Nordic private equity firm Adelis Equity Partners has closed its maiden fund on its €420m hard cap after less than a year on the road.
The fund has already made its first deal, having backed Swedish logistics company Logent AB, which is expected to post revenues of SEK1.3bn ($195.5m) this year.
Adelis Equity Partners Fund I, which was launched in February this year, will focus on Nordic lower mid-market businesses with enterprise values of €20m to €200m.
Adelis co-managing partner Gustav Bard said, “(We also pleased) that we were able to establish what we believe is the largest on-shore private equity fund operating in the Nordic Region. Adelis Equity Fund I is a standard Swedish limited liability company.”
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.
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