IK Investment Partners, a pan-European private equity firm with Nordic roots, has held a first close after raising €1.3 billion for its latest buyout fund, joining a number of large European funds that have raised capital in 2016.

The fund, which is targeting €1.6 billion in total, held its first close - the point at which it can start investing the capital - in the past few days, according to a person familiar with the matter, who added that IK is on the cusp of making a first investment from the vehicle.