06 July 2021

Carey Olsen supports Nordic Capital on first mid-market Evolution Fund

Carey Olsen's investment funds team has advised European private equity firm Nordic Capital on the €1.2 billion final closing of its first Evolution Fund.

Launched in April this year and raised in only three months, the Evolution Fund was substantially oversubscribed and significantly exceeded its fundraising target.

Focusing on control buyouts, it will target equity investments across Northern Europe of between €35 million and €150 million, and closely replicate Nordic Capital's established and successful strategy focusing on non-cyclical growth opportunities within the healthcare, technology & payments and financial services sectors.

The Evolution Fund will also continue Nordic Capital's strong environmental, social, and governance (ESG) focus, where Nordic Capital has received the highest ESG rating from the United Nations' Principles for Responsible Investment.

Working alongside lead counsel Kirkland & Ellis as well as counsel Arendt & Medernach, the Carey Olsen team advising Nordic Capital was led by partner Daniel O'Connor, assisted by counsel Andrea Steel, senior associates Arindam Madhuryya and Mark Slater and associate Jennifer Liss.

Daniel said: "We are pleased to have acted for our long-standing client Nordic Capital in the launch of its first Evolution Fund, which looks set to identify compelling investment opportunities across a broader spectrum of mid-market companies in Northern Europe. The strong confidence in Nordic Capital's proven investment model has been underlined in this incredibly fast and successful launch."

The Evolution Fund attracted investors from across the globe, including 57% from Europe, 19% from Asia, 19% from North America, and 5% from the Middle East.