IK VII Fund hits 75% threshold

The European mid-market firm’s latest investment from its flagship fund comes as it continues to amass capital for its debut small-cap vehicle.

IK Investment Partners’ seventh fund is 75 percent invested following the acquisition of IT services company TeleComputing, it is understood.

The firm is acquiring the IT operator and outsourcing company from Norwegian investment company Ferd Capital for an undisclosed amount. TelComputing has 850 small and medium sized enterprise corporate customers in the Nordics which it serves from its locations in Norway, Sweden and Singapore.

IK VII Fund is a €1.4 billion, 2013-vintage vehicle with commitments from investors including Idinvest Partners, the New York State Teachers’ Retirement System, SL Capital Partners, Graphite Capital and Hermes GPE, according to PEI Research & Analytics.

The firm could start thinking about its next flagship vehicle once it is finished raising its small-cap fund, a market source speculated.

Its first small-cap vehicle targeting €250 million is on track to close early this year, it is understood. It held its first close in June last year on more than €100 million. The fund has made three investments, including in Danish kitchen manufacturer TCM Group in December, as reported by Private Equity International.

A spokesperson for IK Investment declined to comment.

IK VII Fund’s latest investments include the acquisition of Belgian hygiene product maker CID Lines from Gilde Buy Out Partners and Dutch spreadable salad maker Salad Signature from AAC Capital in December, as reported by PEI.