European mid-market firm IK Investment Partners has hired Alireza Etemad as partner and co-head of its Stockholm office along with Kristian Carlsson Kemppinen, according to a statement.
Etemad will join the firm in October, leaving his role as global head of corporate finance at Sweden’s Skandinaviska Enskilda Banken. Prior to SEB, he was a management consultant at Booz Allen Hamilton in Stockholm and an investment banker at Credit Suisse First Boston in London, the statement said.
Helena Stjernholm – who was head of IK’s Stockholm office – will leave the firm at the end of August after 17 years, the statement said. Stjernholm will assume her new post of CEO and president at Swedish investment company Industrivarden in September, according to reports.
The firm is currently marketing its IK Small-Cap Fund targeting €250 million and is understood to have held its first close in June.
The new fund will invest in the lower mid market and differs in strategy from its existing vehicle, IK VII, a €1.4 billion, 2013 vehicle, which it is currently investing and targets buyouts.
IK focuses on opportunities in the Nordics, German speaking countries, France, Belgium and Luxembourg. The firm announced in June that it was exiting its investment in Canada’s Lucas Meyer Cosmetics, generating a 30 percent internal rate of return, as reported by Private Equity International.