Gardell reaffirms closure plans for Cevian

Christer Gardell, co-founder and managing partner at Cevian Capital, has reaffirmed the company’s plans to consider closing its Cevian Capital II fund to new investors in the next six months.

This would hit institutional investors who are looking to take advantage of the fund’s performance. Cevian Capital II, launched in 2006, reportedly made a return of about 50% in 2010, up on 45% in 2009, according to Gardell’s comments carried in Dagens Industri.

Gardell told the newspaper: “There are a lot of investors getting in touch and who want to put their money in, and it’s big international institutions we’re talking about.

That’s why we see it as a possible scenario to close the fund in half a year or so.”

When contacted Cevian said: “We have no further comment to make about today’s article in Dagens Industri.”

The fund’s strategy is to take large stakes in what it sees as undervalued companies, which it then holds for long periods while engaging in active ownership, with a focus on “improving corporate governance, operational performance, corporate strategy and structure.”

Cevian Capital has some €3.5bn of assets under management, the company’s website states.

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