Polaris heads for final close for fifth fund

Polaris Private Equity V is expected to hold a final close in December 2021 and has already reached its EUR 550m target, the same source said.

Polaris declined to comment.

The fund was registered in 2019. It has made five deals to date, the most recent of which was the acquisition of a majority stake in shipping, shipyard and engine products manufacturer G&O Maritime Group from Erhversinvest.

The vehicle's other platform investments include corporate financial consultancy North Group, which the GP formed in April 2021 via the combination of four Danish businesses. Polaris acquired Sweden-based online activewear retailer Stronger in May 2021.

Copenhagen-headquartered Polaris invests in Nordic mid-market companies with a turnover of EUR 20m-150m. Polaris Private Equity IV held a final close in October 2016 on DKK 3.3bn (EUR 444m). The fund invested in companies with enterprise values of DKK 300m-750m (EUR 40m-100m) and revenues of DKK 175m-1.5bn (EUR 24m-200m).

The firm's recent exit activity includes the sale of IT consultancy ProData Consult to Axcel in July 2021.

Polaris launched Polaris Flexible Capital to invest in junior debt and minority equity in May 2021, as reported. The GP is aiming to raise DKK 1bn (EUR 134m) for the fund, which will generally invest DKK 50m-250m (EUR 7m-27m) per deal.

The GP made hires across its investor relations and investment teams in August 2021, as reported.

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