Altor Equity Partners, the Nordic buyout house, has closed its second fund on €1.15bn; almost double the amount of its first fund. The new fund has over 50 investors, including Harvard Management Company, Princeton University, Goldman Sachs Private Equity Group, Pantheon, AlpInvest, Länsförsäkringar Liv, Skandia Liv, Allianz Private Equity Partners and Standard Life Investments (Private Equity).
A quarter of the LPs come from the Nordic region, with European investors making up 25% and US investors the remainder. Base commitments make up €900m, with €250m coming in the shape of top-up commitments.
The fund will continue the same investment strategy as its predecessor, namely targeting medium-sized companies in Denmark, Finland, Norway and Sweden.
Harald Mix, founder and partner at Altor Equity Partners, said: “The fact that practically all Fund I investors have chosen to invest with us again is proof that we have delivered on our original strategy. In addition, a selection of new reputable investors have committed to this second fund. It is also positive to note that because demand for the fund was so great, the fundraising process only lasted two months, a significantly shorter period of time than anticipated.” Altor’s Fund I closed in May 2003 on €650m. To date it has invested in 12 companies.
Helix Associates Limited of London and Monument Group of Boston acted as placement agents.