Nordic Capital Closes Evolution II at €2 Billion Hard Cap
– Nordic Capital Evolution II closed at the hard cap of €2 billion, exceeding its target of €1.4 billion, with fundraising completed in just four months and strong excess demand.
– The fund achieved a high re-up rate of over 100% by capital from existing investors and significant new commitments from geographies like the Americas.
– Evolution II is 65% larger than its predecessor, Evolution I, which raised €1.2 billion in 2021, and is the fourth Nordic Capital fund since 2020 to achieve rapid fundraising.
– Evolution II targets Northern European companies with an enterprise value (EV) of €100–400/500 million, focusing on control buyouts and non-cyclical growth opportunities in Healthcare, Technology & Payments, Financial Services, and Services & Industrial Tech.
– Evolution II complements Nordic Capital’s flagship funds, which focus on upper mid-market companies, while maintaining a strong focus on partnerships with founders and management to drive market leadership.
– As an Article 8 fund, Evolution II prioritizes long-term sustainability through environmental, social, and governance (ESG) practices, solving global challenges, and supporting sustainable businesses.
– Nordic Capital has a 35-year history of growing mid-market companies, with Evolution I completing 10 investments, 70% in partnership with founders and 80% outside auctions, demonstrating its strong focus on collaboration.
– Investors in Evolution II span globally: 41% from Europe, 35% from the Americas, 21% from Asia, and 3% from the Middle East, with a mix of public and private pension funds (41%), asset managers and advisers (26%), sovereign wealth funds (14%), family offices and foundations (13%), and financial institutions (6%).
– Nordic Capital received a top ESG rating from the UNPRI for the second consecutive year and approved greenhouse gas emissions reduction targets under the Science-Based Targets initiative.
– Joakim Lundvall, Partner and Co-Head of the Evolution advisory team, highlighted investor confidence in the mid-market strategy and the Evolution team’s focus on growth and local expertise.
– Jonas Agnblad, Partner and Co-Head of the Evolution advisory team, emphasized the partnership model’s role in scaling companies and creating sustainable value.
– Pär Norberg, Partner and Head of Investor Relations, expressed gratitude for investor support and confidence in Nordic Capital.
– The Evolution Funds are supported by a dedicated team of 20+ professionals, with expertise in operational and sector-focused strategies, drawing on Nordic Capital Advisor’s regional network.
– The fund achieved a high re-up rate of over 100% by capital from existing investors and significant new commitments from geographies like the Americas.
– Evolution II is 65% larger than its predecessor, Evolution I, which raised €1.2 billion in 2021, and is the fourth Nordic Capital fund since 2020 to achieve rapid fundraising.
– Evolution II targets Northern European companies with an enterprise value (EV) of €100–400/500 million, focusing on control buyouts and non-cyclical growth opportunities in Healthcare, Technology & Payments, Financial Services, and Services & Industrial Tech.
– Evolution II complements Nordic Capital’s flagship funds, which focus on upper mid-market companies, while maintaining a strong focus on partnerships with founders and management to drive market leadership.
– As an Article 8 fund, Evolution II prioritizes long-term sustainability through environmental, social, and governance (ESG) practices, solving global challenges, and supporting sustainable businesses.
– Nordic Capital has a 35-year history of growing mid-market companies, with Evolution I completing 10 investments, 70% in partnership with founders and 80% outside auctions, demonstrating its strong focus on collaboration.
– Investors in Evolution II span globally: 41% from Europe, 35% from the Americas, 21% from Asia, and 3% from the Middle East, with a mix of public and private pension funds (41%), asset managers and advisers (26%), sovereign wealth funds (14%), family offices and foundations (13%), and financial institutions (6%).
– Nordic Capital received a top ESG rating from the UNPRI for the second consecutive year and approved greenhouse gas emissions reduction targets under the Science-Based Targets initiative.
– Joakim Lundvall, Partner and Co-Head of the Evolution advisory team, highlighted investor confidence in the mid-market strategy and the Evolution team’s focus on growth and local expertise.
– Jonas Agnblad, Partner and Co-Head of the Evolution advisory team, emphasized the partnership model’s role in scaling companies and creating sustainable value.
– Pär Norberg, Partner and Head of Investor Relations, expressed gratitude for investor support and confidence in Nordic Capital.
– The Evolution Funds are supported by a dedicated team of 20+ professionals, with expertise in operational and sector-focused strategies, drawing on Nordic Capital Advisor’s regional network.
– Rede Partners LLP acted as placement agent for the fundraising, with Kirkland & Ellis serving as lead legal counsel.