IK Investment Partners has closed its eighth mid-cap fund on €1.85 billion, exceeding a €1.6 billion target after just nine months of fundraising. With the close, IK joins some select company: So far, only 11 other European firms have topped the $1 billion mark on funds raised this year, according to the PitchBook Platform.
Founded in 1989, the London-based firm will use the new capital to continue a strategy of making majority investments in companies located in northern and western Europe with valuations of up to €500 million. Following a first close in August, the firm has already used the fund to make three investments: Ellab, a manufacturer of thermal validation solutions; ZytoService, a pharmaceuticals compounder; and Schock, a manufacturer of granite kitchen sinks.
The fund wrap is IK’s second of the year, following the close of IK Small Cap I Fund on €277 million in March. The firm closed its previous mid-cap vehicle on €1.4 billion in 2013.