Nordic B2B software investor Monterro has raised the largest tech-focused private equity fund in the region by hitting a €700m final close.
The huge new M4 fund close brings the Sweden-headquartered firm’s assets under management to more than €1.1bn.
Monterro said there was “unprecedented demand” for the fund from existing investors, with a 100% re-up rate from institutional LPs, and also capital from 15 new institutional backers.
As in its predecessor funds Monterro’s founders and employees continue to be the largest investor, with a 20% commitment in M4.
The fundraise follows a couple of successful exits for Monterro this year, in Grade and Palette, and platform investments in Bliksund, Umbraco and Moment.
Monterro has also more than doubled the size of its team in the last 18 months and opened new offices in Oslo and Munich.
Firm co-founder and managing director Thomas Bill said, “Monterro was built to find and scale software businesses, and the success of this fundraise reflects our position as a leading B2B software growth investor in the Nordics.
“We will adhere to the strategy and are delighted to see the strong support from both our existing and new investors. As a team, we look forward to working alongside our investors and continue to invest in and build software companies.”
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