Nordic newcomer Mimir launches special situations fund

The Nordic-headquartered firm was founded in 2016 by Erik and Jeff Bork, Henry Selenius and Joakim Notö, with the aim of investing in European mid-market special situations. In a statement, the firm stated its intention to address the gap in the market for an operations-focused special situations investor.

Mimir co-founder and managing partner Joakim Notö told unquote" the fund had seen strong demand from LPs and was raised in the span of approximately a month, through the founders' network. He declined to comment on the fund's specific size, but said it had closed hard commitments and has the ability to raise additional capital on a flexible or deal-by-deal basis.

Somewhat unconventionally, Mimir's fund is domiciled in Sweden using the common AB (LLC) company structure, with both fund and fund manager in the same structure. Notö said the choice to do so had been partly a result of the focus on transparency in the Nordic investment industry, as well as the fact a simple, local tax structure would make investing in government-operated companies easier.

The fund's lifespan is nine years including extensions. Notö said the vehicle does not follow the 2-8-20 model of traditional private equity funds, but declined to specify details beyond claiming Mimir's terms were more attractive to LPs.

Before founding Mimir, Notö spent nearly six years at private equity firm The Gores Group in London, before being tapped as managing director to head German GP Aurelius's Nordic office alongside future Mimir co-founder Erik Bork. The duo's co-founders Jeff Bork and Henry Selenius have backgrounds anchored in operational roles across Nordic corporates and industrials, though Jeff Bork spent four years as the CEO of listed Nordic fund-of-funds manager Nordic Access Buyout Fund (NAXS) from 2007-2011.

Investors
Mimir is backed by Nordic and international institutional investors, including Jeff Bork's former employer – Stockholm-listed fund-of-funds NAXS – as well as private companies.

According to a statement, NAXS has committed SEK 50m to Mimir's fund.

Investments
The fund can commit equity tickets of between €1-50m, with a sweetspot of €3-25m, Notö said.

Mimir will target acquisitions of companies with revenues between €30m and €2bn, across all sectors, though Notö noted the firm's team has particular expertise in pharmaceuticals, medical devices, heavy and light manufacturing, paper, software and technology hardware.

People
Mimir Invest – Jeff Bork, Erik Bork, Joakim Notö, Henry Selenius (co-founders, managing partners).

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• Topics
• Credit/Special Situations
• Nordics
• Sweden