Segulah attracts new investors

AB Segulah, the Stockholm-based private equity firm, recently announced the first and final closing of its latest fund, Segulah III. The fund closed on €250m, attracting interest from new and existing investors for an oversubscription that exceeded four times.

Segulah decided from the outset to cap the fund at €250m, as the partners considered this to be the right size for the firm’s lower mid-market strategy.

Of the funds raised from new investors, half of the commitments came from US and Asian sources, the other half coming from European investors outside the Nordic region.

New investors included AlpInvest, BP Pension Fund, JP Morgan Fleming Asset Management, Massachusetts Institute of Technology (MIT), Wilshire, and an Asian government investor. Returning investors included Access Capital Partners, Adams Street Partners, Adveq, Horsley Bridge International, and Partners Group.

Segulah III will make control investments in Nordic companies with a turnover of between €20m and €220m, and a maximum equity value of €35m. It aims to double earnings within three to five years.

“This is a very satisfying result. We set out at the beginning of the fundraising with the clear goal of adding a defined group of long-term, international investors to the existing investor base,” said Gabriel Urwitz, chairman of AB Segulah.

MVision Private Equity Advisers acted as global placing agent. SJ Berwin acted as legal counsel to Segulah and Testa Hurwitz & Thibeault was the legal adviser in the US.