DevCo raises EUR 260m for fourth fund

The fundraising process took less than three months, the GP said in a statement. The fund surpassed its EUR 225m target.

The GP held a final close for DevCo Partners III in November 2019. The fund acquired a minority stake in quantum computing cooling system producer Bluefors in April 2021, investing alongside the company's management.

DevCo acquired energy valve specialist Vexve in 2016 via its first vehicle, rebranding the company as Vexve Armatury Group following an add-on in the Czech Republic in 2019. The GP acquired in vitro diagnostics reagents producer Medix Biochemica in 2018 via its second fund.

The GP has a 12-strong investment team and is headquartered in Helsinki.

Investors
New LPs in the fund include selected institutional investors and private investors, according to a statement. Its LP base includes Antti Herlin, Georg Ehrnrooth and Ilkka Paananen, as well as institutional investors such as Kuntien Elakevakuutus (Keva), Ver Capital, Varma Partners, Ilmarinen Mutual Pension Insurance Company, Rettig Group, OP Financial Group and fund-of-funds manager Argentum. The majority of LPs are from Finland, although several are from other Nordic countries.

Investors in DevCo III include Finnish pension funds Keva and Ilmarinen, as well as Argentum and Finnish public fund Tesi, according to Unquote Data.

Investments
Continuing the strategy of its previous vehicles, the capital raised for DevCo IV will be used to acquire a single asset operating in a niche international market. The GP intends to invest in a Finland-headquartered mid-sized company with revenues in the EUR 50m-500m range, growing the company via a buy-and-build strategy and operational support, with a long-term investment horizon.

People
DevCo Partners – Juhani Laakso (partner).

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