In the latest example of a flurry of European fund closes, Polaris Private Equity has raised €365 million for its third fund. Polaris, a Denmark-based private equity firm, beat its target of €350 million target, having been in fundraising mode since the third quarter of 2008.Â
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Polaris’ success follows final closes this week for Oslo-headquartered HitecVision and Netherlands-based Gilde Buy Out Partners.
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The fund was placed by European mid-market agent Acanthus Advisers, led by managing partner Armando D'Amico.
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For the first time Polaris attracted capital from outside Denmark, garnering commitments from a number of European institutional investors, such as Finland’s Pohjola, and the UK’s Alliance Trust.
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Danish institutions to re-up with Polaris include ATP Private Equity Partners and Danske Bank.
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The number of LPs has doubled with international investors accounting for 40 percent of the new fund’s capital.
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Polaris’ previous fund closed on €270 million in 2005 and is now fully invested.
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Jan Johan Kühl, Polaris’ managing partner, said in a statement that Fund II would continue its predecessor’s buy-and-build strategy for medium-sized companies in Denmark and Sweden.
Polaris goes beyond Denmark for Fund III
The Danish mid-market firm has doubled its investor base and surpassed its €350m fundraising target.