Nordic Capital X reaches final close on €6.1bn

Nordic Capital X was launched in April 2020, with the GP raising the capital entirely remotely.

The vehicle, which was oversubscribed, had already surpassed its target of €5bn when it held a first close in August. It went on to exceed its €5.75bn hard-cap, once taking the GP commitment into account.

The GP committed 6.5% of its own funds to the vehicle, which is larger than its €4.3bn 2018 predecessor, Nordic Capital IX.

The fundraising was led by Nordic Capital's in-house investor relations team. 

Rede Partners acted as the global placement agent for the fundraise, alongside Transpacific in Asia, and Ameris in South America.

The GP's legal advisers were Kirkland & Ellis as the lead legal counsel, supported by Carey Olsen in Jersey and Arendt in Luxembourg.

Investors
The new fund is made up of new and existing investors, with 34% of commitments from new investors. Of the capital raised by Nordic Capital X, 90% came from Nordic Capital IX LPs re-upping. 

LPs in Nordic Capital IX include Washington State Investment Board, Minnesotta State Board of Investment, Massachusetts Pension Reserves Investment Management Board, Aberdeen Standard Investments, and Canada Pension Plan Investment Board. 

The vehicle saw commitments from investors from every continent, including 38% from North America, 27% from Europe, 17% from Asia, 15% from the Middle East and 3% from the rest of the world.

Public and private pension funds comprise around 49% of the LP base, sovereign wealth funds around 16%, funds-of-funds 13%, financial institutions 11% and endowments and family offices making up around 10%.

Investments
Nordic Capital X will be invested across Europe, with a mandate for global investment in healthcare, and a smaller global mandate for technology and payments businesses.

The GP made its first investment from the fund last month, when it acquired a 70% stake in software company Siteimprove for around €500m. 

People
Nordic Capital – Pär Norberg (head of investor relations); Kristoffer Melinder (managing partner).

This article was updated on 02 October to amend a mistake referring to €6.1bn as the fund's hard-cap

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