Njord fund set to hold first close on up to €150m – exclusive

The European mid-market firm invests both debt and equity across the capital structure.

Njord Partners is nearing the halfway mark for its first commingled fund as the London-based firm approachs an initial close, a source familiar with the situation told Private Debt Investor.

The European mid-market investment shop is set to hold a first close on €125 million to €150 million on a special situations vehicle that is seeking €250 million, this person said. Njord’s previous vehicle was a €150 million separately managed account with a Nordic investor.

The vehicle will target a gross internal rate of return of 20 percent and a net IRR of 15 percent, PDI understands. The firm invests up and down the capital structure, including both debt and equity, and has been using capital from its SMA. It has not started investing from the commingled fund, this person said.

A firm representative could not be reached for comment.

Previous deals have included a $10 million convertible loan to a Swiss oilfield services company, GeoQuip Marine, and a €20 million hybrid senior secured loan, along with Goldman Sachs, to Portuguese cable producer Solidal Condutores Eléctricos, according to Financial News.

A former Oaktree vice president in distressed debt, Arvid Trolle, and a former KKR director in private equity, Jakob Kjellberg, launched the firm in 2013.