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Laxman Pai, Opalesque Asia: Swedish private equity firm Nordic Capital has hit a hard cap of EUR 6.1 billion (about $7.2 billion) on its latest flagship fund - Nordic Capital Fund X - after less than six months on the road and no face-to-face meetings.
The tenth fund exceeds the target of EUR 5 billion, closes at its hard cap with significant excess demand, and is the largest fund raised in Nordic Capital's history, said a press release from the private equity investor.
"This is the largest fund that Nordic Capital has raised since its inception in 1989 and surpasses its 2018-vintage Nordic Capital Fund IX which raised EUR 4.3 billion (including GP commitment)," it said.
Assets will be invested across Europe in health-care, technology, and financial services businesses.
Nordic Capital Fund X attracted investors from across the globe, with investors from every continent including 38% from North America, 27% Europe, 17% from Asia, 15% from the Middle East, and 3% from RoW.
The investor base comprises a well-diversified mix of institutional investors: public and private pension funds (c. 49%); sovereign wealth funds (16%); fund of funds (13%); financial institutions (11%); and endowments and family offices (10%).
The new Fund expands Nordic Capital's blue-chip investor base with 34% of commitments deriving from new investors. The re-up rate by the capital of Fund IX LPs in Fund X is 90%. The Fund also drew significant support from Nordic Capital's own team, as well as portfolio company management teams and industrial advisors.
Investors include the $31 billion South Carolina Retirement System, Columbia; Washington State Investment Board, Olympia; and Minnesota State Board of Investment, St. Paul.
Fund X will be invested across Europe, with a mandate for global investment in Healthcare as in the prior Fund and an emerging smaller global mandate also for Technology & Payments businesses, said the release.
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