MVI holds first close on MVI Fund II on SEK 688m

The GP started meeting investors for its second fund in the autumn of 2019, shortly after its first fund, MVI Fund I was almost fully deployed, retaining some money for add-ons acquisitions.

The fund has a target of SEK 1 billion and has already surpassed the SEK 500m raised by its predecessor, which held a final close in March 2016.

Elm Capital is acting as the exclusive global placement agent for the fund.

Stefan Karlsson, parter at MVI, told Unquote that there will be no major differences between the two funds, except that the first fund made six platform investments and that the second fund will aim to make 8-10 investments.

The GP expects to hold a final close in autumn 2020. It said it could hold an interim close depending on how the process develops.

Investors
The fund consists of new and existing investors. While EIF is the cornerstone investor for the fund, other LPs investing in the fund are based mainly in the Nordic region, and so far consist of many small investors such as industrialists and family offices "committing small amounts but helping a lot in our business model," said Karlsson.

Karlsson said the GP has committed “significantly” to the fund but declined to say how much.

Investments
The vehicle will have a holding period of six to seven years and will continue to focus on buyout investments in the Nordic region and follow a buy-and-build strategy, similar to the first fund.

The GP has no sector focus, and has historically invested in B2B and B2C businesses in e-commerce, healthcare and engineering companies. However, Karlsson said: “Given the Covid-19 situation, that changes our scope a bit as it does for everyone else. It’s become a major factor." 

The GP is looking sign its first investment over the summer and close it later in the year.  

People 
MVI - Stefan Karlsson (partner). 

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