Herkules spinout Equip prepares fund launch

Oscar Geen
03 October 2018

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Three former Herkules Capital executives have launched a new private equity firm under the name Equip Capital, Unquote understands.

Former managing partner Sverre Flåskjer is leading the spinout and has given up his share of carry on Herkules' fourth fund, according to a source close to the situation.

Flåskjer is joined by former Herkules director Andreas Lysdahl and former Herkules partner Torkild Haukaas.

Equip Capital is expected to launch in the first quarter of 2019 and has enlisted placement agent Asante Capital to assist with its maiden fundraise, according to another source with knowledge of the matter.

The same source said that Herkules had a mixed track-record, describing the second fund as "good" while the third fund could not match that performance - but they added that the fourth fund was doing better than its predecessor. The GP closed its fourth fund on NOK 2.5bn (around €295m at the time) against a NOK 4bn (€710m) target in November 2014. Herkules Private Equity Fund III held a final close on NOK 6bn (around €700m) in October 2008.

Herkules is expected to launch its fifth buyout fund in 2020 with a target of around NOK 2.5bn, according to a third source.

Neither Herkules, Equip nor Asante returned requests for comment.