Nordic Capital Closes Second Mid-market Fund at €2B Hard Cap

Nordic Capital closed its sophomore mid-market buyout fund at the hard cap of €2B (~$2.08B), exceeding its €1.4B (~$1.46B) target in just four months of fundraising.

Nordic Capital Evolution II received support from new and existing investors, and the European private equity firm said it saw significant growth in commitments from investors in the Americas. According to Dakota data, the Minnesota State Board of Investments is among those investors, committing $125M.

Evolution II will target lower mid-market companies, primarily in North America, with an equity value of €100M to €500M (~$104M to $519.9M). It will focus on control buyouts and non-cyclical growth opportunities in the healthcare, technology and payments, financial services and services and industrial technology sectors.

Fundraising was led by Nordic Capital, supported by Rede Partners as placement agent and Kirkland & Ellis as legal counsel. The fund's predecessor, Nordic Capital Evolution I, closed in 2021 after securing €1.2B ($1.25B) in total capital commitments three months after launch. To date, Fund I has completed 10 investments.

Written By: Dakota

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