INDUSTRI KAPITAL IS one of a small group of successful, large non-UK and non-US private-equity houses operating in Europe. With e3.5 billion in funds under management and specializing in mid-cap investments in northern Europe, the Stockholm-based firm has been impressing investors and rivals with a standard 20% internal rate of return on deals since its foundation in 1988 by former Esselte Group finance director Björn Savén.
It’s not the kind of firm that one would expect to struggle to raise new funds from outside investors at a time of flat returns in conventional asset classes.
Industri Kapital’s difficulties in closing its most recent fund provide crucial lessons even for private equity managers of long standing with good track records.
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