Nordic Capital: 10th buyout fund with €6.1bn in total commitments

Kate­gorie: Private Equity
12. Okto­ber 2020

Copen­hagen — Nordic Capi­tal raises €6.1bn remotely for its largest fund. The vehi­cle, the firm’s largest capi­tal pool to date, has consid­er­ably surpassed its initial €5bn target within just six months. Launched in April this year, the fund was entirely raised remotely amid the pandemic, with­out any face-to-face meet­ings, the firm said.

The success­ful fundrais­ing comes at a time when fund clos­ings have slowed down due to the pandemic travel restric­tions and the economic down­turn. Glob­ally, 552 private equity funds reached their final close in the first half of the year, 31% fewer than in the same period last year, accord­ing to data provider Preqin.

“We launched this fund in the middle of a global pandemic, which required investors to completely alter their invest­ment processes to enable remote dili­gence. The success of the fundraise despite these chal­lenges reflects the investors’ consid­er­able confi­dence in Nordic Capital’s strat­egy and team,” Pär Norberg (print), head of investor rela­tions of Nordic Capi­tal, said.

Most of Nordic Capi­tal Fund X investors are from North Amer­ica, followed by Europe, Asia, and the Middle East. The firm’s exist­ing port­fo­lio perfor­mance since the Covid-19 pandemic started was one of the reasons for the strong appeal, the firm noted in a state­ment.

The fund, which sealed its first deal earlier this month, with the acqui­si­tion of Danish soft­ware busi­ness Siteim­prove for €500m, focuses on mid-market compa­nies primar­ily based in Europe. Its main targeted sectors are health­care, tech­nol­ogy and payments, finan­cial services, indus­trial and busi­ness services.

Apart from the Euro­pean focus, the strat­egy has a mandate for global invest­ment in health­care as in the previ­ous fund and an emerg­ing smaller global mandate also for tech­nol­ogy and payments busi­nesses.

“The economic impact of the Covid-19 pandemic will continue to be felt for some time and the most success­ful fund managers will be those who respond well to emerg­ing trends and market dynam­ics to lever­age new oppor­tu­ni­ties,” Kristof­fer Melin­der, the firm’s manag­ing part­ner, added.

Since its incep­tion in 1989, Nordic Capi­tal has invested more than €15bn in more than 110 invest­ments, accord­ing to a state­ment.

Source: Private Equity News

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