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Nordic Capital's recent €9 billion fund close marks the third largest PE vehicle to close in the Nordic region since 2016, as the firm continues to be one of the bloc's biggest fundraisers alongside its rival EQT, according to PitchBook data.

Nordic Capital XI—which is also the largest European PE fund to close so far this year—closed within nine months. It represents the lion's share of fundraising activity in the Nordic region this year, which totals €15.3 billion across just seven funds as of Nov. 1.

Fundraising in the bloc is, of course, down from 2021. This comes at a time when fundraising is expected to be more difficult as central banks raise interest rates to combat inflation—causing investors to reassess allocations amid one of the worst-performing periods in recent memory for both equity and fixed income.
   

Last year saw €25.2 billion raised across 26 funds, however much of this came via the €15.6 billion EQT XI vehicle, which closed in April 2021. This year's Nordic fundraising activity still exceeds that of both 2019 and 2020, in which each year recorded 19 fund closes worth €5.32 billion and €7.64 billion in total, respectively.

While fundraising is expected to slow in the Nordic region, EQT is in the market to raise its biggest fund yet. EQT X, which has set a hard cap of €21.5 billion, has raised €15.3 billion to date.

Another sizeable fund in the offing is Altor Equity Partners' sixth flagship fund, which has so far raised €624 million within two months of its launch. The fund's predecessor reached a €2.5 billion close in early 2019.

Featured image by Jeppe Gustafsson/Shutterstock

This article originally appeared on PitchBook News