Stockholm-based private equity firm, Segulah has announced the first and final closing of Segulah III. The fund has closed on €250m and was more than four times oversubscribed.
Segulah III has attracted a number of new investors, as well as strong support from existing investors. Of the funds from new investors, half the funds came from US and Asian investors with the other half coming from European investors outside the Nordic region. Notable new investors included AlpInvest, BP Pension Fund, JP Morgan Fleming Asset Management, Massachusetts Institute of Technology (MIT), Wilshire and an Asian government investor. Existing investors include, among others, Access Capital Partners, Adams Street Partners, Adveq, Horsely Bridge International and Partners Group.
Segulah III will be targeting Nordic companies with a turnover of between €200m and €2bn and a maximum equity value of €35m with the aim of doubling earnings within three to five years.
MVision Private Equity Advisers acted as global placing agent, SJ Berwin acted as legal counsel and Testa Hurwitz & Thibeault was legal adviser in the US.