Pohjola surpasses EUR100m target for fund

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Fund

Pohjola Private Equity Funds, a part of the Finnish banking group Op-Pohjola, has held a final close of its mezzanine fund-of-funds Selected Mezzanine Funds I on EUR102m, surpassing its EUR100m target.

The fund launched in April 2008 and held a first close in June 2008 on EUR68m. The vehicle has a hard cap of EUR150m. The investment period for fund commitments is two to three years, or up to five years for co-investments, while the fund's lifespan is 13 years. Nordic law firm Hannes Snellman advised on the fund structuring.

Investors

Commitments came from a broad group of Finnish institutional investors.

Investments

The fund-of-funds aims to make six to eight fund commitments, primarily in Europe, each with about EUR10m tickets; and 5-10 co-investments at EUR2-7m per transaction, totalling no more than 40% of the fund size. Three fund subscriptions have already been made: to the latest mezzanine funds of Eqvitec, Syntaxis Capital and Euromezzanine, as well as two co-investments in Europe.

People

Pohjola Private Equity Funds has a team of eight private equity professionals investing and managing the total assets under management of EUR1.5bn.

Name: Selected Mezzanine Funds I L.P

Closed on: EUR102m (September 2009)

Focus: Mezzanine, fund-of-funds and co-investments

Contact person: Managing Director Samuli Sipila

Address: Etelaesplanadi 12 Helsinki, Finland

Tel: +358 10 252 7196

Advisers: Hannes Snellman (Legal).