Norum holds first close for Russian fund

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Norum Private Equity Advisors Ltd, a private equity firm focusing on investments in Russia, has announced the first close of its new fund, Norum Russia Fund III, on EUR56m. Total commitments of EUR95m have been received from existing investors. Commitments for the first closing were raised from international and Nordic investors such as the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), FMO (the Netherlands), DnB NOR Bank (Norway), SITRA, Innovation Norway and the partners of Norum.

EBRD, DnB Nor Bank ASA and SITRA have been major investors and supporters of Norum's prior funds, EBRD North West and West Russia Regional Venture Fund I & II.

The fund will make investments in fast growing Russian SMEs within the consumer, services and manufacturing sectors. Investments will be allocated as growth capital to private companies with experienced and committed management, as well as a proven track record and good transparency. The average size of investments will be EUR5-15m.

The Norum team has built a strong local network over 11 years in Russia. Managing the previous funds with total capital of $88m, the team has made 24 investments, exited fully or partially from 16 companies with good value creation and has a strong portfolio.