Nordea Private equity, the private equity arm of Nordea Asset Management, has had a second closing of its first fund-of-funds at euro180 million. The Thematic Fund of Funds I K/S launched last May and is due to close next month.
Eleven Nordic institutions have committed to the fund and it has already invested in ten funds including seven US-based vehicles and three European funds. Two thirds of the capital is allocated to buyout funds while the remaining third is in early and later stage venture capital funds.
The fund marks Nordea’s first foray into private equity. Ole Jacobsen, head of Nordea Investment Management, said: “We have seen strong demand for investments in alternative assets among our institutional clients. The Nordea Thematic Fund of Funds I K/S creates an excellent opportunity for exposure to the global private equity market. By investing in a variety of markets and at different stages, our clients obtain appropriate diversification in their private equity asset portfolios.”
In the Nordic region, the fund will have a particular focus on IT and biotech funds as well as buyout funds with a proven track record. Nordea Private Equity was advised by Hamilton Lane, providing the firm with access to over 25 experienced investment professionals as well as an extensive network and a due diligence unit.
Nordea Private Equity was founded in the autumn of 2000 and is the private equity arm of Nordea Investment Management, a Nordic investment adviser to institutional clients.