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Norvestor hits €410m hard cap for sixth Nordic buyout fund

4 Jan 2013

norway2_sqOslo-based private equity firm Norvestor has closed its oversubscribed sixth fund on its NOK3bn (€410m) hard cap.

The vehicle, which had a €400m target, received support from investors in Norvestor’s previous funds, as well as new commitments from institutional investors including sovereign wealth funds, government agencies and funds of funds, the firm said.

AltAssets revealed in November that the firm was close to wrapping up Norvestor VI having collected €340m of commitments from 40 LPs.

Norvestor gathered €236m for its fifth fund in 2007, and €157m for its fourth vehicle three years earlier.

Those funds have made 15 buyouts between them in the Norwegian and Swedish mid-market, as well as a number of follow-on acquisitions.

The firm said its latest fund would continue its mid-market strategy by investing in companies across the Nordic region with enterprise values of between €20m and €200m.

Norvestor mainly focuses on engineering/technology, food and beverage, IT and telecommunication, maritime equipment, oil services, power and energy, retail, and services and outsourcing sectors.

The firm’s investor relations manager Rebecca Farr said, “The investor base in our previous funds has mainly come from Norway and the Nordic region.

“In Fund VI we have successfully reached our objective to broaden our investor base significantly by building relationships with a number of reputable investors from outside the Nordic region.”

Credit Suisse acted as placement agent to Fund VI, while Kirkland & Ellis International and BA-HR acted as legal advisers.

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