Proventure takes over E600m fund pool

The Finnish private equity fund of funds manager is to take over the management of 80 private equity funds with a total value of E600m owned by insurers Pohjola and Suomi.

Finnish-Swiss private equity fund of funds manager Proventure has signed an agreement with Finnish insurers Suomi and Pohjola to take over the management of their private equity investment portfolios.

 

The deal, which will take effect from January, covers commitments made by Suomi and Pohjola in 80 private equity funds in Europe and the US for a total amount of circa E600m. Proventure also has a discretionary mandate to make new investments on behalf of Suomi of up to E200m over the next two years.

 

Proventure has also recruited two investment directors in order to manage the insurers’ funds. Ari Jauho and Samuli Sipilä, who currently work for Pohjola’s private equity business, will both join Proventure as partners, according to a Proventure press release.

 

A spokesperson for Proventure said the 80 fund commitments covered both private equity and venture capital funds in the US and Europe although he declined to give further details.

 

“This agreement increases our total funds under management to circa E1bn and reinforces our position as the leading independent private equity adviser in the Nordic region,” said Turo Levänen, managing partner of Proventure, in a statement.

 

Proventure was set up in 1998 and raised E110m for its first fund. Its second fund, European Fund Investments II, is expected to close in the near future at a same level. Proventure provides investment services to institutional and other professional investors in the private equity asset class.