Nordic private equity fund advisor Proventure has signed an asset management agreement with the Pohjola and Suomi insurance group to take over the management of its private equity portfolio with effect from January 1, 2004. This will bring Proventure’s total funds under management to around €1bn.
The agreement comprises commitments in some 80 private equity funds in Europe and the US for a total amount of around €600m. Proventure also has a discretionary mandate to make new investments on behalf of Suomi for an additional amount of €200m in the next two years.
Timo Hukka, investment director of the Suomi Group, said: “By concentrating the management of our private equity activities in the hands of Proventure, we are seeking to enhance the efficiency and profitability of our private equity programme.”
Proventure will employ two new investment directors. Ari Jauho and Samuli Sipila, both with experience in private equity investing, will join as partners.
Proventure also advises two European private equity fund-of-funds: the First European Fund Investments and European Fund Investments II.