Skandia raises SEK 180m for fund-of-funds

The vehicle was launched in January 2018 with approximately the same target as Thule Buyout Fund II, which held a final close on $45.1m in December 2017. It expects to hold a first and final close by 31 December 2018.

The new fund will commit to buyout funds on the primary market, although it may also acquire commitments in secondary transactions.

Thule Buyout Fund II's portfolio includes a €5.1m investment in Waterland Private Equity Fund VII and an $8m commitment to Francisco Partners V, according to Unquote Data.

Skandia is also raising a VC fund-of-funds, Thule Venture Capital Fund I, which held a first close on $5m in 2017 and has made commitments to New Enterprise Associates 16, Menlo Ventures XIV and Institutional Venture Partners XVI, according to Unquote Data.

The life insurance firm launched its first fund-of-funds product in 2015 with the goal of mirroring the investment strategy in the Skandia Life portfolio. The LP has total assets under management of €43.9bn as of June 2018 and a 10% allocation to private equity.

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