Priveq raises sixth fund in three months

Healthcare technology

Nordic lower mid-market growth and buyout group Priveq, which invests in companies within the consumer, healthcare, IT and software sectors, has closed its sixth fund on SEK 2.5 billion.

The fund’s investors include existing and new Nordic, European and North American investors, including public and private pension funds, insurance companies, charitable foundations, endowments, public institutions, family offices and fund-of-funds.

Magnus Hardmeier, executive chairman of Priveq, said the firm had its first investor meeting with regards to the new fund on March 17th, the same week authorities announced Corona restrictions in Sweden.

“We managed to follow our time plan in a pure digital process, thanks to strong support from existing investors and established relationships built over many years with new investors,” he commented. 

Louise Nilsson, managing partner at Priveq, said: “We are very grateful for the continued support from our existing investors and for the interest expressed by new investors, allowing us to run an efficient fundraising process despite an incredibly turbulent market environment.” 
 
Law firms Vinge and Proskauer advised Priveq on the deal. “Raising a fund from launch to hard cap in three months with a single close in an unprecedented environment says everything about Priveq - their stellar track-record, compelling investment strategy and deep relationships with their investors,” said Nigel van Zyl, partner at Proskauer’s Private Investment Funds.

The Proskauer team was led by Zyl and Nick Rose, Rob Newham and Se Young Kim. The team was assisted by partner Matt Pincus and associate Brianna Reed (US tax), special regulatory counsel Anthony Drenzek (US corporate) and senior counsel Adam Scoll (ERISA).
 
Athos Partners acted as placement advisor to Priveq on the fundraising.