When Gabriel Fitzgerald first joined Carnegie as a young professional, he stepped into an institution that has shaped generations of dealmakers and advisors. Carnegie is one of the cornerstones of the Swedish financial landscape and has been at the centre of some of the region’s most significant transactions.

Today, Fidelio and Carnegie meet not as employer and employee, but as trusted partners. And at the helm of Carnegie stands Tony Elofsson, a 23-year veteran of the firm. We sat down with Tony to reflect on the evolution of Fidelio and the strength of working relationships built on mutual understanding.

Tony, you’ve been with Carnegie for over two decades. What’s the journey been like — and how did Gabriel and Fidelio first cross your path?

I joined Carnegie 23 years ago, initially working in equity capital markets before leading our investment banking division, and now, serving as CEO. Over the years, I’ve seen many talented people come through our doors — and Gabriel was certainly one of them. You could tell early on that he had something extra. He had a clear sense of direction, an energy that stood out. He wasn’t the type to sit still or follow the path just because it was there — he was already thinking a few steps ahead.

Therefore, it was perhaps not entirely unexpected when he decided to move on. Gabriel had that entrepreneurial edge, that drive. Of course, we would have loved to keep him, but sometimes you know someone is destined for other venues.

And now, years later, Carnegie and Fidelio work together regularly. What’s that partnership like?

It’s been very natural. There’s a shared DNA, I’d say. Several people at Fidelio have been on this side of the table and know the process, the pacing, the questions that matter. It’s easy to work with someone who speaks the same language. The team at Fidelio focuses on the essentials and leave the rest to the advisors — not just us, but also lawyers and others — and that makes for a much more efficient process.

You’ve worked with many investors over the years. What would you say makes Fidelio stand out?

People at Fidelio are incredibly hands-on. You can feel that they know their companies inside and out. Fidelio is not a passive owner, but rather deeply involved, often working shoulder-to-shoulder with their companies. Sometimes it feels like they’re sitting inside the business, not just around it.

And then there’s the flexibility. Fidelio doesn’t box themselves in with geographical or sector restrictions, and are not tied to a fixed investment horizon. That’s unusual, and smart. Especially in a market where competition for deals is fierce — removing some of those limitations opens up more possibilities.

From your perspective, what does Carnegie bring to the table in that relationship?

We support Fidelio in a few different ways. We sometimes offer ideas, though they have no shortage of their own. More often, we provide perspective — what might the future hold for a company? Is a sale, a public listing, or something else the right path? We also work together on execution — IPOs, sales, capital raisings. That’s the core of what we do.

And then there’s a bit of talent sharing too. A few great people have gone from Carnegie to Fidelio. They’ve developed a knack for spotting strong profiles here, which we take as a compliment.

Looking ahead, how do you see Fidelio’s trajectory?

Fidelio has a very strong track record already, and they’re still just getting started. It’s a young, ambitious, and extremely capable team — and they’ve built a culture that attracts great people. That’s the core of any long-term business. Finance is a people business at the end of the day. If you can attract and retain the best, you’re going to do well. And Fidelio is doing just that.

Though perhaps no more hires from Carnegie for a while?

[Laughs] Yes — let’s say we’re drawing the line there.