Eqvitec holds first close of Mezzanine Fund III

01 October 2008

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Fund

Eqvitec Partners has held its first close of Eqvitec Mezzanine Fund III at EUR64m. The target size of the fund is EUR100m and the GP expects further commitments in the near future. The fund has a 10-year life span with the usual extensions. No information on management fees, carry or GP contribution was disclosed. The fund was advised by Andulf Advokat, but did not use a placement agent.

Investors

In the first closing primarily Nordic institutional investors participated, including pension funds, insurance companies, private and public institutions and companies. Both new and existing investors from previous funds invested. Among them were Nordic Investment Bank, Finnish Industry Investment, Pohjola Private Equity Funds' Selected Mezzanine Funds I Ky, Suomi Mutual Life Insurance Company, OP Life Insurance Company, Pension Fennia, Sitra and Rautaruukki Pension Fund.

Investments

The new vehicle will serve private equity firms and other equity providers in their financing needs. The focus is on small to medium-sized companies in the Nordic countries with an emphasis on buyouts, recapitalisations and financing transactions supporting organic and acquisitive growth. Investments will range from EUR3-15m. Eqvitec aims to include a warrant or other form of equity component in all investments from the fund. To date, one investment has been made: in the Swedish company Keycast AB.

People

The fund is managed by Eqvitec's mezzanine team which is led by senior partner and head of mezzanine, Pertti Nurmio.

Name: Eqvitec Mezzanine Fund III

Closed on: EUR64m

Focus: Nordic small- to mid-market

Contact: Pertti Nurmio

Address: Eqvitec Partners Oy, PO Box 148 (Fabianinkatu 8), FIN-00101 Helsinki, Finland

Tel: +358 20 78 9800

Advisers: Andulf Advokat AB.