SJ berwin scores Nordic fund double

SJ Berwin has established Scandinavian funds for Industri Kapital and Segulah, with values of £1.16bn and £375m respectively.

Industri Kapital’s previous fund was set up by Clifford Chance in 2002. SJ Berwin funds partner Nigel van Zyl said the firm was instructed on account of its “profile and position” in the funds market and was the result of a longer courtship of the firm.

This is the second time SJ Berwin has advised the Segulah fund since poaching the work from White & Case‘s Swedish office almost four years ago in an independent approach to the Stockholm-based private equity house.

The latest Segulah IV fund was twice the size of the previous fund and was oversubscribed by a factor of five.

Van Zyl, who advised both of the funds, said: “There seems to be strong investor appetite for Scandinavian funds as people see there’s real opportunity to create value in Scandinavian industry.”