FSN hits SEK 5.25bn final close

The fund was oversubscribed, with an initial target of SEK 5bn (€565m). The capital was raised in just nine months as FSN issued its private placement memorandum in March. The fund reached a first close in July and was concluded for all but one investor by the end of September.

Its predecessor, FSN Capital III, closed on €375m in June 2008 and was also oversubscribed, exceeding its €300m target in less than nine months, according to unquote" data.

Campbell Lutyens acted as placement agent for the vehicle, while Simpson Thacher & Bartlett and Carey Olsen provided legal advice.

Investment
The fresh fund will continue to invest according to FSN's established strategy, by targeting controlling stakes in buyout transactions of mid-market companies in Sweden, Denmark, Norway and Finland. It will seek companies with enterprise values of between SEK 400m-2bn, across a wide range of sectors.

Investors
The fund received commitments from public and private pension funds, insurance companies, sovereign wealth funds, foundations, endowments, government agencies, asset managers, banks and funds-of-funds.

FSN broadened its geographical reach for this fund, collecting contributions from new LPs in Asia, Australia, Canada and the US. More than 20% of commitments came from the US, 14% from Asia Pacific and 30% from Europe (excluding the Nordic region). The Nordic LP community was the largest contributor, committing the remaining 35% of capital raised.

People
Frode Strand-Nielsen is managing partner at FSN.

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• Topics
• Fundraising
• Nordics
• Buyout
• FSN Capital
• Campbell Lutyens