Segulah, a mid-market buyout firm in the Nordic region, is nearing a first close on its fifth fund, PEI has learnt.
Segulah’s fund V, which is attempting to raise SEK 5.6 billion (€610 million, $810 million) will hold a first close in the coming weeks, market sources told Private Equity International.
The firm will aim to wrap up the fundraising before year end, the sources added. The firm has hired placement agent MVision to assist with the fundraising, according to a regulatory filing with the US Securities and Exchange Commission.
Both Segulah and MVision declined to comment on the fundraise.
Segulah can invest in companies with enterprise values of between €40 million and €300 million, and typically targets businesses between €75 million and €200 million.
Earlier this month, Segulah invested in DOCU Nordic, a database and services provider to the Nordic construction industry. This was the eleventh investment from Segulah IV, a SEK 5.2 billion (€580 million, $790 million) 2008-vintage. In June, Segulah acquired Lokaltidningen Mitt I, a newspaper group. It is understood that Segulah IV is fully deployed following those two investments.
LPs in Segulah’s Fund IV include Adam Street Partners, Aberdeen Asset Management, New York State Common Retirement Fund, State of Wisconsin Investment Board, Pennsylvania Public School Employees’ Retirement System and Pennsylvania State Employees’ Retirement System, according to Private Equity International’s Research and Analytics division. It's unclear how many LPs have re-upped so far.
Segulah is currently led by founding partner Gabriel Urwitz. He succeeded Christian Sievert, who had been managing partner from 2003 until spring 2013. He left the firm in the spring of 2014 to set up his own investment company. Urwitz had already been managing partner from 1994 to 2003, when he became chairman.