Fundraising by Nordic Private Equity Real Estate Fund Managers

by Kamarl Simpson

  • 01 Oct 2010
  • RE

2008 was the most successful year for capital raised by Nordic private equity real estate fund managers, with €1.1 billion being raised by seven funds. 2005 and 2007 were the most significant years in terms of the number of funds raised, with both years seeing a total of eight funds close. The economic downturn had an adverse effect on fundraising by Nordic real estate fund managers. In 2009, four funds closed, raising €0.7 billion. In the period January to September 2010, three funds closed, raising €0.2 billion.

There are currently seven funds in market managed by Nordic real estate fund managers and these vehicles are seeking to raise an aggregate €1.3 billion. Of the seven funds in market, five are managed by firms located in Denmark and the remaining two funds in market are managed by Swedish firms. Denmark-based firms are seeking to raise an aggregate €0.9billion and Sweden-based managers are targeting an aggregate €0.4 billion. All of the capital being sought by Nordic firms will be primarily targeting investments in properties located in Europe.

Niam is the most prolific Nordic fund manager by capital raised in the last 10 years for real estate funds, having raised over €1 billion of equity. The Sweden-based firm invests in a wide range of property types across Europe, and raised €670 million for its most recent fund, Niam Fund IV. Other prominent Nordic fund managers include ICECAPITAL Real Estate Asset Management and CapMan Real Estate. The Finland-based firms have raised €0.8 billion and €0.7 billion respectively in the past decade.

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