Altor, the Nordic mid-market firm, has closed its third fund on its target and hard cap of €2 billion ($3 billion) after just two months of marketing. Repeat investors provided 95 percent of the commitments.
Monument Group acted as placement agents for Altor Fund III, having done so for Altor’s previous two funds.
The fund will have broadly the same focus as its two predecessors, focusing on Nordic companies with enterprise values of between €50 to €500 million.
There have, however, been some marginal adjustments to the fund's mandate: it will have the option of holding portfolio companies for a longer time frame and will be explicitly allowed to make investments in publicly listed companies.
“The changes to the remit are minor. They simply allow Altor to find value where there is value,” Martin Anthonsen, managing director at Monument Goup, told PEO.
“With the new fund in place and having added some new features, including an extended investment horizon, we are ready to pursue new opportunities in what we believe will be some very attractive years ahead to invest,” Harald Mix, managing partner at Altor, said in a statement.
The investor base includes institutions such as Harvard Management Company, the US university's investment fund, and Swedish insurance Group Länsförsäkringar.
Nordic investors represented 28 percent of total commitments, other European investors 33 percent and US investors the remainder.
Altor's previous funds closed on €650 million and €1.15 million respectively.