Proventus closes Fund IV on €1.8bn – exclusive

The Stockholm-based fund manager has invested 20% of the fund, which is 40% larger than the firm’s predecessor vehicle.

Proventus Capital, the Swedish investment firm, has revealed the final closing of its Proventus Capital Partners IV private debt fund on €1.8 billion.

The fund is 40 percent larger than the prior fund, Proventus Capital Partners III, which closed on €1.3 billion in December 2014.

The first investment from Fund IV was made in December 2018 and it is now 20 percent invested and committed, with nine investments having been made so far.

Proventus provides debt solutions for mainly mid-sized family and entrepreneur-owned companies in the Nordics and other Northern European markets, a strategy which it commenced in 2002. Over the last decade, it has raised €4.4 billion of institutional capital in total.

The firm has not named individual investors in the latest fund but said support came from public pensions, corporate pensions, insurance companies, family offices and endowments.

Proventus’s team of 19 professionals is headed by chief executive Daniel Sachs, who has occupied the role since 2003, and comprises backgrounds in credit, restructurings and equity.

Credit Suisse Private Fund Group acted as exclusive advisor to the capital raising for Fund IV, as it also did for the prior Fund III.