Stockholm-headquartered AB Segulah has held the first and final close of Segulah III LP on SEK 2.25 billion (€247 million; $312 million).
The fund, whose official launch was announced in September 2004, was more than four times oversubscribed according to a press release.
The fund attracted a number of new investors as well as returning LPs. Re-ups were secured from such well-known investors as Access Capital Partners, Adams Street Partners, Adveq, Horsley Bridge International and Partners Group.
Of the new investors, half were non-Nordic European and half came from the US and Asia. New LPs included AlpInvest, BP Pension Fund, JP Morgan Fleming Asset Management, MIT and Wilshire.
Segulah will continue its investment strategy of taking controlling positions in Nordic companies with turnovers of between SEK 200 million and 2 billion (€20 – 200 million), providing maximum equity stakes of SEK 300 million (€35 million).
Commenting on the transaction, Christian Sievert, managing partner of Segulah, said in a statement: “Segulah’s industrial approach to value creation combined with a hands-on group of industrial investors involved in all investments are key to our buy-and-build strategy and added to the interest from investors.”
Segulah received legal advice from SJ Berwin in Europe and Testa Hurwitz & Thibeault in the US. Global fund placement was organised by London-headquartered placement agent MVision. Commenting on the fund raise Sievert said: “[MVision] did an outstanding job targeting new global investors and helped us to minimise disruption to our primary business by compressing the timetable of the fundraising process.”
Segulah was established in 1994 and manages and advises the €20 million Segulah I and €100 million Segulah II funds.