Kirkland & Ellis LLP has advised Nordic Capital in successfully closing its second Evolution Fund, Nordic Capital Evolution II, after raising €2 billion ($2.1 billion) from investors in a mere four months, the firm announced Friday.
Overshooting the Target with Strong Investor Demand
The Nordic Capital Evolution II Fund marked its first and final close simultaneously, surpassing its initial €1.4 billion target due to “excess demand,” according to the announcement. The fund will focus on control buyouts and growth opportunities across Nordic Capital’s key sectors: healthcare, technology and payments, financial services, and services and industrial technology.
The fund primarily targets companies in Northern Europe with enterprise values between €400 million and €500 million. While Evolution II homes in on lower mid-market investments, Nordic Capital’s flagship funds will continue concentrating on upper mid-market opportunities.
Driving Sustainability in Investments
Evolution II reinforces Nordic Capital’s commitment to sustainability, with the fund seeking to promote long-term environmental, social, and governance (ESG) goals. The firm plans to embed sustainability practices within its portfolio companies to foster growth and responsible governance.
Strong Investor Support Across Geographies
The fund attracted significant backing from Nordic Capital’s existing investors, achieving a re-up rate exceeding 100% by capital. New investors also showed robust interest, with notable commitments from regions including the Americas, Europe, Asia, and the Middle East.
