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Risk Capital - Private Equity: Fundraising a Swedish Buyout Fund
Jönköping University, Jönköping International Business School, JIBS, Business Administration.
Jönköping University, Jönköping International Business School, JIBS, Business Administration.
2011 (English)Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
Abstract [en]

The private equity industry has had a fluctuating history. In the years between 2003 and 

2007 the private equity industry expanded tremendously, yet in 2008 a financial turmoil 

caused significant deviation in the activity of the industry. During the credit crunch the 

liquidity in the market decreased affecting the sources of capital available. When several 

firms compete about the capital available, fundraising becomes increasingly difficult and 

competition intensifies. Sweden is one of the largest private equity markets in Europe and 

has among the Nordic countries been able to raise the largest amount of funds. The 

purpose of this study is to examine the fundraising process implemented by private equity 

firms, nevertheless the relationship that emerges between the fund manager and the 

investor. The authors’ objective is to provide an adequate interpretation of the private 

equity industry in Sweden.  

The authors have implemented a qualitative method, as the objective has been to obtain a 

profound picture of how private equity firms manage their fundraising. The abductive 

approach has been used in order to collect empirical data and semi-structured interviews 

have been carried out with representatives from four private equity firms. In addition, a 

smaller survey has been performed with two institutional investors to add to the objectivity. 

Subsequently, the empirical data has been analysed in regards to theory and compared in 

relation to the sources to end up in a conclusion. 

The authors have through the study concluded that private equity firms in Sweden with a 

focus in buyouts not have a common fundraising model. Private equity funds are selective 

in their choice of investors and prefer professional, loyal investors with a long-term 

perspective and strong capital base. It has from the analysis emerged that good reputation, 

history, team and experience is valuable in fundraising. Firms that are successful in their 

operations and management appeal to investors. The investors are typically institutionalised 

and invest in different asset classes, hence the diversification is mainly in the hands of the 


Place, publisher, year, edition, pages
2011. , 73 p.
Keyword [en]
Buyouts, Fundraising, Limited Partnership, Private Equity
National Category
Business Administration
URN: urn:nbn:se:hj:diva-16218OAI: diva2:444731
Subject / course
IHH, Business Administration
Social and Behavioural Science, Law
Available from: 2011-09-30 Created: 2011-09-29 Last updated: 2011-09-30Bibliographically approved

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