Nordic’s latest flagship collects nearly €8bn en route to final close

Fund XI is understood to be already more than 29% larger than its 2020-vintage predecessor, which raised €6.1bn against a €5bn target.

Nordic Capital, one of Europe’s largest private equity firms, has so far collected almost €8 billion for its latest flagship fund, Private Equity International understands.

Nordic Capital XI held a €7.9 billion first close in May after four months in market, according to a source familiar with the matter. The target size is undisclosed.

A spokesperson for Nordic declined to comment.

Fund XI is already more than 29 percent larger than its 2020-vintage predecessor, which raised €6.1 billion against a €5 billion target and €5.75 billion hard-cap, according to PEI data. The firm made a 6.5 percent GP commitment to that fund, which also received commitments from the likes of Massachusetts Pension Reserves Investment Management Board, Minnesota State Board of Investment and South Carolina Retirement System.

Nordic last year collected more than €1.2 billion for its debut mid-market fund after only three months on the fundraising trail. Evolution Fund I, which had a €750 million target, mimics the flagship’s focus on control buyouts in healthcare, tech and financial services, albeit in companies with smaller enterprise values.

Nordic’s portfolio spans both Western and Northern Europe, as well as the US. Seven of its 43 portfolio companies are based in the latter, including United Veterinary Care and life sciences software provider ArisGlobal, according to its website. Sweden remains its largest market, accounting for 13 portfolio companies.

Exits last year include tech and payments software firm Cint, which listed on the Nasdaq Stockholm, and Veonet, which operates ophthalmological clinics, which it sold to Ontario Teachers’ Pension Plan and PAI Partners.

Fund XI is already the fourth-largest vehicle raised so far this year, ahead of the €6.9 billion BC European Capital XI, according to PEI‘s Q1 fundraising report. There were 3,801 funds in market seeking $1.2 trillion as of April, of which $99.5 billion is being sought for Europe-focused strategies.