Altor closes third fund on EUR2bn

Fund

Altor has held a final close of its third fund, Altor Fund III, at its target and hard cap of EUR2bn. The fund is comprised of two parts: EUR1.5bn in base commitments and EUR500m in top-up commitments, which will serve primarily to develop portfolio companies. Monument Group acted as placement agents.

Altor raised EUR650m in 2003 for its first fund and attracted EUR1.15bn for Fund II in 2006. The third fund attracted more than 50 investors and 95% of the committed capital came from existing backers. Although LP contact is a continuous process, the prospectus for the third fund was finalised in June this year, with fundraising completed in mid-August.

Investors

Among the investors are Harvard Management Company, Pantheon Ventures, Skandia Liv, AlpInvest Partners, Goldman Sachs Asset Management, Lansforsakringar Liv, SL Capital Partners, Allianz Private Equity Partners, Princeton University and Argentum. Nordic investors represent 28% of total commitments, with other European investors accounting for 33% and US investors providing the balance.

Investments

The fund has a longer investment horizon and a more flexible investment mandate than previous Altor vehicles allowing the GP to build companies over a longer period. In terms of investments, it will have the same focus as its predecessor funds and will invest in medium-sized Nordic companies with turnovers of between EUR50-500m. Historically, Altor has made investments in the range of EUR15-200m, although most investments are approximately EUR50-75m.

People

The investment organisation, consisting of 24 people, is led by Harald Mix. Other partners include Fredrik Stromholm, Denis Viet-Jacobsen, Hugo Maurstad, Stefan Linder, Claes Ekstrom, Reynir Indahl, Jaakko Kivinen and Johan Cervin.

Name: Altor Fund III

First and final close: EUR2bn

Focus: Nordic mid-market buyout

Contact: Harald Mix

Address: Birger Jarlsgatan 14, SE-11434 Stockholm, Sweden

Tel: +46 8 678 9100.

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• Topics
• Buyout
• Nordics