FSN Capital III closes on EUR375m

01 July 2008

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Fund

FSN Capital Partners has closed its third fund, FSN Capital III, on EUR375m, exceeding its EUR300m target. The fund was substantially oversubscribed and employs a 10+1+1 structure, with its terms and conditions described as industry standard.

FSN Capital initiated the fundraising process in late October last year with Park Hill assisting as the fund's placement agent. Clifford Chance and Bedell Cristin acted as legal advisers. The fund's predecessor, FSN Capital II, closed on EUR151m in January 2006 (March 2006, page 7).

Investors

Over 80% of the raised capital came from international sources with commitments from investors in the Nordics, Switzerland, Germany, the Netherlands, the UK, the US and the Middle East. The investor base consisted of private and public pension funds, endowments and foundations, funds-of-funds, banks, insurance companies, family offices and private trusts.

Investments

The vehicle is looking to invest in companies with enterprise values ranging between EUR50-200m. It has the mandate to make international acquisitions, but will primarily focus on Nordic deals. Target companies are in non-cyclical sectors with significant growth potential in their segments. Markets with consolidation potential are also favoured by FSN Capital and it will make significant add-ons for its platform companies, both in the Nordics and internationally. During the vehicle's lifespan, the fund plans to make 12-15 investments; significantly more than its predecessor, FNS Capital II, which acquired eight companies.

People

The fundraising process was coordinated by managing partner Frode Strand-Nielsen, partner Henrik Lisaeth and COO Ranghild Skjaevestad. FSN's management team consists of 12 Scandinavian investment professionals and the firm has offices in Oslo and Stockholm.

Name: FNS Capital II

Target: EUR300m

Closed on: EUR375m

Contact: Henrik Lisaeth

Address: FSN Capital Partners AS, Akersgaten 20, NO-0158 Oslo, Norway

Tel: +47 24 14 73 00

Fax: +47 24 14 73 01

Advisers

Park Hill (Placement agent); Clifford Chance (Legal): Bedell Cristin (Legal).