HitecVision

In a sign that both Nordic private equity and the energy sector remain in vogue, Norwegian group HitecVision’s latest fund has reached its hard-cap in less than four months.

The Nordic specialist energy private equity firm has invested $150m in start-up oil and gas company Core Energy, says senior partner Harald Vabo.

HitecVision raised $420m in just three months for an energy fund whose remit may help prevent future offshore drilling disasters.

KKR’s recent East Resources exit – coupled with HitecVision’s specialist energy fund close this week – is further evidence that the energy sector remains active and vibrant for private equity investors, writes Christopher Witkowsky.

The Mounir Guen-led placement agency has assisted European stalwarts Gilde and HitecVision in hitting their hard-caps.

The oil and gas specialist will end up owning one- third of listed safety equipment group Simtronics, which has a current market cap of NOK184m.

Despite a number of stellar performances from the likes of Altor and HitecVision, Nordic fundraising for the first half of 2008 was down more than 50% year-on-year, while investments dropped by around a third.

The Norwegian oil and gas specialist has enjoyed the boom in oil and gas. Its final exits from its third fund take total proceeds to NOK 2.2 billion on committed capital of NOK 690 million.

Despite a recent drop in deal activity and fundraising, private equity in the Nordic region has been catching the eyes of investors due to attractive returns.

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The Boston-based firm has closed its eighth growth fund after nine months on the market, and also closed its third venture fund on $520m.

The Boston-based mid-market investor expects to hold a final close in the first quarter of 2012, which would pair the fund with other lightning-quick fundraises like that of TSG and HitecVision.

The resilience and maturity of the Nordic private equity market have drawn the attention of international investors.

The Danish mid-market firm has doubled its investor base and surpassed its €350m fundraising target.

In this issue ? 2008-06-01 Staff Writer COMPANIES Alchemy Partners 6 Abraaj Capital 36 Actis 36,64 Advent International 8, 26 AIG 38 Alpha Associates 78&l