InnovationsKapital reaches €76m on first close

The Swedish private equity firm has completed a first close of its fourth venture fund with commitments so far coming solely from investors in its previous funds.

Nordic-focused private equity firm InnovationsKapital has held a first closing of its InnKap IV fund on €76 million ($92 million).

InnovationsKapital commenced fundraising for Innkap IV in May of this year with a target of €135 million. The fund will follow the same strategic focus of the firm’s previous three venture funds, targeting early-stage ICT, healthcare and life science investments in the Nordic region.

According to Alexander Helm, acting CFO at InnovationsKapital, the fund has received commitments solely from investors in its previous funds at this stage. 

Predecessor fund Innkap III closed on €132 million in June 2001. Investors in that fund included the European Investment Fund, the Third Swedish National Pension Fund, the Wallenberg foundations and SEB.

Helm added that he expected more previous investors to commit to the fund’s second closing, but that initiatives to bring in new backers are currently underway.

In August, InnovationsKapital appointed former Carnegie Asset Manager senior portfolio manager Ulf Tossman as an investment director in its healthcare and life sciences team in Stockholm. The firm also has an office in Gothenburg.