Valedo nears $300m final close on Fund II

Valedo Partners, which spun out of EQT Partners in 2006, is nearing a final close for its second fund, which is expected to reach SEK2 billion (€223 million; $303 million), beating its SEK1.6 billion target.

The Swedish firm's second fund is oversubscribed and has received a lot of attention from limited partners, according to a market source. The fundraising is being described by sources as similar to that of Litorina, another Swedish firm that hit the hard-cap on its fourth fund of SEK2.5 billion in a five-month fundraising last year.

Valedo did not return a call for comment Monday.

The firm, whose founders Per and Nils Forsberg both formerly worked at EQT, collected about SEK1 billion for the debut fund, mostly from financial institutions like the Swedish pension funds and Valedo employees.

For Fund II, the firm accepted a limited number of LPs outside the existing group from the first fund, the market source told PEO.

Jefferies & Company is the placement agent for the fundraising.

Valedo looks to invest alongside former owners and company staff, targeting mid-sized companies in Sweden and other Nordic countries with sales of $100 million to $500 million. The firm makes growth-oriented investments.

EQT, meanwhile, is expected to come to market with its sixth fund, though the target could not be determined by press time.