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Adelis Equity Partners holds hard cap close in rapid debut fundraise

22 Oct 2013

evergreen-tree-branch-pine-leaf-twig-nordicNordic buyout house Adelis Equity Partners has hit the hard cap for its debut vehicle after just eight months on the road.

The firm, which was launched last year by former Triton executive Jan Åkesson and ex-3i executive Gustav Bard, gathered about €410m for the Swedish Krona-denominated vehicle according to a source with knowledge of the fundraise.

They said that the fund was fully-spoken for by September, making it one of the swiftest European fundraises of its size since the financial crisis.

AltAssets revealed earlier this month that the firm was performing strongly in its first fundraise, having registered about €266m towards its €340m target with the US securities regulator.

Park Hill Group acted as a placement agent and had picked up just under $2m of sales commission according to the filing.

Stockholm-based Adelis held a €230m first close for the vehicle in August so it could begin putting capital to work in lower mid-market deals across the Nordics.

Earlier this year Adelis poached 3i partner Steffen Thomsen following 12 years with the UK firm.

It targets companies with revenues of between €30m and €400m in the business services, niche industrials, consumer or healthcare sectors.

Earlier this month it emerged that Oslo-headquartered private equity firm FSN Capital was set to close its latest fund on its €600m hard cap.

FSN targets mid-cap businesses in the Nordic region.

The latest fund follows the firm’s third vehicle, which was closed on €375m in 2008, three years after it raised €151m for FSN Capital II.

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