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Norwegian firm Norvestor closes Norvestor V on €236m11/08/2008. Source: AltAssets. 
 Oslo-based mid-market private equity firm Norvestor Equity has closed its fifth fund, Norvestor V, on €236m, exceeding the fund's initial target of €225m.
Commitments came from 30 new and existing Nordic and international investors, including fund of funds managers (24 per cent), family offices and foundations (22 per cent), insurance companies (21 per cent), pension funds (12 per cent), banking groups (12 per cent) and investment managers (nine per cent).
The fund will look to make investments of €10m to €45m in mid-market companies with enterprise values of €20m to €125m. Its focus will be on Norway and the wider pan-Nordic region.
Earlier this year, Norvestor V acquired 70 per cent of RenoNorden, a provider of waste collection services, and also 70 per cent of Wema Group, a supplier of diesel and AdBlue level sensors to the heavy truck industry.
The fund made its first acquisition in December of last year when it created a new Nordic chain of laser surgery eye clinics, called Nordic Vision Clinics. The company was built out of the simultaneous merger of three companies, representing seven clinics in Sweden and Norway.
Jarle Gundersen, managing partner of Norvestor, said, 'We are very pleased with the successful outcome of the fundraising of Fund V and are grateful for the support we have received from investors. We are especially delighted to be welcoming a number of new leading international investors. Investors have recognised the depth of experience of the Norvestor team and we are confident that Fund V will build on the successful track record of Fund IV.'
Norvestor now has €450m in capital under management. The firm's previous fund, Norvestor IV, closed on €157m in 2006.
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