Norvestor closes oversubscribed flagship fund at EUR 1.5 billion hard cap
Norvestor is pleased to announce the close of Norvestor IX SCSp (“Norvestor IX”) at its hard cap of EUR 1.5 billion, exceeding its EUR 1.25 billion target.
Norvestor IX was oversubscribed despite a challenging fundraising environment and received strong support from a diversified group of existing and new institutional investors, reflecting the conviction around Norvestor’s value-creation proposition within Nordic services and solutions businesses. Norvestor IX is almost double the size of its predecessor fund which closed at EUR 806 million in 2021. Participating investors include a broad range of long-term institutional investors, including endowments, foundations, government agencies, insurance companies, pension funds, fund of funds and family offices from Americas, Europe and Asia.
With more than three decades of experience in the Nordic region, Norvestor established Norvestor IX to continue its successful investment strategy of partnering with exceptional businesses and supporting these companies into becoming regional champions. The team will pursue the extensive opportunities within the Nordic services and solutions sectors which comprise of business services, technology-enabled services, consumer services, and industrial solutions and services within and related to the Nordics. To date, Norvestor has completed over 80 platform investments and more than 400 add-on acquisitions.
The close of Norvestor IX coincides with a period of high activity for Norvestor: since the start of the year, Norvestor has welcomed four new leading enterprises onto their platform (Rantalainen, Colmec, Langer & Laumann and Foxway), executed on several transformational acquisitions for existing portfolio companies and saw the notable divestments of Kabal, Foxway and Roadworks. Significant resources have been invested in strengthening the platform and team to ensure that Norvestor continues to be the preferred partner for high quality businesses across the Nordic region.
Rebecca Farr, Head of Investor Relations at Norvestor says ”We are delighted to announce the final close of Norvestor IX. There is a lot of competition for capital in the current market, with investors being more selective in which funds they allocate money to. We are very happy to see a 120% reup rate from our previous funds and highly appreciate our existing investor relationships and their continued support. In addition, we are also very pleased to welcome many new high-quality investors to the Norvestor funds family."
"We experience that our consistent strategy, our consistent track record of building Nordic Champions and strong team with local presence across the Nordics is appealing to investors as well as business owners that want a partner to accelerate further growth across borders. We look forward to the journey ahead, supporting Nordic entrepreneurs in accelerating business development and creating profitable, sustainable growth" says Lars Grinde, Managing Partner at Norvestor.
Asante Capital Group acted as exclusive global fundraising adviser, while Fried, Frank, Harris, Shriver & Jacobson and BAHR acted as legal advisers.
For further information:
Lars Grinde, Managing Partner at Norvestor Advisory
Telephone: +47 402 11 444
Rebecca Farr, Head of Investor Relations at Norvestor Advisory
Telephone: +47 959 29 314
Established in 1989, Norvestor is one of the most established private equity firms in the Nordics, with over three decades of heritage in the region. Norvestor maintains offices in Oslo, Stockholm, Helsinki, Copenhagen, Berlin and Luxembourg, providing the team a truly local presence and comprehensive coverage of the full opportunity landscape. The Norvestor funds seek to invest in growth companies in the Nordic mid-market that have potential to achieve a leading Nordic or international position, typically through organic growth, acquisitions across fragmented industries and by geographic expansion. Read more at www.norvestor.com