The Swedish firm is reportedly considering moving a portfolio of five to ten investments held in its first venture fund.
Under the non-binding agreement, O3 may increase its ownership in the social impact investor if certain fund launch and fundraising milestones are met.
The multi-strategy investment firm is reportedly considering a $350-400 million CV for four portfolio companies.
The single-asset vehicle extends B2B software investor Viking Growth's hold on a recruitment and HR software platform.
Potential backers reportedly sought a lower valuation for the loans held in the continuation fund.
The single-asset deal centers on a health and social care software provider first backed by Activa in 2019.
The oversubscribed single-asset fund extends the firm's hold on a European modular buildings provider it initially backed in 2021.
The transaction was supported by Pantheon as lead investor and Coller Capital as junior lead investor.
In January, Blue Earth held the first close of its dedicated impact secondaries strategy with over $100 million in capital commitments.
Jefferies advised on the deal, which involved eight assets from the 2016-vintage EQT Ventures I.
