The former chief investment officer of one of the world’s largest sovereign wealth funds shares his current focus.

Streetwise Reports caught up with Yvind Schanke, chief investment officer at TD Veen and former chief investment officer at one of the world’s largest sovereign wealth funds, as he shares his current focus.


While some investment firms only focus on results, some have a much brighter goal in mind. And while the money is still important to TD Veen, it’s not the mission. Rather, TD Veen is a family-centric investment company with one goal in mind: to invest only in what benefits society. us in Streetwise Reports We were intrigued by the premise of TD Veen, so we caught up with its chief investment officer, Øyvind Schanke, to learn more about TD Veen and the companies it invests in.

Øyvind Schanke joined the firm in 2020 after years of investment experience. Prior to joining TD, Veen Schanke spent nearly 16 years at Norwegian Sovereign Wealth, one of the world’s largest sovereign wealth funds, the last few years as CIO for London-based asset management.

Main Investment Positions

Public companies in which TD Veen invests are listed below.

You can download a complete list of your investment positions. However, no matter the investment, TD Veen was founded on the premise that people need to invest in social entrepreneurship, which is why the company maintains a roster of boutique companies on its roster, with a special focus on the health and life sciences sectors. life, especially mental health.

Why TD invests in mental health

While Schanke spoke positively about emergency care in Norway’s public health system, he pointed to an incredible need to increase the quality of preventive care in his country.

He said, “there is no cure, just a bandage”, especially in relation to addiction and other mental health disorders.

Norway has an incredibly high per capita suicide rate, with 10.9 suicides per 100,000. In fact, according to The Borgen Project, “around half of all people in Norway experience a mental health disorder at some point in their lives”, and this has only been made worse by Covid-19.

In fact, according to The Borgen Project, “About half of all people in Norway experience a mental health disorder at some point in their lives.”

Not only are Norwegians experiencing higher rates of mental illness due to Covid-19, but the lack of light during the winter months could make things much worse, adding seasonal affective disorder to overall problems.

Linda Geddes de the atlantic gave an overview of this issue and spoke to people in northern European countries to get their personal opinion on how the lack of light in the winter months affects them here.

The main treatment for depression these days is therapy and antidepressants, which Norwegians take a lot. However, while antidepressants can ease the symptoms of depression, they don’t get to the root of the problem. That’s why the team at TD Veen saw an overarching need for more comprehensive mental health care in Norway and around the world, so they put their money where their heart is and started investing in it – literally.

Graphic source: Dadaviz. Data source: OECD.

TD Veen first built a relationship with Atai Life Sciences NV (ATAI:NASDAQ), a mental health-focused biopharmaceutical company based in Berlin, Germany. This started in 2018 when Øyvind Schanke called the company and decided he needed to learn more about the medicinal use of psychedelics in the treatment of mental health disorders. He then met with the company in Oslo, where he was introduced to Waken Life Sciences Corp. (AWKN:NEO; AWKNF:OTCQB), a biopharmaceutical company that uses controversial drugs to treat alcohol use disorder and other addictions. Awakn is currently using ketamine in its clinics, with five clinics in total, two of which are in Norway. They are also in the midst of MDMA trials.

Psychedelics a booming market

While the use of psychedelics is a controversial practice, it is gaining momentum. Research and Markets has predicted that the global psychedelic drug market will reach $10.75 billion by 2027. And that’s not for recreational use, but rather for their ability to help treat mental illness. A study by Imperial College London’s Center for Psychedelic Research found that psilocybin, the active compound in magic mushrooms, can be as effective as antidepressants in a clinical setting.

In 2022, Netflix released a docuseries about the waves psychedelics have been making in the biopharmaceutical world, titled “How to Change Your Mind”.

The third episode of the series focuses heavily on the history of MDMA, its effects and how it can be used to treat PTSD and addiction, as the drug shuts down the fear center in the brain, allowing a patient and therapist to probe deeper wounds. without pain or fear.

“The unmet medical need and opportunity for innovative treatment approaches is very high,” wrote Jason McCarthy of Maxim Equity Research.

Overall, studies have shown positive effects of MDMA on these patients, which is one of the reasons why TD Veen is now a proud investor in Awakn. Øyvind Schanke told Streetwise reports“We believe in combining [MDMD] combined with therapy at Awakn, and we believe this needs to happen. . . I know this is necessary.”

It seems that many analysts agree with him. In July, HC Wainright & Co. Senior Health Analyst Patrick Trucchio noted that “Awakn is advancing MDMA-assisted therapy for AUD in Europe, which we estimate could have blockbuster drug potential based on need. significant unmet medical attention and the evidence generated to date pointing to the potential of MDMA-assisted therapy in a variety of mood disorders.”

Then, in November, Jason McCarthy of Maxim Equity Research wrote, “Considering that private addiction treatment comes with a 70% to 80% failure rate and treatment can cost upwards of $30,000, the opportunity for Awakn improving this model is significant”. He went on to say, “The unmet medical need and opportunity for innovative treatment approaches is very high.”

Awakn currently has five main clinics in Norway, and both the company and TD Veen expect this to continue to expand.

What is the next?

Going forward, TD Veen will continue to invest in companies that we believe make the world better. They aim to generate enough funds that outflows are not needed because the less there is, the better. In 2022, TD Veen had only four exits and invested in six new companies. As Schanke said, “We want to be the best minority shareholder in the world.”

TD Veen was founded by Tor Dagfinn Veen in 1986. According to the company, “Today, Tor Dagfinn and Tone Veen own 28% of the shares, while daughters Camilla and Silje Veen own 36% each.

TD Veen has $250 million under management and currently does not take cash globally, but focuses on its family-centric business model. They are based in Stavanger, Norway, and no matter what they invest in, they will do so under their mantra: an investment is only good if it also benefits society.


Want to be the first to know about interesting Life science tools and diagnostics investment ideas? Sign up to receive the FREE Streetwise Reports’ Newsletter.

Subscribe

Disclosures:
1) Katherine DeGilio wrote this article for Streetwise Reports LLC. She or members of her family own securities in the following companies mentioned in the article: None. She or her family members are paid by the following companies mentioned in this article: None.

2) The following companies mentioned in this article are sponsors of Streetwise Reports billboards: Waken Life Sciences Corp. Click here for important information about sponsor fees. As of the date of this article, a Streetwise Reports affiliate has a consulting relationship with: Waken Life Sciences Corp. Please click here for more information.

3) Statements and opinions expressed are those of the author and not of Streetwise Reports or its directors. The author is fully responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or distribute this article. Streetwise Reports requires contributing authors to disclose any ownership interests or economic relationships with the companies they write about. Streetwise Reports relies on the authors to provide this information accurately and Streetwise Reports has no means of verifying its accuracy.

4) This article does not constitute investment advice. Each reader is encouraged to consult their individual financial professional and any action a reader takes as a result of the information presented herein is at his or her own risk. By opening this page, each reader accepts and agrees to Streetwise Reports’ full terms of use and legal disclaimer. This article is not an investment solicitation. Streetwise Reports does not provide general or specific investment advice and the information contained in Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned in Streetwise Reports.

5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in the securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of these securities on the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that, in substance, merely restate previously published company releases. As of the date of this article, directors and/or employees of Streetwise Reports LLC (including members of their families) own securities of Waken Life Sciences Corp.company mentioned in this article.

The former chief investment officer of one of the world’s largest sovereign wealth funds shares his current focus.

Leave a Reply

Your email address will not be published.

Scroll to top