Stockholm-based mid-market investor Nordic Capital has held a €1.9 billion ($2.3 billion) final close of its sixth vehicle, Nordic Capital VI.
Marketing for the fund began approximately six months ago, according to Nordic Capital chief financial officer Mans Folkesson. The vehicle held a first close in December 2005, but Folkesson declined to provide further details.
Folkesson confirmed that the majority of commitments came from pension funds, with a geographical split of 20 percent from Nordic investors, 30 percent from Europe, 40 percent from the US and 10 percent from other regions.
No placement agent was used for the fund. “Our consistent investment focus and track record meant that we had the privilege of long-term support,” said Folkesson.
Folkesson said the increase in fund size over predecessor vehicle Nordic Capital V, which closed on €1.5 billion in 2004, showed the confidence of investors in its strategy. “We now have a 25 percent increase in fund size, which is somewhat above our initial ambitions, but we believe that our investment focus and strategy is adequate for a fund of this size.”
Founded in 1989, Nordic Capital has 26 investment professionals, of which 12 are partners, operating out of two offices in Stockholm and Copenhagen.