Cubera X oversubscribed at hard cap; additions to senior team to implement further growth
Oslo/Stockholm, 03. September 2024
On August 30th 2024, Cubera Private Equity’s latest Nordic secondaries fund - Cubera X - had its final close, having raised over EUR 800m. The fund had a target size of EUR 700m, which was significantly exceeded. At the final close the fund was oversubscribed at the hard cap of EUR 780m of external capital, which together with the GP commitment took the total fund size to EUR 807m.
Reidun Tysseland, Managing Parter of Cubera Private Equity, said: “We’re grateful that existing investors have continued to show trust in us, and proud to welcome several blue-chip institutions as new investors in Cubera X. The investor base for Cubera’s secondary strategy has been further institutionalized during the fundraise, with more than 50% of the capital coming from investors outside the Nordic region.”
The Nordic private equity market continues to be one of the most attractive regions for private equity, it has experienced significant growth in assets under management in recent years and consequently, the Nordic secondary market is also growing. Cubera X is off to an excellent start and has already committed ~25% of total fund size in seven Nordic secondary transactions.
Cubera’s Head of Nordic PE, Johan Nord, commented: “Our secondary deal flow has never been better, and we are able to acquire positions in some of the best Nordic buyout funds at meaningful discounts. Cubera’s market position and network in the Nordics means we have a clear edge in secondaries as well as primaries and the whole team looks forward to the ongoing investment of both our secondary and primary programs.”
Growth ambitions and new senior hires
With a total of EUR 1 bn of inflows across all strategies over the past 12 months, Cubera’s strategies and the underlying investment platform have garnered strong interest from investors and encourage us in our growth ambitions. To implement these ambitions and extend our capabilities, we are happy to announce that two senior professionals have recently joined Cubera.
Pontus Elmer will serve as our new Head of Capital Formation. In this role, he will be responsible for orchestrating growth across all strategies. He has previously spent 12 years at EQT, where he served for 9 years as the Head of Advisory in the Client Relations and Capital Raising team and 3 years as a Head of ESG Data.
Mikael Falck has joined our Nordic investment team as a Partner. He has extensive experience in alternative investments and fund selection from CapMan, Kåpan Pensioner and Nordea. Mikael will play a key role in the development and deployment of our Nordic Primary fund of funds strategy. He will serve on the Investment Advisory Committee of the next fund in this series - Cubera PE V - which is coming to market this autumn and already experiencing high investor interest.