IK taps re-ups for ‘substantially oversubscribed’ Small Cap II

IK Investment Partners has held the final close on its second small-cap fund after commitments from existing limited partners drove the vehicle to its €550 million hard-cap.

IK Small Cap Fund II also attracted LPs from IK’s flagship buyout vehicles, partner Kristian Carlsson Kemppinen told Private Equity International. The “substantially oversubscribed” fund was fully allocated within a month of IK releasing its data room in October, he said.

More than two-thirds of Fund II’s commitments are understood to have come from European LPs, including Aberdeen Standard Investments, Ardian and Pantheon, according to a source with knowledge of the fund.

Kemppinen declined to comment on IK’s LPs.

The firm made a €50 million commitment to Fund II from its own balance sheet, he noted. IK had made a similar commitment of around 10 percent to its debut small cap vehicle, a €277 million 2015-vintage.

Fund II will seek to make 15-18 investments within Benelux, DACH, France and the Nordics, Kemppinen said. The firm appointed Sander van Vreumingen as a partner responsible for IK’s Benelux Small Cap team in November following the launch of an Amsterdam office last year.

IK will continue growing its small- and mid-cap teams across its offices, Kemppinen added.