Nordic Capital Fund VIII hits final close at €3.5bn hardcap

Launched in 2012, Nordic Capital's Fund VIII hit a first close on €1.7bn, exceeding its expected €1.5bn first-close target, in February 2013. The closing was announced at an investor meeting in London on 20 February.

Nordic Capital began marketing the fund in April 2012 and originally planned to raise approximately €3bn by the summer of 2013. More than 40 investors came in at first close. MVision acted as placement agent while Ropes & Gray was mandated as legal adviser.

Established in 1989, Nordic Capital has completed 10 exits, generated gross proceeds of €6bn for its LPs, and invested in 11 new portfolio companies since 2011, including the buyout of Unifeeder in April 2013.

Investors
Existing investors represent 64% of the committed capital in Nordic Capital Fund VIII. Investors include public and private pension funds, sovereign wealth funds, financial institutions, endowments and family offices as well as institutional investors in the US, Europe, Australia, Asia and the Middle East.

Nordic Capital said it attracted "significant" interest from new investors. More than 50% of the capital was contributed by public pensions and sovereign wealth funds, including new investors in Asia, the Middle East and the US.

Some of the investors in the new vehicle have supported Nordic Capital funds since the early 1990's.

Investments
Fund VIII will continue the strategy of Nordic Capital's previous vehicles, focusing on mid-market companies in the Nordic region and the rest of Europe. As with prior funds, a significant amount of the capital will be allocated to healthcare. The investment team will target controlling stakes.

People
Joakim Karlsson and Kristoffer Melinder are co-managing partners at NC Advisory, adviser to the Nordic Capital funds.

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