Ropes & Gray Advises Nordic Capital on New €4.3bn Fundraising
Ropes & Gray has advised Nordic Capital, a leading private equity investor in the Nordic region, on the successful closing of its ninth fund. The oversubscribed fund, which raised €4.3bn, exceeded its €3.5bn target by 23% in seven months.
The fundraising - Fund IX - enjoyed a re-up rate of over 70% from investors in predecessor funds, while also attracting commitments from a number of new investors. LP commitments represented a well-diversified institutional mix with Fund IX investors including public and private pension funds (c. 35%), sovereign wealth funds (c. 20%), fund of funds (c. 15%), family offices (c.15%), financial institutions and endowments (c. 15%). The Fund benefited from broad geographic support, expanding its well established investor base in North America (c. 40%), Europe (c. 35%) and Asia (c. 15%), and attracting new investors in the Middle East and South America (c. 10%)
A cross-border team from Ropes & Gray’s London, New York and Boston offices was led by investment funds partner Matthew Judd and associate Joshua Cronin, in London. Other members of the team included funds associate Rae Shee, finance partner Malcolm Hitching and associate Jack Bodkin all based in London; US tax partner Jay Milkes and associate Denise Sohn, and ERISA counsel Sabrina Glaser, all based in New York; and US funds partner Peter Laybourn and associate Arthur Andersen, both based in Boston.
Matthew Judd, global co-head of the Private Investment Funds Group at Ropes & Gray, said: “The success of this fundraising demonstrates both Nordic Capital’s long-standing quality reputation and the continuing attraction of European private equity for investors.”
A pioneer at the inception of the private investment funds industry, Ropes & Gray today has one of the largest and most sophisticated investment fund practices in the world, advising clients on the full range of private fund strategies. The size, scope and integration of the firm’s sponsor and investor practices provide the team with unequalled insight into market terms and developments globally.