Nordic Fundraising Pipeline - Q4 2020

EQT IX launched in January 2020 with a €14.75bn target and a €15bn hard-cap. The fund was activated in July 2020, and is understood to have held a first close just before that. The GP said in its Q3 announcement that the fundraising has "materially concluded, but there will be a tail of fundraising into next year." The fund has made two platform investments so far and is 15-20% deployed, based on its target fund size.

Axcel VI was launched in December 2019 with target of €800m. A first close was held in February 2020 on around €507m. The GP was previously expected to hold a final close in Q4 but told Unquote that it will probably need to extend into Q1. The fund has made three platform investments so far.

CapMan Buyout XI was launched in 2018 and held a first close in June 2019 on €160m. The fund has a target of €250m. As of the end of October, the vehicle was expected to hold a final close in Q4 2020.

Equip Capital Fund I was launched in January 2019, and is targeting €150m. The vehicle has made six platform investments so far. It was previously due to hold a final close at the end of March 2020 but was understood to still be on the road as of May 2020.

Verso launched and held a first close for its third fund in May 2020. The fund has a €100m target and already raised €66m at first close. The GP told Unquote that it has added two more LPs since its first close, but said that fundraising has been slower than it would have been pre-pandemic. It was previously expected to reach its hard-cap by the end of 2020 but will now extend into Q1 of next year.

MVI's second fund held a first close on SEK 688m in June 2020 and is aiming to reach its SEK 1bn target by Q1 2021, the GP told Unquote. The fund has made two platform investment so far and is about 10% deployed.

CapMan's first special situations fund was expected to launch after Q3 2020. The GP told Unquote that it is "currently in discussions with potential LPs, which are going well. The deal pipeline is also developing well. First close will take place when the team has made sufficient progress on the first investment."

Norvestor VIII, registered in October 2018, has been activated, with the GP having acquired Kotkikatu through Norvestor VIII in June 2020.

Buyouts of Danish SMEs focusing on environmental or energy-improving technology and services

Danish PE firm Blue Equity’s second fund is almost fully invested, with the GP understood to be on the road for its third fund.

Small and mid-cap buyouts of northern European companies

Verdane's second buyout fund Verdane Edda II was registered in October this year. The fund's predecessor held a final close in March 2018, and was a little over 50% deployed in April 2020; the GP has since then made seven investments from the fund.

Open Ocean held a first close on its OpenOcean Fund 2020 at the end of October this year on €74m and is targeting €130m. The fund will invest in European founders building unique B2B software with a focus on data-intensive businesses.

CapMan Growth Fund II was launched in April 2020 with a target of €85m. It held a first close at €74m in July 2020. As of October 2020, it has exceeded its target of €85m, having raised €89m so far, and is expected to hold a final close in a few weeks, the GP told Unquote.

Danish growth investor VækstPartner Kapital announced its second fund in May 2019, at the same time holding a second close on DKK 350m. It was previously expected to hold a final close in April 2020.

Sparkmind.vc held a first close for its debut ed-tech fund on €40m in March 2020. The fund has a hard-cap of €60m and is on track to hold a final close in December 2020, the GP told Unquote.

Finnish venture capital firm Superhero Capital held a first close on €30m for its second fund in September 2020. The vehicle is targeting €40m and will remain open for new investors until the end of 2020, the GP told Unquote.