Prudence - the measure of virtue

In the final months of 2008 Icelandic pop star Bjork launched a venture fund; CapMan held a first close of its ninth buyout fund; and Danish private equity house Odin Equity Partners held a final close on EUR210m, surpassing its target of EUR200m. CapMan has not disclosed a target for its fund, and perhaps rightly so. Prudent expectations are no longer optional, as many LPs plan to limit commitments in 2009 (report on page 13). Some optimism remains though - a sentiment survey by Almeida Capital suggests that investors are still favourable towards small- and mid-market funds.

This bodes well for the Nordic region, as the majority of deals are done in this segment, and represents a greater significance to the region's overall dealflow relative to the average in Europe, as shown in an extended survey of the Nordic mid-market conducted by IE Consulting (pages 16-19).

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