
Viking Venture III reaches NOK 530m first close
Fund
Viking Venture has held a first close of its new fund, Viking Venture III, on NOK 530m. The hard cap of the vehicle is NOK 750m. The fund employs a 10+1+1 structure and has a four-year investment period. Viking Venture III follows Viking Venture II which closed on NOK 360m and is now fully invested in 11 companies.
Schjodt assisted with legal advice for the fund.
Investors
Investors in the fund include Argentum which invested NOK 75m; Formuesforvaltning, Gjensidige Forsikring, Jebsen Asset Management, DnB Nor, Sparebanken Midt-Norge, and private investors based in Trondheim and Oslo. The minimum subscription was set at NOK 5m and GP contribution totalled NOK 7.5m.
Investments
The vehicle is looking to make investments in early-stage technology companies within ICT, oil and gas, and materials and cleantech for up to NOK 75m per transaction or a maximum of 15% of the fund in one single investment. The fund will make investments from NOK 500,000 to NOK 40m in a first round of investing. The vehicle will make 10 to 15 investments during its lifespan.
People
Managing partner Erik Hagen leads the team of five investment professionals who will be responsible for managing the fund.
Name: Viking Venture III
Target: NOK 525m
Closed on: NOK 530m
Focus: Early-stage
Contact: Erik Hagen
Address: Viking Venture AS, Beddingen 8, 7014 Trondheim, Norway
Tel: +47 73 60 01 90
Fax: +47 73 60 01 95
Advisers: Schjodt (Legal).
Latest News
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
Permira to take Ergomed private for GBP 703m
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater