Alfred Johannes Jacobsson was born on 27 October 1841. Having finished higher elementary school and the Turku Commerce Institute he travelled to Germany and England in order to study the languages and train for the timber trade. He returned home and in 1870 established his own timber company, which developed quickly and was soon exporting the largest share of the timber which went through the harbour in Turku. He was also involved in the then emerging Finnish sawmill industry: he was one of the founders and managers of the Akka and Wartsala steam sawmills, as well as the Kemi and Hakkala timber companies. His activities soon expanded into several different domains. Through his marriage, Alfred became partner in several companies founded by Abraham Kingelin and kin to the Dahlström brothers.

From 1879 to 1903, Jacobsson was a member of the city council and from 1890 to 1918 he was the Swedish Vice-Consul. His wide-ranging business enterprises alone caused him to travel frequently and far, both within Finland and abroad. He enjoyed travelling and visited most European countries, although he felt particularly at home in England. From 1887 and up to a few days before his death, he wrote a regular diary; usually very short, daily entries, which still provide a vivid image of his active life, his extensive travels and the magnificent hospitality of the Jacobsson home.

Alfred was an enthusiastic supporter of the notion of establishing a new Åbo Akademi from the very start. When the plan could eventually be realised due to large donations received from Ernst and Magnus Dahlström, Alfred was one of the founding donors. He was appointed as a member of the Delegation of the Åbo Akademi University Foundation and continued to be so up to his 85th year.