18 November 2022
Carey Olsen advises Nordic Capital on one of the largest fundraisings in Europe this year, closing Nordic Capital Fund XI at €9 billion
Lawyers from Carey Olsen's investment funds team in Jersey advised Nordic Capital on one of the largest and fastest private equity funds to be raised in Europe in the year to date. The fund closed at its hard cap with aggregate capital commitments of €9 billion with a c.100% re-up rate and an increased GP commitment. Nordic Capital Fund XI is over 45% larger than its predecessor large-cap fund and closed within nine months.
Fund XI attracted investors from across the globe, with investors from every continent including 34% from North America, 31% Europe, 23% from Asia and 10% from the Middle East. The investor base comprises a well-diversified mix of institutional investors: public and private pension funds; sovereign wealth funds; fund of funds; endowments and family offices and financial institutions.
Working alongside lead counsel Kirkland & Ellis, the Carey Olsen team advised on all Jersey-related legal and regulatory aspects. The Carey Olsen team was led by partner Dan O'Connor, assisted by counsel Andrea Steel, senior associates Arindam Madhuryya and Mark Slater, associates Devon Clarke and Heather Taylor and trainees Charlie Hurst, Hollie Herman and Anna Richardson.
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 XI, which only further underlines the firm's leading position in its focus sectors and proven value-creation track record. It also proves that Jersey remains a fast, cost effective and well understood funds domicile attractive to a diverse global investor community."
Ged Kelly Head of Fund Operations at Nordic Capital, commented: "We are grateful for Dan and team's expertise and diligent support which helped to facilitate another successful fundraise from fund establishment to hard-close."
Carey Olsen's corporate and finance teams, through partners Guy Coltman and David Taylor, also continue to advise Nordic Capital on ongoing investment and financing work.
Carey Olsen has recently been named as a top offshore law firm in the UK and Channel Islands having achieved a Tier 1 ranking across all 20 categories in The Legal 500 UK, making it the only offshore firm to achieve a clean sweep. The firm is also highest-ranking offshore law firm in Chambers UK 2023 having achieved 8 out of a possible 12 Band 1 rankings.