Nordea Private Equity has raised €180m ($160m) for investment in its new fund of funds, the first private equity vehicle that Nordea, the largest financial services group in the Nordic and Baltic region, has launched.

The Nordea thematic fund of funds has committed capital to 10 funds. Seven of these are US funds while the rest are European. One of the main reasons for institutional investors to go into private equity is to diversify their investments but, once within the asset class, investment consultants recommend that investors achieve geographic diversification as well.