Fundraising by Nordic PE funds
Following a record-breaking end to the fundraising year in 2020, primarily for buyout funds, the level declined in the first half of 2021. We still see that many funds are still in the market to raise capital and expect a solid end to the year. In the venture segment, we might see a new annual record if the expected capital raising materialises.
VC funds: Annual fundraising record could get smashed
In the first half of 2021, Nordic venture funds raised 460 million euros, divided into eleven funds. The amount is lower than H1 last year (down 15%) and the peak year 2019, but we expect a record-breaking end to 2021.
Expected capital raising for the second half of the year looks very strong, with a total value of 4.7 billion euros distributed over 33 funds. In comparison, more than 3 billion euros have never been raised in a calendar year earlier in the venture segment (in 2019, see graph above).
It is essential to point out that actual fundraising might deviate from our estimates, but we expect that Nordic venture funds will raise a record-amount of capital in H2.
See an overview of Nordic venture funds that have closed below.
Fundraising by Nordic VCs in H1 2021
| Fund Manager | Fund | Country | Round | Capital raised (€m) |
|---|---|---|---|---|
| Antler | Antler Nordics | Norway/ Singapore | First | 30 |
| Bluefront Equity | Bluefront Equity I | Norway | Third | 20 |
| Icebreaker.vc | Icebreaker Fund II | Finland | Final | 50 |
| Icebreaker.vc | Icebreaker Opportunity Fund | Finland | Final | 20 |
| Idekapital | Idekapital Fund II | Norway | Final | 100 |
| Norselab | Norselab Fund I | Norway | Final | 10 |
| Pale Blue Dot | Pale Blue Dot Fund I | Sweden | Final | 34 |
| Snö Ventures | Snö II | Norway | First | 21 |
| Sparkmind.vc | Sparkmind Fund | Norway | Final | 15 |
Buyout funds: 2021 a moderately good year
Nordic buyout funds have raised 7.5 billion euros in the first half of 2021.
The expected fundraising in H2 is estimated at around 6.7 billion euros. If the managers' expectations for raising capital come true, 2021 will stand as a good year for raising capital from Nordic buyout funds, but far from the peak years of 2018 and 2020 when many large managers closed funds.
See an overview of Nordic buyout funds that have closed in H1 below.
Fundraising by Nordic buyout funds in H1 2021
| Fund manager | Fund | Country | Close | Capital raised (€m) |
|---|---|---|---|---|
| Blue Equity | Blue Equity III | Danmark | First | 77 |
| Bocap | Bocap SME Achievers Fund III | Finland | Final | 50 |
| CapMan | CapMan Special Situations | Finland | First | 53 |
| CapMan | CapMan XI | Finland | Final | 30 |
| EQT | EQT IX | Sverige | Final | 1 000 |
| FSN | FSN VI | Norge | Final | 1 800 |
| IK Investment Partners | IK Small Cap III Fund | Sverige | Final | 1200 |
| Intera | Intera Fund IV | Finland | Final | 335 |
| KLAR Partners | KLAR Partners I | Sverige | Final | 600 |
| Norvestor | Norvestor VIII | Norge | First | 800 |
| Triton | Triton Smaller Mid-Cap II | Sverige | Final | 815 |
| Verdane | Verdane Edda II | Norge | Final | 540 |
| Via Equity | Via Equity IV | Danmark | Final | 175 |