InnovationsKapital raises Skr1bn for InnKap 4

The Swedish private equity firm has closed its fourth venture capital fund focusing on ICT and healthcare investments in the Nordic region.

InnovationsKapital, a Nordic-focused private equity firm, has closed its fourth venture capital fund with Skr1 billion (€108 million; $137 million) of commitments.

Staffan Ingeborn, managing investment director at InnovationsKapital, said that InnKap 4 Partners held a first close of €76 million in October 2005, at which point the investor base comprised of limited partners who had re-upped from the previous fund.

Investors in the previous fund who re-allocated for InnKap 4 were Access Capital Partners, Chalmers University of Technology, The First Swedish National Pension fund, The Third Swedish National Pension Fund, W Capital and the Wellcome Trust.

New investors in the fund included BP Pension Fund, DnB NOR, Etera, KLP Insurance and Wega Support.

In total, InnKap 4 had approximately 20 investors from Europe and the US. Ingeborn said that, as with previous funds, the majority of commitments came from non-Swedish investors and no placement agent was used.

Predecessor fund InnKap 3 raised €132 million in 2001. Ingeborn said that the new fund will follow a similar strategy of investing in information, communications and technology (ICT) and healthcare start-ups and early-stage companies in Sweden, Denmark, Norway and Finland, with typical investment sizes of €4 million to €5 million.

InnKap 4 has already made one investment, injecting €2.7 million in Ludesi, a Swedish bioinformatics company, last month. Ingeborn said that an investment in Action Pharma, a Danish drug discovery and development business, will be announced shortly.