Cubera closes Fund VIII on €405m

The Nordic secondaries specialist closed the oversubscribed vehicle on its hard-cap.

Cubera Private Equity, a Scandinavian secondaries firm, has closed its eighth fund on its hard-cap of €405 million.

“Our leading position in the Nordic secondaries market has made Cubera the first choice for both local and international investors searching for liquidity or rebalancing their Nordic private equity portfolios,” Jorgen Kjaernes, managing partner of the Oslo-based firm, said.

“They appreciate that our special position allows us to pay the right price, and to transact efficiently and most often on a fully discretionary basis. Less than 10 percent of our completed transactions have involved an intermediary.”

The firm, which buys stakes in Nordic buyout funds, said the fund was oversubscribed and had been backed by limited partners from Europe, the US and the Middle East.

The fund follows Cubera VII, a €225 million vehicle which the firm closed in August 2014. Cubera said that with co-investment it now has investment capacity of more than €500 million.

The firm’s sixth fund closed on €80 million in 2011.

As well as buying fund stakes, Cubera also makes direct secondaries investments in tail-end funds and through restructuring processes.

The firm was founded in 2006 by Kjaernes who previously established Norwegian fund of funds manager Argentum.