Nordic Capital back on trail with Fund IX

At its board meeting held on 31 May, the Minnesota State Board of Investment approved a recommendation for commitments to seven alternative funds. These include up to $150m (or 20% of the final fund size, whichever is less) to Nordic Capital's ninth fund.

Nordic Capital declined to comment on its current fundraising plans.

According to a source close to the situation, the GP should be looking to raise around the same amount for Fund IX as it did for its predecessor back in 2013.

Nordic Capital's eighth fund held a final close on its hard-cap of €3.5bn ($4.8bn) in late 2013. Launched in 2012, the vehicle hit a first close on €1.7bn in February 2013, exceeding its expected €1.5bn first-close target. Nordic Capital began marketing the fund in April 2012 and originally planned to raise approximately €3bn by the summer of 2013. More than 40 investors came in at first close. MVision acted as placement agent while Ropes & Gray was mandated as legal adviser.

According to unquote" research, the fund was deployed at approximately 57% as of December last year, based on a figure received from an LP in the fund. According to further LP-sourced data, TVPI stood at 1.1x as of September last year.

According to unquote" data, Minnesota State Board of Investment is already invested in Fund VIII, to the tune of $179m.

Click here to view a full profile of Nordic Capital Fund VIII, including a comprehensive list of LPs and their individual commitments, on unquote" data

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