Nordic Capital has successfully closed its latest fund, Evolution II, at its €2bn hard cap, exceeding its initial target of €1.4bn.
According to a recent release, the fund – raised in just four months and attracting a diverse range of investors from across Europe, the Americas, Asia, and the Middle East – includes public and private pension funds, asset managers, sovereign wealth funds, family offices, and financial institutions, among its investor base.
The re-up rate is reported to have exceeded 100% by capital, with strong commitments from both existing investors and new entrants.
At 65% larger than its predecessor, Evolution I, which closed at €1.2bn in 2021, Evolution II will target mid-market companies in Northern Europe with enterprise values between €100m and €500m.
The fund focuses on control buyouts and non-cyclical growth opportunities across key sectors, including healthcare, technology & payments, financial services, and services & industrial technology.
Evolution II, which is classified as an Article 8 fund, maintains a consistent emphasis on sustainable growth and industry leadership, aligning with the firm’s ESG objectives, including science-based emissions reduction targets.
The fundraising process was supported by Rede Partners as placement agents and Kirkland & Ellis as legal counsel.
