Cubera closes Fund VII – exclusive

Oslo-based Cubera has closed its seventh private equity secondaries fund, a spokesperson from the firm told Secondaries Investor.

The spokesperson declined to disclose how much Cubera VII raised, but the fund received a €20 million commitment from AP Fonden 6, according to documents from the Swedish pension fund.

Cubera VII has already invested in at least one limited partner fund stake. Earlier this year, the fund acquired a stake in EQT V from UK-based Bregal Private Capital, according to UK regulatory filings.

Cubera’s prior secondaries fund, Cubera VI closed on €80 million, just shy of its €100 million target in 2011, according to PEI’s Research and Analytics division. AP Fonden 6 also committed to the fund.

Cubera focuses on acquiring LP interests in Nordic buyout funds that are fully or nearly fully invested and has typically invested about €75 million in secondaries per year. However, its latest fund has a more traditional structure with more capital and a longer investment period, managing partner Jørgen Kjærnes told Secondaries Investor last year.

“The Nordic region has some excellent managers. They have outperformed European and American peers for decades and are supported by a very strong macroeconomic environment,” he said.

Cubera also makes direct secondaries investments in tail-end funds and through restructuring processes. Last year, the firm sold its minority stake in oilfield communications company RigNet to Kolhberg Kravis Roberts, according to a statement. Cubera acquired the stake from oil and gas specialist HitecVision in 2008.

“The RigNet deal was unique insofar as it originated from the tail-end acquisition we made from HitecVision III,” Kjærnes previously said. “We successfully exited all the companies in this portfolio and RigNet was the final asset.”

RigNet was initially listed on the NASDAQ stock exchange and Cubera sold the remaining holding to KKR. The sale generated a 2.9x net return multiple, according to Kjærnes.

Cubera also manages a 2007-vintage primary private equity fund, HQ Private Equity I, which closed on SEK 240 million ($35 million; €26 million), according to PEI data.

The firm was founded in 2006 by Kjærnes, who previously established Norwegian fund of funds manager Argentum Fondsinvesteringer.  The firm is also led by chief financial officer Axel Høvo Daasvand and three partners: Till Gutzen, Kine Burøy Ianssen and Niclas Ekestubbe, according to its website.