Altor closes fourth fund on €2bn hard-cap

The Stockholm-based vehicle, which will have a lifespan of 15 years and be subject to onshore regulation, will focus on mid-market companies in the Nordic region.

The fund took just three months to raise from launch to close.

In 2008, Altor held a final close for Altor Fund III, also on its target and hard-cap of €2bn. The GP stated that its previous funds generated 20% returns for investors on average.

Monument Group acted as the placement agent for the fundraising, while Ashurst, Mannheimer Swartling Advokatbyrå and Ropes & Gray provided legal advice.

Investors
The majority of the GP's existing investors reupped into the latest vehicle, with 20% coming from Nordic investors.

Investors in Altor's previous fund included Harvard Management Company, Pantheon Ventures, Skandia Liv, AlpInvest Partners, Goldman Sachs Asset Management, Lansforsakringar Liv, SL Capital Partners, Allianz Private Equity Partners, Princeton University and Argentum.

Capital commitments came mainly from US university endowments, charitable foundations and pension funds.

Investments
Altor Fund IV's extended 15-year term is intended to allow the GP to invest in companies where a longer tenure period is required. It will primarily target private companies with revenues of €50-500m. Its investment mandate will also allow it to make minority investments in publicly traded companies and distressed debt.

People
Harald Mix is a partner at Altor. Hannu Ryöppönen will act as chairman of the fund while Ulrika Werdelin, Hans Henrik Klouman and Cecilia Lager will also sit on the board. Laurence Zage is managing director at Monument Group.

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• Topics
• Nordics
• Buyout
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