Norvestor closes fund IV on €167m

Nordic private equity firm Norvestor Equity has held a final close on its fourth vehicle Norvestor IV with €167 million ($215 million) of commitments.

Rolf Straume, partner at the Oslo office of Norvestor Equity, said in an interview that the fund held a first closing in December 2004 prior to the launch of marketing, with commitments from cornerstone investors, but declined to provide details. Marketing for the fund began in February 2005.

Straume declined to disclose the target for the fund but said that the final close had been “in the region of our target hard cap”.

Commitments to Norvestor IV came from Norwegian and international investors including DnB NOR; Telenor; Canica; Argentum; KLP; Gjensidige; and Bear Stearns. Straume said that the firm had done extensive marketing and successfully extended its international investor base, although the “lion’s share are regional investors”.

Norvestor Equity hired the London office of Campbell Lutyens to act as placement agent for the fundraising.

Straume said that the fund will make between eight and ten investments in Nordic companies with enterprise values between €20 million and €100 million.

To date, Norvestor IV has made three investments: a 75 percent interest in Norwegian jeweller Panorama; a 50.3 percent stake in Oslo-based seismic survey business Scan Geophysical; and the acquisition and merger of three Swedish health food companies. No deal terms were disclosed for any of the transactions.

Oslo, Norway and Solna, Sweden-based Norvestor advises funds totalling over €300 million. Straume said that previous private equity vehicles Norsk Veskst I and II are now fully invested.