FSN closes first dollar fund on $720m

The Nordic buyout firm’s fifth vehicle held a close after nine months of fundraising.

FSN Capital has closed its fifth fund FSN Capital V on $719.52 million, according to a filing with the Securities and Exchange Commission from Tuesday.

FSN Capital V was launched in November 2015 with an undisclosed, according to PEI Research and Analytics. The fund held a close on 17 June, but the amount raised at that point was undisclosed, according to a previous SEC filing. 

Oslo, Norway-based FSN Capital did not respond to a request for comment. 

FSN Capital V is FSN Capital's first dollar denominated fund. The firm's first three funds are Euro denominated while the fourth fund is Swedish Krona denominated. 

US-based endowment the University of Michigan invested SKr290 million ($34 million, €30.6 million) in Fund V, according to an approval by the Board of Regents from 16 June. 

Limited Partners for FSN Capital V also included Altamar Capital Partners and CNP Assurances.

The predecessor fund FSN Capital IV, held a close on SKr5.3 billion in 2013, above its target of Skr5 billion. Limited partners in Fund IV include Pennsylvania State Employees' Retirement System, Finnish Industry Investment and Argentum Asset Management, among others. 

Fund IV has invested in eight portfolio companies which have not been exited. The latest portfolio company, acquired by Fund IV from July 2015, is Swedish mechanical seal manufacturer Roplan International. FSN Capital III held a close on €375 million in 2008, above its €300 million target. Five of ten portfolio companies for the fund have been exited.

Oslo-Norway-based FSN Capital was founded in 1999 and has €1.14 billion in assets under management. The firm is an active buyout investor in Northern Europe and focuses on investments in companies operating in Sweden, Norway and Denmark with enterprise values between €50 million to €200 million, according to PEI Research and Analytics. 

Campbell Lutyens & Co. Inc. was the placement agent for the fund.