Why Summa is breaking ground in the HEC-Dow Jones-ranking

«Top performer for a long time»

In conversation with Summa Founder and Managing Partner Reynir Indahl, Professor Gottschalg praised Summa’s model and pointed to the possibility of sustained performance in the years ahead: “There are many ingredients in there that, according to my research, make Summa very likely to be among the top performers for a long time.”

Summa’s position in the ranking was cited as evidence that a thematic investment strategy can compete with established private equity firms on performance. Gottschalg drew a parallel with the evolution of electric cars, which moved from being associated primarily with sustainability-minded consumers to delivering compelling performance in their own right. He suggested Summa could be on a similar path in sustainable investing, showing that a thematic strategy can also deliver strong financial performance.

“Our investment themes are not a label. They are built on a theory of change we have researched and published in our thematic reports, and they shape how we source, build and grow companies. It is encouraging to see the research confirm what we see across our portfolio,” Reynir Indahl responded.

The lower mid-market offers significant opportunity

The ranking discussion also highlighted the structural advantages of investing in the lower mid-market. Reynir Indahl noted that this category is particularly appealing for Summa because there are more companies to choose from.

Gottschalg added that among smaller funds, the gap between the best and worst performers is wider, but their average returns are higher than those of larger-cap strategies. For Summa, which has built its strategy in this part of the market, the finding is particularly relevant. As professor Gottschalg put it: “Small does seem to be beautiful in private equity.”