Nordic Capital, a Stockholm-based private-equity firm, raised 3.5 billion euros ($4.78 billion) for its eighth buyout fund, meeting its target after 20 months of marketing.
Nordic started fundraising in April 2012 with a plan to raise 4 billion euros, before reducing the target in October that year. The firm held an initial close, the point at which the manager can begin to invest, of 1.7 billion euros in February this year.
“Nordic Capital Funds have demonstrated a proven ability to consistently return capital to investors, over a 24-year history and through many economic cycles,” Kristoffer Melinder, co-managing partner at NC Advisory AB, adviser to the Nordic Capital Funds said in an e-mailed statement today. “Nordic Capital expects to continue to build on that success with Fund VIII.”
The firm will invest in companies across the Nordic region and continental Europe in industries including healthcare and financial services. Nordic’s seventh fund of 4.3 billion-euros in 2008 generated a 4.2 percent internal rate of return, putting it in the third quartile, or second worst-performing 25 percent, of 47 funds in its peer group, data compiled by Bloomberg show.
MVision Private Equity Advisers Ltd. acted as exclusive global fundraising adviser for Fund VIII. Ropes & Gray LLP acted as legal counsel to Nordic Capital during the fundraising.
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