Nordic secondaries: a small but resilient market

• Oslo-headquartered Cubera Private Equity has closed Cubera X, its latest Nordic secondaries fund, at its hard cap of €780mn ($865.6mn) for external capital. Together with the GP commitment, the total fund size is €807mn ($895.5mn). The fund had a target size of €700mn ($776.7mn).

• Over half of the capital came from investors outside of the Nordic region, and the LP base was further institutionalized during the fundraising process, with several blue-chip institutions as new investors.

• Roughly 25% of the total fund size has already been committed in seven Nordic secondary transactions.

• Cubera has also hired Pontus Elmer as Head of Capital Formation and Mikael Falck as a Partner on the Nordic investment team.

September 5, 2024 (Preqin News) – Cubera X is the only secondaries fund from a Nordic manager to close so far this year and has already made 2024 a record year by aggregate capital raised for Europe-focused secondaries funds by Nordic managers.

There are 170 private equity secondaries funds in market globally. Of these, 33 are being raised by Europe-based managers, and 37 have a Europe focus.

Across all private equity strategies, Nordic managers currently have 82 funds in market, targeting aggregate capital of $6.4bn. Fundraising by Nordic managers has slowed a little this year, as the average time to first close is now 10 months – the longest since 2018, where it took the same amount of time. The average number of months to final close this year is identical to last year at 21 months. However, this is the longest it has ever been, according to Preqin data, with the most recent low being nine months in 2017.

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