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IQ-EQ client Nordea Private Equity achieves target for debut secondary investment fund

We are pleased to share that, with IQ-EQ’s support, Nordea Private Equity’s first secondary-focused fund, Nordea Private Equity Secondary Fund I, has reached €158 million in commitments at final closing on 12 January 2021, exceeding the target size of €150 million.

IQ-EQ Luxembourg has worked closely with Nordea Asset Management, the investment arm of European financial services group Nordea, since mid-2019 across a number of mandates. The Nordea Private Equity Secondary Fund I (the Fund) is the first in a series of alternative investment vehicles to which we provide a complete suite of fund administration, depositary and AIFM services.

Leading the IQ-EQ relationship with Nordea is client director Riccardo Zorzetto. He commented:

“Nordea is an important key client of IQ-EQ and we’ve been delighted to be able to grow our relationship with the Nordea Private Equity team over the past 18 months. It is excellent to see that the debut secondaries fund has exceeded its target fund size and we are excited to continue supporting the team on their new and ongoing alternative investment projects going forward.”

Nordea Private Equity (NPE) is a boutique within Nordea Asset Management, led by Christen Estrup and Julien Marencic in Copenhagen, Denmark. NPE is one of the most active private equity investors in Northern Europe with around €2 billion AUM and an annual deployment of over €500 million. Collectively, the team has executed over 30 secondary transactions with a total value exceeding US$8 billion.

The Fund focuses on acquiring high-quality buyout and growth assets that have significant room for future value creation and are managed by strong GPs. It seeks to close between three and five transactions per year and focuses on small- to medium-sized transactions (€5 million to €50 million). Since its inception in July 2019, the Fund has closed six secondary transactions, has currently committed slightly more than half of its capital and expects to be fully invested in the course of 2022.

Christen Estrup, Head of Nordea Private Equity, commented:

“It is vital for us to have the right support in place so that our increasing activity in the secondary market can run smoothly. To that end, we have found the right partner in IQ-EQ; their specialist alternatives expertise, comprehensive end-to-end service offering and especially their focus on client services is what we believe sets them apart. We certainly are excited and look forward to continue working with IQ-EQ in the future.”