Insurance group Gjensidige has acquired a 30% share of the investment portfolio of nine funds from the Norwegian government-owned fund-of-funds Argentum for around NOK600m. Argentum has committed more than NOK1.8bn to these funds. The acquisition is part of Gjensidige’s strategy to increase its exposure to private equity.
The sale follows an auction structured by Pareto Private Equity. Including realisations, Argentum has achieved an annual IRR of 40%.
The acquisition enables Gjensidige to gain an attractive position in the Nordic private equity market. Finn Anonsen of Gjensidige says: “We would like to develop our private equity exposure, and this deal gives us an immediate exposure to a diversified portfolio of high quality funds.”
The deal involved the following funds: CapMan VII A LP, Convexa Capital IV AS, Energivekst AS, Energy Ventures, FSN Capital II LP, NeoMed Innovation IV LP, Norsk Vekst Private Equity IV LP, Northzone Ventures IV KS, Teknoinvest VIII KS.