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16 Funds Secure €5.9Bn in 2016 Nine Funds Raise €3.8Bn in Jan-May 2017 Established Gps Account for Majority of Funds Raised Featuresnew

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16 Funds Secure €5.9Bn in 2016 Nine Funds Raise €3.8Bn in Jan-May 2017 Established Gps Account for Majority of Funds Raised Featuresnew NORDIC FUNDRAISING REPORT 2017 16 funds secure €5.9bn in 2016 Nine funds raise €3.8bn in Jan-May 2017 Established GPs account for majority of funds raised featuresNEW www.infra-deals.com GLOBAL INFRASTRUCTUREINFRADEALS DATA,INVESTORS RESEARCH DATABASE & REPORTS The most comprehensive list of infrastructure investors and their activity in the Nordics, including Funds, GPs, LPs, corporates and more. Visit www.infra-deals.com for more information and to take a FREE TRIAL today Nordic Fundraising Report 2017 CONTENTS STATISTICAL OVERVIEW 2 2017 SO FAR 5 While fundraising across Europe has increased in value, The first five months of 2017 have seen dealflow funds managed in the Nordic region saw totals tail off in reducing compared with the same period in the previous 2016, despite a marked increase in volume four years, but fundraising continues apace DECIDING WHERE TO DOMICILE 6 DIGGING DOWN INTO THE DATA 8 Aztec Group’s Jolande Svensson-Klijn explores the With almost €6bn raised in 2016 for the Nordic region, key factors that Nordic fund promoters take into unquote” examines the macroeconomics, the debt consideration when choosing where to domicile markets and the potential dealflow the region has to offer GARETH MORGAN DATA METHODOLOGY Research analyst Tel +44 20 3741 1281 Email [email protected] The data used in this report is primarily drawn from unquote” data, the longest running European private equity and venture capital database available. The database holds information dating back to the late 1980s and covers more than 40,000 private-equity-backed deals, as well as JULIAN LONGHURST Head of data and research almost 4,000 funds that have collectively raised in excess of €2tn. Tel +44 20 3741 1382 Email [email protected] Over the last 25-plus years, the unquote” data team of journalists and specialist researchers has collected information on 3,200 international LPs that have committed capital to European private equity and venture funds. OMAR KHAZEN Although there are some exceptions, unquote” data coverage is as follows: Sales manager Tel +44 20 3741 1388 Email [email protected] ■■ Venture/private equity investments of all sizes and types, as long as there is backing from institutionally funded investors; Entire contents © 2017 Mergermarket Ltd 10 Queen Street Place, London, EC4R 1BE ■■ Funds covered are generally raised from institutional investors, Tel: +44 (0)20 3741 1000 though there are examples of state- or European-sponsored vehicles ISSN 1465-9719 held in the database too. Retail funds are generally not covered; All rights reserved. No part of this publication may be reproduced, ■■ stored in a database or electronic retrieval system, transmitted in any Investments on the database all involve Europe-headquartered form or by any means, electronical, mechanical, photocopied, recorded companies, irrespective of where the investing fund is domiciled or or otherwise, without prior written permission from the publishers. managed from; Production & Copy Editor Tim Kimber Managing Director Catherine Lewis ■■ Institutional coverage is global, where LPs have an appetite for For advertising enquiries, contact Justin Raveenthiran investment in European-managed vehicles, though there is a strong +44 (0)20 3741 1390 – [email protected] bias towards those LPs with a decision-making capacity in Europe. Direct contact between our editors/researchers and private equity deal- doers, advisers, fundraisers and institutional investors is at the heart of the division’s research methodology. The strong relationships that this direct contact has enabled us to build has ensured a high-quality flow of qualitative information in our database and published products. June 2017 www.unquote.com 1 Nordic Fundraising Report 2017 Statistical overview While fundraising across Europe has increased in value, funds managed in the Nordic region saw totals tail off in 2016, despite a marked increase in volume. Gareth Morgan investigates the drivers behind the trend ordic private equity fundraising saw a significant drop in total Nordic private equity fund final closes N capital committed in 2016, despite the number of funds raised Volume Vaue n increasing markedly. A total of more 25 10 than €5.9bn was raised by 16 locally- managed funds holding final closes 20 8 during the year, where 2015 saw more than €7.5bn raised by nine funds. 