Nordea Private Equity closed its fund of funds at €208m ($197m), adding €28m worth of commitments to the total it had gathered by March.

The fund of funds is the first private equity vehicle established by Nordea. It was launched last May, just as the climate for raising private equity funds turned cool compared with the previous two years. Nordea, whose fund management business is well known in the Nordic region, played to its strengths: the fund of funds' 14 investors are all Nordic institutions.