Martin Erleman

Martin Nilsson Erleman is a Partner at Fidelio Capital, a Swedish investment company founded in 2010 by Gabriel Fitzgerald. Fidelio describes itself as combining traditional private equity’s professional active-ownership model with a flexible, entrepreneurial and long-term investment approach.

Erleman joined Fidelio in May 2012. Fidelio’s team page states that he previously held various positions at Nordic Capital, Goldman Sachs and SEB Enskilda, and that he holds an MSc in Finance from the Stockholm School of Economics.

In a 2024 Fidelio interview, Erleman said his path to the firm began with a call from founder and CEO Gabriel Fitzgerald after the two had crossed paths at a prior firm. He described his current role as Partner as involving sourcing investments, leadership-team responsibilities, strategic decisions and company infrastructure.

Fidelio’s own history places Erleman among the firm’s earliest senior team members. A 2025 interview with Theodor Bonnier notes that, in Fidelio’s early days, the team consisted of Gabriel Fitzgerald, Martin Erleman and Bonnier working from a small office before the firm grew to offices in Stockholm and London and hundreds of investments.

• Fidelio targets businesses with EUR 10-200 million of sales and typical investment capacity of EUR 10-250 million per company over time.
• The firm looks for industries supported by strong secular tailwinds, situations with transformation potential, and exceptional entrepreneurs and management teams.
• Fidelio uses capital for growth, add-on acquisitions and liquidity to existing shareholders.
• Ownership model is flexible: Fidelio typically seeks majority ownership, but says it can invest as a minority partner and welcomes partnership investments with previous owners and management.
• Erleman describes Fidelio’s differentiation as having “very few restrictions in terms of industry, geographies and investment horizon.”
• Fidelio emphasizes aligned incentives; the firm says its team invests its own money into deals to align with the companies it supports.
• The firm’s approach is strongly platform-oriented: build niche leaders through organic growth, technology investment, international expansion and add-on acquisitions.