Cubera buys EQT stake from latest €225m fund

The Nordic specialist has acquired a stake in EQT Expansion Capital II from its seventh fund.

Cubera, a secondaries firm based in Oslo, has bought a stake in an EQT venture capital fund, according to a UK regulatory filing.

Cubera purchased an interest in EQT Expansion Capital II, a 2007-vintage €474 million vehicle that closed above its initial €350 million target, according to PEI’s Research and Analytics division.

The firm bought the stake through its Cubera VII fund, a €225 million vehicle that closed in 2014, according to BerchWood Partners, a placement agent that worked on the fund. Cubera VII is a dedicated secondaries vehicle that acquires Nordic buyout stakes on the secondaries market.

ACG Capital, a French fund of funds manager, sold the EQT stake to Cubera through ACM Secondaries FPCI, a fund it manages for French bank Crédit Mutuel, a spokesman for ACG in Paris told Secondaries Investor. The spokesman declined to share details of the deal.

It was not clear when the deal was completed.

Investors in Cubera’s Fund VII include Swedish pension fund AP Fonden 6, which initially invested €20 million in 2013 and followed up with an additional €13.8 million last year, according to its website.

EQT Expansion Capital II has made investments in 10 portfolio companies including four exits so far, according to EQT’s website. Companies the fund currently holds include Coromatic Group, the largest Nordic data center-focused service company, German digital marketing agency United Digital Group, and cloud-based learning management system provider itslearning.

Cubera was founded in 2006 and focuses on acquiring limited partner interests in Nordic buyout funds that are fully or nearly fully invested. A spokeswoman for the firm declined to comment on the deal. EQT was not immediately available for comment.