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Finnish MB Funds holds final close at E117m

The Finnish private equity firm MB Funds has held a final close on its third fund at E117m. MB Equity Fund III was launched in early 2002.

MB's buy-out fund attracted 19 Finnish institutional investors, the majority of which were public and corporate pension schemes and insurance companies. Most of the committed capital came from institutions, which had contributed to earlier MB funds, but the firm was also able to widen its investor base.

MB specialises in Nordic management buy-outs, privatisations and outsourcing projects. Two investments have already been made from the fund, the buy-and-build transaction involving Inspecta Oy and SFS-Sertifionti Oy and the privatisation of the Finnish vehicle inspection company.

Despite a sustained global economic downturn the Finnish private equity industry has experienced significant growth in the last 12 months. Finnish private equity and venture capital firms raised E814m in 2002, almost double the amount raised in the previous year.

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