Carey Olsen has advised leading Nordic private equity firm FSN Capital Partners (FSN) on its latest fund FSN Capital IV which closed with SEK 5.25 billion (€ 600 million) of commitments.
FSN Capital was established in 2000 and primarily focuses on mid-marked Nordic companies with significant potential to become international leaders. FSN Capital IV held its final close on 19 November 2013 exceeding its target of SEK 5 billion (€565 million). Its previous fund, FSN Capital III, closed in 2008 at €375 million.
Fundraising for FSN Capital IV was ended late September (for all but one investor) two months after the first closing and only six months after its March marketing launch.
An array of public and private pension funds, insurance companies, sovereign wealth funds, foundations, endowments, government agencies, asset managers, banks and funds of funds are among the investors.
35% of the total capital raised for FSN Capital IV came from LPs based in Nordic countries, 30% from Europe, excluding the Nordic region, 21% from North America and 14% from Asia including Australia.
The Carey Olsen funds team, which advised on the Jersey legal aspects of the transaction, was led by partner James Mulholland and included senior associate Claire Le Quesne and associate Stephanie Evans.
Carey Olsen, the retained offshore legal adviser to FSN, acted alongside law firm Simpson Thacher & Bartlett which provided English and US fund counsel. Campbell Lutyens & Co. Ltd acted as sole global placement agent for the offering.
James Mulholland said: "FSN Capital IV closed in a very short time frame and was substantially oversubscribed in tough market conditions. It is a credit to their track record and their highly skilled team."