Accent Equity hits SEK 3bn target for 2017 fund

Nicole Tovstiga
11 October 2017

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Swedish lower-mid-market GP Accent Equity has held a final close for its latest investment vehicle, Accent Equity 2017, on SEK 3bn.

The fund held the final close on 9 October; a first close was held on 10 July on SEK 2.75bn after starting the fundraising process in May 2017.

It will follow a similar investment strategy to the firm's earlier fund, Accent Equity 2012, which closed on SEK 3.8bn in December 2011.

Decreasing the fund target size was a big decision as the majority of GPs are increasing their fund size, Accent CEO Niklas Sloutski told unquote".

The firm chose not to overfund the vehicle and instead structure the fund on market prospects. It was a case of trying to design the fund around a strategy and match dealflow and opportunities in the market, Sloutski said.

The vehicle is domiciled in Jersey, unlike the 2012 fund, which is an English limited partnership.

Accent Equity 2012 is currently 76% deployed, having conducted two exits and managing 16 portfolio companies. It is closed for new investments but remains open for add-ons.

The 2017 fund is the eighth fund raised since 1994, and the fourth under the Accent Equity name.

Investors
The GP marketed exclusively to existing LPs. From 2003, the firm has grown a Nordic and European LP base, including two US LPs, which have put capital into the latest fund. Of the investors, 40% are funds-of-funds and 60% are pension funds, family offices and foundations.

Approximately 25% of the total commitments came from investors in the Nordic region, 60% from the rest of Europe and 15% from North America and Asia.

Investments
The private equity house targets the lower-mid-market and small-cap segments, and invests exclusively in companies in Sweden, Norway, Finland and Denmark with an enterprise value of €20-50m.

Accent deploys equity tickets of €10-25m. As a generalist fund, it is sector-agnostic and seeks succession deals, as well as carve-outs from industrials and occasionally secondary transactions.

People
Accent Equity Partners – Niklas Sloutski (CEO).