Expanding horizons

01 July 2008

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With Western markets bruised and battered from the credit crunch, coupled with rising inflation and slower growth, buyout and venture funds are spreading their wings to emerging Europe, where the markets have largely escaped the global gloom. This was recently discussed at the unquote" CEE Private Equity Congress in London, where triple-digit IRRs and billione-Euro funds were celebrated

Nordic GPs have taken note: CapMan has paved the way for its expansion East by acquiring Norum, a Russian buyout house (page 12). By doing so, CapMan will gain a platform from which it can effectively make the leap into the CEE region and enhance its own portfolio of future top performers.

Other Nordic GPs, including venture, could follow suit. With the education levels very high in CEE, a new generation of super entrepreneurs could tempt Nordic venture capitalists. However, even if the benefits are clear, expanding into new geographies also bears new risks. Hence, teaming up with a local expert is a prudent move by CapMan, and may be the first of other consolidation moves in the future.

Finally, this is my last issue as editor of Nordic unquote". I have truly enjoyed following the Nordic venture and private equity market during my tenure as editor. Throughout the turbulence in the global financial markets, the Nordic region stands out as a place where winning groups continue their strong fundraising momentum and deal-doing remains robust compared to other markets in Europe. I fervently believe that the asset class will continue to gain an even stronger foothold in the regional markets in the future.

It has been a privilege to meet all of you and I would like to thank the various teams that have been nothing but forthcoming and whose level of dedication and professionalism has been superb. I am confident that the new editor, Rikke Lilla Eckhoff, will continue to deliver top quality news that ensures Nordic unquote" remains a "must read".

Yours sincerely,

Linn Ronning

Nordic Editor, unquote"

Tel: +44 20 7484 9824

linn.roenning@incisivemedia.com.