Carey Olsen's investment funds team in Jersey has advised European private equity firm Nordic Capital on the €4.3 billion final closing of its latest fund, Nordic Capital Fund IX.
The fund closed at 23% above its €3.5 billion target after seven months of fundraising. The fund saw commitments from new investors but also had a re-up rate of 70% from investors in its predecessor funds. In terms of geographic support, 40% of the investor base came from North America, 35% from Europe and 15% from Asia. New investors from the Middle East and South America made up 10%.
Nordic Capital Fund IX will focus on healthcare, financial services, technology and payments, consumer retail and industrial goods and services. Like its predecessor funds, it will retain a Nordic focus and have a capability to invest in select European businesses and in global healthcare.
Partner Daniel O'Connor led the Carey Olsen team advising Nordic Capital. He was supported by associates and paralegals, including Arindam Madhuryya and Mark Slater.
Mr O'Connor said: "Carey Olsen has been privileged to work with Nordic Capital on the establishment of its Jersey fund structures for some time and it was pleasing to see Fund IX prove to be another hugely successful fundraise. The fact it comfortably passed its target reinforces Nordic Capital's leading position in the Nordic region, global healthcare market and selected European sectors. It also proves that Jersey remains a fast, cost effective and well understood funds domicile for managers raising capital globally, including through European national private placement regimes. "
Ged Kelly, managing director and head of fund operations at Nordic Capital, said: "The choice of Jersey for our latest flagship fund underscores Jersey’s continued attractiveness to the global investor community in uncertain times. It proves that the Jersey fund regime works well for private equity funds like Nordic Capital Fund IX. We appreciated Carey Olsen's professional support throughout the fundraise. We work closely with Carey Olsen’s investment funds team and knew we could rely on them to deliver in an intense process that is always time-critical."
As a result of the strong pipeline enjoyed by Nordic Capital, its latest fund has already announced three investments in 2018: the European Dental Group, ophthalmology chain Ober Scharrer and mobile payments business Trustly.
Carey Olsen also recently advised Nordic Capital on the disposal of nine unlisted companies by the private equity firm's 2008 vintage fund, Nordic Capital Fund VII, to a new €2.5 billion continuation vehicle, Nordic Capital CV1.