Longship closes fund II at NOK1.7bn
Longship, a Norway-based, lower mid-market buyout specialist, has closed its second buyout fund at its hard cap of NOK1.7 billion (cEUR160 million).
The announcement of Fund II comes less than five years after Fund I closed.
Longship now manages NOK3.1 billion (cEUR 300 million) in aggregated capital commitments across its two funds.
Longship has taken a leading role in the Norwegian lower mid-market after being established by a team of experienced buyout professionals in 2015. Longship II will pursue the same transformational growth strategy as its predecessor fund, and invest in companies with significant growth potential, organically and through M&A. A hands-on approach by a senior team combined with entrepreneurial drive and rigorous focus on growth, are key attributes of Longship.
“We are pleased with the successful outcome of the fundraising of Fund II. Longship is grateful for the support received from our existing investors and are also proud to welcome new investors to the fund. We are confident that Fund II will build on the teams successful track record in making strong returns in the Norwegian lower mid-market,” says Kai Jordahl, Managing Partner at Longship.
Longship Fund II is supported by top-tier European institutional investors, including pension funds, fund-of-funds and family offices, and had strong support from existing investors. Goodwin acted as the funds legal counsel. Longship did not use a placement agent in the fundraising process.