Niam closes largest ever Nordics opportunity fund – exclusive

The Stockholm-based real estate firm collected €800 million for the sixth vehicle in its opportunity fund series.

Niam, the Stockholm-based private equity real estate firm, has raised the largest ever fund dedicated to Nordic opportunistic property investing.

The firm smashed its original hard cap and garnered €800 million for its sixth fund in its opportunistic series – Niam Nordic VI. Geographically, the investor split for the vehicle is: about 70 percent North America, 10 percent Europe and 20 percent Asia.

“We had a hard cap at €750 million but we increased it so that more of our existing investors in previous funds were able to participate. Even though demand for Niam VI was high among new and existing investors, we thought that an €800 million cap was a responsible size for a fund with a 3 year investment period in the market environment in the Nordics,” Johan Bergman, Niam's chief executive told PERE.

Niam closed over €500m in within 6 months of announcing the fundraise, despite not offering any incentives, and has begun deploying capital with three deals completed already. Niam will remain faithful to a strategy that involves opportunistic investing across sectors in Sweden, Norway, Finland and Denmark. However, Bergman said the opportunity will look different to prior funds.

“We are a Nordic player but the funds are dissimilar in their compositions of asset classes and geographies because of the different economies. Things change within six to nine months. Niam VI will look different from Niam V, which didn't look like Niam IV and so on,” said Bergman.

Niam's previous funds, Niam Nordic V and Niam Nordic IV, collected €719 million and €670 million, respectively.