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Eqvitec Mezzanine Fund III holds €64m first closing12/08/2008. Source: AltAssets. 
 Nordic private equity firm Eqvitec Partners has held a first closing on its third mezzanine fund, Eqvitec Mezzanine Fund III, on €64m. The fund has a target of €100m, which the firm expects it to reach by the end of the year.
Investors in Eqvitec Mezzanine Fund III primarily comprise Nordic institutional investors and include mutual insurance company Pension Fennia, investment firm Finnish Industry Investment, Nordic Investment Bank, the pension fund of Finnish steel company Rautaruukki, selected mezzanine funds and a fund of funds managed by Pohjola.
The fund will invest in small and medium-sized companies in the Nordic countries, continuing the strategy of previous mezzanine funds, with an emphasis on buy-outs, recapitalisations and financing transactions supporting organic and acquisitive growth.
Pertti Nurmio, senior partner and head of mezzanine at Eqvitec, said, 'To meet the growing demand for mezzanine we decided to double the target fund size compared to the earlier funds. The sector focus of the fund is also broader. Our new fund is uniquely positioned in addressing the growing demand for mezzanine in small and medium sized transactions. We operate independently on the Nordic market place serving private equity firms and other equity providers in their financing needs.'
Eqvitec's previous mezzanine fund closed in 2005 on €53m. It is fully invested now, in eight companies.
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