Nordic Capital has raised €5bn for its twelfth flagship buyout fund, reaching half of its €10bn target as the firm prepares for a first close in early October, according to a report by Bloomberg.

The private equity manager, which launched fundraising for Nordic Capital XII just five months ago, is aiming for a final close in 2026, according to people familiar with the process.

The effort comes as private equity firms contend with a challenging fundraising environment, where muted deal activity has slowed capital distributions and weighed on commitments.

Nordic Capital, which oversees €34bn in assets, continues to position itself among Europe’s leading buyout houses. Alongside its fundraising, portfolio company NOBA Bank Group, backed by Nordic Capital and Sampo Oyj, has announced plans to list in Stockholm during the third quarter. The firm is expected to sell part of its holding through the IPO.

If successful, Nordic Capital XII would rank among the largest European buyout funds currently in the market, underscoring the firm’s ability to attract commitments despite headwinds facing the industry.

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