Pohjola mezzanine fund-of-funds closes at EUR70m

Fund

The private equity arm of the Finnish bank Pohjola has held a first closing of its fund-of-funds Selected Mezzanine Funds I on EUR70m. The closing represented almost half of the hard cap of EUR150m. The fund's minimum subscription is EUR1m and the investment period is five years, due to direct co-investments. Fund commitments are expected to be completed within the first two years. The fund is expected to hold a final close in June 2009. Pohjola introduced its fund-of-funds to the German market for the first time this year where they were advised by placement agents MNB Nick & Beteiligungen. Pohjola's first fund of funds, Selected Private Equity Funds I, closed on EUR128.6m in June 2008, and is currently 65% committed and expected to be fully committed by the end of 2009.

Investors

The fund has received commitments from 10 institutional investors from Finland and Europe. One of Finland's largest pension funds represents the most significant commitment to the fund with EUR25m.

Investments

The fund will primarily invest in European mezzanine funds, but also make direct co-investments. It aims to commit to between 5-10 funds. Three commitments have already been made from the fund, among them a subscription to Syntaxis European Mezzanine Fund I. Target fund commitments are EUR10m each, and for co-investments the maximum amount is 7.5% of the fund. The fund is about to make its first direct co-investment from the fund with EUR4m of capital.

People

Samuli Sipila is the primary manager of the fund.

Name: Selected Mezzanine Funds I

First close: EUR70m

Focus: Mezzanine

Contact: Samula Sipila

Address: Etelaesplanadi 12, 00100 Helsinki, Finland

Tel: +358 10 252 7196

Email: samuli.sipila@pohjola.fi.

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• Topics
• Mezzanine
• Nordics