Armada reaches first close for mezz fund

The vehicle has a €100m target and a hard-cap of €150m.

In 2010, Finnish venture and growth investor Eqvitec sold its mezzanine operations to new mezz lender Armada, led by former head of mezzanine at Eqvitec Pertti Nurmio.

Armada manages three mezzanine funds with a capital base of around €220m. The company has offices in Helsinki and Stockholm.

Investors
Eight institutional investors have committed to the fund including European pension funds, insurance companies and public organisations. The LP base also includes the European Investment Fund, Finnish State Pension Fund, LocalTapiola General and Life, Finnish Industry Investment, Tradeka-Invest and Sonera Pension Fund.

Investments
The vehicle will continue the investment strategy of Armada Mezzanine Fund III, seeking investment opportunities across the Nordic region in sponsored mezzanine, unitranche and other debt transactions. Deals in the lower mid-market will be sought.

The vehicle will also consider sponsorless transactions.

People
Pertti Nurmio, Ilkka Santti and Jan Wiklund are partners at Armada.

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• Topics
• Nordics
• Mezzanine
• Finland
• Sweden