Summary Q2 2025
New investments: Nordic Capital Fund XI completed one new investment in Q2 2025, bringing the total portfolio to fifteen companies and around 71% of commitments invested. After the reporting date, two additional transactions were announced, one of which has already closed. Including these, the fund holds seventeen companies with approximately 78% of capital invested.
Valuation development: The fund’s valuation increased slightly, with the gross MOIC rising from 1.2x in Q1 to 1.3x in Q2 2025. The uplift was mainly driven by earnings growth and valuation increases within the Software, Financial Services, and Payments sectors.
Capital calls: In June 2025, a capital call of 8.4% of commitments was issued, bringing total called capital to approximately 75%. The next capital call is expected in Q4 2025, for around 13–15% of committed capital.
