investment backgrounds, including Annika Sigfrid, 46, the former managing director and global head of equity capital markets at Nordic bank Nordea.

Directors also include Anders Moberg, 70, a former chief executive of IKEA.

Quick return

Aeternum had already bought into Nasdaq Stockholm-listed retail solutions provider ITAB at a cost of SEK 409m ($49m). The stock is now worth 186% more than this.

And cash has also been put into Norway's electrical equipment provider Elektroimportoren, listed on Oslo's Euronext Growth board.

The initial investment of NOK 95m has already grown 27%. The two deals have seen a paper profit of $94m realised.

John Fredriksen's daughter Kathrine Astrup Fredriksen (right) oversees the group's investments. Photo: Elin Hoyland

Money is coming from trusts established by Fredriksen for the benefit of his family.

Soraunet, previously investment director at Odin Fund Management, was brought in to restructure Seatankers. His was the second major appointment at Fredriksen's main private shipping arm in September, after Tor A Svelland became chief executive.

Soraunet said: "Our philosophy builds on active involvement in strategy and business development. Unlike private equity investors, we are not obliged to liquidate our positions."

He added that Aeternum will be the active owner that many companies have been looking for, contributing ideas for new products and services.

Sorting out the balance sheet

Soraunet said ITAB is an "overlooked but high-quality company undergoing significant change, with a new management team in place".

Aeturnum is working to solve balance sheet and corporate governance issues the company faces.

The Fredriksen fund is also adding Gaute Gillebo, 40, as an investment director and partner in April.

He is a partner and head of the investment committee at private equity firm Herkules.

Anthea Arff-Pettersen, 31, has also joined as investment manager, having previously worked at Schroders and M&G Investments.

More recruits are planned this year.

Solid team

Fredriksen's daughter Kathrine Astrup Fredriksen oversees the group's investments.

"Aeternum has a solid team in place already, reflecting a strong track record across both public and private investing," she said.

"In due course, the fund will be expanded to allow selected investors to join Aeternum, in line with its ambition to become an even larger Nordic owner in the future."

Seatankers, which is ultimately controlled by Fredriksen Family Trusts, has controlling interests in a number of companies listed in Oslo, such as tanker owner Frontline, bulker player Golden Ocean, drillship company Seadrill and Norwegian Property.