Four Seasons closes fund V

The Norwegian venture firm has raised $125 million to invest in secondary direct transactions.

Four Seasons Ventures, the Norwegian technology investor, has held a $125 million (€106 million) final close of its fifth fund Four Seasons Venture V, according to Private Equity Week. The firm has described it as the first European fund focused on secondary direct transactions.

Lars Thoresen, managing partner, Four Seasons Management

The Oslo-based firm originally set out to raise between $75 million and $100 million for the fund, which held its first close in June. It will be managed by managing partner Lars Thoresen and co-founding partner Knut Frigaard, and will specialize in direct secondary deals.

The largest single investor in the fund is reportedly Landmark Partners, the Connecticut-based secondary firm. Other investors with commitments of more than $12.5 million are Swedish public pension group Third AP Fund, Norwegian fund-of-funds firm Argentum and French private equity group Natexis Private Equity Opportunities.

The firm could not be reached for further comment.

Four Seasons invests in growth companies within the technology and telecommunication industries and manages funds of NOK 1,42 billion (€182 million; $214 million). Since its inception in 1985 it has managed more than 150 companies.