Nordea Private Equity has announced that the second closing of its Nordea Thematic Fund of Funds I has generated commitments from 11 Nordic institutions totalling E180m.
The Thematic Fund of Funds I, which launched in May 2001, has so far committed capital to 10 funds, seven of which are US funds and three are European. Two-thirds of the amount is assigned to management buyout funds, while one-third has been invested in early and later-stage venture funds. To date, the fund has committed E135m.
Although the investments currently have a US focus, Lauge Sletting, head of Nordea Private Equity, said this was not a key strategy for the fund. “The plan is to invest equally between the US and Europe. We have two further deals in the pipeline, both of which we expect to complete by the end of the month.”
Jan Rådberg, responsible for Nordea Private Equity in Sweden, said that the company will concentrate on IT and biotech funds as well as buyout funds with proven track records.
Final closing of the fund is expected on 4 May 2002. According to Sletting, Nordea has not set a definitive final closing target for the fund, but will commence the raising of a new fund upon final closing.
US consultant Hamilton Lane has advised Nordea. According to Sletter, “the link with Hamilton Lane has been very useful because they have been able to provide us with recommendations for over 80 deals in the US. We are then able to apply our own evaluations to these recommendations and decide on our strategy.”
Nordea Private Equity was founded in the autumn of 2000 and acts as the private equity arm of Nordea Investment Management, the Nordic investment adviser. Nordea Investment Management is a business unit within Nordea Asset Management, an asset manager in the Nordic region.