Industri Kapital, the North European buy-out firm, is within days of formally making the first close on its fund at more than €500m ($590m), according to leading investors. It has been fund raising for more than a year and the first close had been expected to take place last month.

It is now understood that around 25 investors are taking part in the first closing. Many of them have been investors in the firm's funds since it started in 1989, but a handful are new. Scandinavian investors and fund of funds groups account for the majority.