IK VII Fund holds final close at €1.4bn

The fund launched in December 2011 and hit a first close at €1bn in March 2012. Initially the fund had a €1.7bn target. Campbell Lutyens acted as global placement agent and Macfarlanes was legal adviser.

IK has made three investments from the IK VII Fund during the last four months: Veritas Petroleum Services, an inspection services group for the maritime and power sectors; Dutch-based offshore energy servicer Ampelmann; and Hansen Protection, a provider of specialist survival suits for extreme weather conditions and provider of rental transport suits to energy companies in Norway.

IK's previous vehicle, IK 2007 Fund, held a final closing in October 2007 at €1.7bn. The performance of IK's previous fund has been mixed. Last month IK exited Hansa, a German sanitary fittings maker to Finland-based Oras, reaping 2.7x return on its original investment. However, IK's portfolio company Flaberg filed for insolvency in April, despite IK having refinanced the company twice. IK also tried to exit Nordic healthcare provider Attendo and Schenck Process in 2012 to no avail.

Investors
IK VII Fund attracted existing investors as well as 16 new investors, including Alberta Teachers Retirement Fund, Dansk Vækstkapital, HarbourVest, Hermes, MetLife Investments, Minnesota State Board of Investment, SL Capital Partners and Varma. The investors are based in Europe, the US and Asia.

Investments
IK's seventh fund will continue the same strategy as previous vehicles, making majority investments in medium-sized companies across the Nordic region, DACH, France and Benelux. 

People
Detlef Dinsel is a managing partner at IK.

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• IK Investment Partners