15 6 This marks the third consecutive year of decreasing total capital raised Volume 10 4 by funds managed in the region, a n Vue pattern that is in stark contrast to a 5 2 broad trend of increasing capital inflows across Europe. This broader trend is 0 0 very noticeable when looking at funds 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 managed elsewhere with a mandate to invest in the Nordic region, where 57 Source: unquote” data funds closed almost €55bn in 2016, up from €38bn in 2015. Nordic niches Local players in the Nordic region Global funds manadated in the Nordic region typically raise smaller, locally denominated funds, the size of which Volume Vaue n reflects the segments of the market 80 60 in which they operate. With a handful 70 of well-established GPs operating in 50 the large-cap space becoming pan- 60 40 European, the size of their funds has 50 increased with their geographical remit. 40 30 Nordic fundraising statistics are, Volume 30 therefore, prone to being heavily 20 n Vue skewed by these players raising 20 10 comparatively large funds, and so it’s 10 important to look in-depth at the funds 0 0 raised to gauge the strength of the 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 fundraising market in the region. For instance, 2016 was notable Source: unquote” data for regional GPs holding final closes for late-generation funds. Verdane 2 www.unquote.com Nordic Fundraising Report 2017 Capital closed its ninth fund after a Funds holding a final close in 2016 four-month fundraise, while Northzone closed their eighth, and Norvestor their Fund Total Raised (€m) seventh vehicle, each with a significant FSN Capital V 1000.0 presence from Nordic LPs. All but three Danske Private Equity Partners VI 700.0 funds holding final closes in 2016 are EQT Ventures Fund 566.0 third-generation or later, and two of the remainder are EQT funds with non-core EQT Mid-Market Credit Fund 530.0 strategies. Norvestor VII 510.0 The size of funds reflects the Polaris Private Equity IV 443.2 markets that these GPs operate in and Verdane Capital IX 323.2 current currency valuations Therefore, Northzone VIII 300.0 aggregate total of funds raised when looked at in euros, while small in Segulah V 260.2 comparison to other European regions, Intera Fund III 250.0 does not accurately measure the MB Equity Fund V 236.5 strength of the private equity climate in Valedo Fund III 216.8 the Nordic countries. Overall, despite a fall in the total capital raised, the data Creandum IV 180.0 on Nordic private equity fundraising Via Venture Partners Fond III 134.4 during 2016 paints a picture of a Monterro 2 129.3 healthy market of established fund Seed Capital Denmark III 109.8 managers operating in their local markets. Source: unquote” data Limited LP pool Funds holding a final close in 2015 Looking at Nordic-managed funds holding final closes in 2015, EQT VII Fund Total Raised (€m) closed on €6.75bn in August 2015, EQT VII 6750.0 which accounted for almost 89% of the Priveq Investment V 249.2 entire private equity fundraising market in the region. Examining LPs in the SEB Private Equity Opportunity Fund III 225.9 fund in detail, 26% of them were from Armada Mezzanine Fund IV 103.0 the Nordic region, committing a total Open Ocean Capital IV 100.0 of €1.43bn. Given the relatively few Proventure Seed II 68.5 smaller GPs closing funds during 2015 – the fewest since 2012 – the presence Ceder Capital I 37.4 of a large player in a relatively small Frumtak 2 33.3 market seems to monopolise a large Eyrir Sprotar 25.0 section of LPs’ annual private equity Source: unquote” data allocations. n June 2017 www.unquote.com 3 Nordic Fundraising Report 2017 Total capital raised by GP 2007-2016 (>€250m) Fund Total Raised (€m) Number of funds EQT Partners AB 16,724 8 Nordic Capital 7,950 3 Altor Equity Partners 4,000 2 ATP Private Equity Partners 3,650 3 HitecVision 3,291 4 FSN Capital 1,997 3 Danske Private Equity 1,955 3 CapMan Group 1,151 8 Norvestor Equity AS 1,136 3 Herkules Capital AS 1,072 2 Polaris Private Equity 808 2 Verdane Capital Partners 804 4 Segulah Advisor AB 802 2 Accent Equity Partners 795 2 Northzone Ventures 640 3 East Capital 611 2 Intera Equity Partners Oy 575 3 EQT Ventures 566 1 MB Funds 497 2 Axcel 484 1 Priveq Investment 450 2 Energy Ventures IS 445 3 Valedo Partners 441 2 Litorina Kapital 412 2 Adelis Equity Partners 410 1 Creandum AB 398 3 Finnish Industry Investments 389 3 Sponsor Capital 375 2 Cubera Private Equity AS 363 4 Nordic Mezzanine Ltd 341 2 Procuritas AB 339 2 Sentica Partners 280 3 SoliX 270 1 Via Venture Partners 269 2 Sunstone Capital A/S 266 2 Maj Invest Equity 258 2 Reiten & Co 256 1 Source: unquote” data 4 www.unquote.com Nordic Fundraising Report 2017 2017 so far The first five months of 2017 have seen dealflow reducing compared with the same period in the previous four years, but fundraising continues apace. Gareth Morgan crunches the numbers o May 2017, nine Nordic-managed funds have held final closes, Funds holding a final close in Jan-May 2017* securing a total of €3.84bn.
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