IT Provider, a Nordic venture capital firm, has defied depressed fund-raising conditions and a gloomy outlook in information technology by making a first closing of its fourth fund at SKr1.2bn (€130m).

IT Provider secured commitments from several existing investors, including the Sixth Swedish National Pension Fund and interests associated with the Rausing family, and a number of new investors: the European Investment Fund, the Third Swedish National Pension Fund, and ATP Private Equity, a Nordic firm which hopes to co-invest with IT Provider in the future.