Norvestor closes Nova I fund oversubscribed at EUR 500m hard cap
Norvestor is pleased to announce the close of Norvestor Nova I SCSp (“Nova I” or “the Fund”) at its hard cap of EUR 500 million, exceeding its EUR 350 million target, less than three months since launch.
With more than three decades of experience in the Nordic region, Norvestor established Nova I to continue its successful investment strategy of partnering with exceptional businesses and supporting these companies in becoming regional champions, with an increased focus on the lower end of the mid-market. The Fund will allow Norvestor greater flexibility to invest in companies across the full spectrum of the Nordic mid-market, targeting companies that drive efficiency gains and improve resource utilisation, with a specific focus on three categories, Technology Services, Business Software, and Scalable Business Models. Nova I capitalises on Norvestor’s existing deal flow, extensive network, and deep roots in the region, cementing the Firm’s position as the right partner for management teams, founders, and owners of companies ready to take the next step in their evolution. To date, Norvestor has completed 95 platform investments and more than 500 add-on acquisitions.
The Fund saw significant support from Norvestor’s existing institutional investor base, which made up 100% of capital committed, reflecting the continued conviction in Norvestor’s strategy and value-creation proposition. Participating investors include a broad range of long-term institutional investors, including endowments, foundations, government agencies, insurance companies, pension funds, fund of funds, and family offices from Americas, Europe and Asia.
The close of Nova I follows the successful raise of Norvestor IX, which closed oversubscribed at its hard cap of EUR 1.5bn in October 2023 and saw similarly strong support from existing investors at a 120% reup rate.
Rebecca Farr, Head of Investor Relations & Fundraising says “We are delighted to announce the first and final close of Nova I, just three months after launch. We are incredibly grateful for the trust and commitment of our long-standing investors, whose support made this possible in such a short time. Their continued confidence is a testament to our highly experienced team and proven track record of supporting growth in mid-market companies. We deeply appreciate our ongoing partnership and look forward to building on this success together."
“Nova I is a natural extension of the Norvestor strategy and is backed by our consistent track record of building Nordic Champions. We continue to strengthen our team, resources, and expertise, creating an appealing proposition for investors and business owners alike. With Nova I, Norvestor further establishes itself as a partner for companies looking to accelerate growth across the full Nordic mid-market spectrum. We look forward to helping entrepreneurs develop their businesses and create profitable, sustainable growth” says Lars Grinde, Managing Partner.
Asante Capital Group acted as global placement agent, while Fried, Frank, Harris, Shriver & Jacobson and BAHR acted as legal advisers.
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For further information:
Lars Grinde, Managing Partner at Norvestor Advisory
Telephone: +47 402 11 444
Email: lars.grinde@norvestor.com
Rebecca Farr, Head of Investor Relations & Fundraising at Norvestor Advisory
Telephone: +47 959 29 314
Email: rebecca.farr@norvestor.com
Norvestor is a leading private equity company focusing on mid-market buyouts in the Nordic region. The team has worked together since 1991, making it one of the most experienced private equity teams in the Nordics, having executed 95 investments with >500 add-on acquisitions, in addition to executing 62 exits, including 16 IPOs. The Fund seeks to invest in growth companies in the Nordic mid-market that have the potential to achieve a leading Nordic or international position, typically through organic growth, acquisitions across fragmented industries, or by geographic expansion. Read more at www.norvestor.com