07 October 2020

Carey Olsen advises Nordic Capital on €6.1 billion fund

Lawyers from Carey Olsen's investment funds team in Jersey have advised Nordic Capital on its tenth fund. The €6.1 billion fund is the largest raised by the European private equity firm since its inception in 1989.

Nordic Capital Fund X (Fund X) exceeded its €5 billion fundraising target in just six months in what was also a ground-breaking remote capital raise without any face-to-face meetings.

Fund X has attracted investors from across the world, including 38% from North America, 27% from Europe, 17% from Asia and 15% from the Middle East. As with its predecessor, Fund X is set to continue the successful strategy of focusing on majority investments in non-cyclical growth companies in the healthcare, technology & payments and financial services sectors. The fund will be invested across Europe, with a mandate for global investment in healthcare and an emerging smaller global mandate for technology and payments businesses.

Working alongside international counsel Kirkland & Ellis, the Carey Olsen team advising Nordic Capital was led by partner Dan O'Connor, assisted by counsel Andrea Steel, senior associate Arindam Madhuryya, associates Mark Slater and Jennifer Liss and paralegal Charlie Hurst.

Dan said: "Nordic Capital is a long-standing client and it has been a pleasure to work with them on the incredibly successful fundraise and launch of Fund X, which only further underlines the firm's leading position in its focus sectors and proven value-creation track record."

Fund X has already signed its first investment in Siteimprove – a global leader within website experience and digital marketing optimisation.

Carey Olsen's investment funds practice in Jersey recently gained a Tier One ranking in the 2021 edition of Legal 500 UK with the team described as the 'go-to firm on the island' and praised for having a 'strong technical base with the ability to be creative and commercial'.

Similarly, the corporate and banking & finance teams at Carey Olsen also secured Legal 500 UK Tier One rankings and, through partners Guy Coltman and David Taylor, also continue to advise Nordic Capital on ongoing investment and financing work, including Fund X's new revolving credit facilities.