Final close for HitecVision

HitecVision Private Equity has reached a second and final closing of its new fund, HitecVision Private Equity IV. Capital commitments have reached the fund’s hard cap of US$300m, exceeding the original target of US$200m. The fund, which is one of the largest ever raised in Europe targeting the oil and gas sector, will make controlling-stake investments in companies in Europe and North America. Investments from the fund will be allocated to buyout and growth capital investments, typically between US$15m and US$50m prior to leverage.

Since its first closing in January, the fund has invested 20% of its total commitments in two transactions: the public-to-private acquisition of Technor and a growth capital investment in Vector International.

The largest investors in the fund include Argentum Fondsinvesteringer, Nordea, Vital, Tredje AP-Fonden (AP3), Gjensidige, Storebrand, and KLP Forsikring; several family offices, and HitecVision Private Equity itself. Investors who also invested in HitecVision’s previous fund have committed the bulk of the capital. The fund has also attracted new investors from Sweden, Denmark and Finland.

Ole Ertvaag, HitecVision’s CEO, says: “When we started our investor presentations, we had a target for the fundraising of US$200m. With commitments reaching our hard cap of US$300m, the investor response has been overwhelming.”

HitecVision Private Equity’ prior fund, Energivekst, has invested in nine companies in the oil and gas industry in Europe and the US since 2002. Two of these, Revus Energy and APL, were fully exited in 2005, through successful IPOs on the Oslo Stock Exchange. A third portfolio company has filed for an IPO later in 2006.