AAC Nordic targets €150m for debut fund

The firm, which was formerly the Nordic team of ABN AMRO Capital, is trying to collect €150m for its maiden fund.

AAC Nordic, a spin-out of ABN AMRO Capital Partners, is attempting to raise its debut fund, according to a source familiar with the firm’s fundraise. 

It is understood AAC Nordic is trying to collect €150 million for its maiden fund. 

At press time AAC Nordic did not respond to a request for comment. 

AAC Nordic acquires control stakes in mid-market companies in Scandinavia. It leads buyouts with enterprise values of up to €150 million, according to the firm’s website. AAC Nordic has “substantial private equity investment experience”, the firm said on its website. The majority of the team has been investing together since 2002. 

“The Nordic is [a] well followed [region] and there’s a lot of capital chasing an exposure to the Nordic segment. I suspect there may be some interest. The main question will be whether they will be able to attract local LPs. They may get some interest from US or global players looking for access to the Nordic region,” one source told Private Equity International

AAC Nordic, AAC Capital UK and AAC Capital Benelux, spun out of ABN AMRO following the takeover by an RBS-led syndicate in September 2007. But while the AAC teams have an established track record from their time at AAC Capital Partners, it is understood they face an uphill battle in raising their maiden funds. “Those spin-outs from that network have not had an easy time in raising money,” the source said.   

AAC Capital UK had collected $25.6 million on a target of $643 million, according to a SEC filing as of July 2011. Last year several UK media reported that AAC Capital UK had abandoned plans to raise a fund and was likely to wind down in the next five years.  At press time, the firm did not respond to a request for comment. 

AAC Capital Benelux had attracted €45 million for its maiden fund since May 2011, according to a filing with the US Securities and Exchange Commission as of 13 January 2013. The goal of the fund was undisclosed, but it is understood that it will not target more than €500 million. 

While the Nordic, UK and Benelux teams are operating independently, they still work together on the funds raised by AAC Capital Partners. The collective teams have approximately €1.7 billion under management across two funds, AAC Capital NEBO Fund I, a €653.3 million 2007 vintage, and AAC Capital NEBO Fund II, a €964.5 million 2009 vintage, according to Private Equity International’s Research & Analytics division.