Houlihan Lokey Advises Viking Growth

Houlihan Lokey is pleased to have advised Viking Growth AS on the closing of Viking Growth Continuation Fund I A.B., its inaugural single-asset continuation fund established to support the continued growth of Talentech (the company), the leading Nordic all-in-one recruitment and human resources software platform. The continuation fund closed with total commitments of approximately €160 million.

Viking Growth is the leading investor in Nordic B2B software, with more than two decades of experience helping ambitious companies scale globally. Headquartered in Trondheim, Norway, Viking Growth provides capital, strategic guidance, and hands-on operational support to accelerate growth. Today, its portfolio includes 19 companies across the Nordics with a combined ARR of NOK 4.1 billion.

Formed in January 2026 through the equal merger of Grade and Talentech, the company has established the leading Nordic HR-tech platform, serving nearly 4,000 corporate and public-sector customers across all four Nordic countries, supporting more than 1.2 million users and over 650,000 recruitments each year. Talentech generates annual revenues of more than NOK 700 million, 95% of which is recurring, underpinned by long-standing customer relationships and a proven track record of buy-and-build consolidation, with 15 companies acquired to date. The continuation fund will enable Viking Growth and Talentech to remain at the forefront of consolidation within the Nordic HR market while delivering increased value to customers through further product development and AI-led innovation.

The newly formed continuation fund enables Viking Growth to extend its partnership with Talentech and its management team while providing additional capital to support the company in its next phase of growth. The continuation fund was backed by specialist secondaries manager Hollyport Capital as sole lead investor, alongside several new and existing European investors.

Founded in 2006, Hollyport Capital is a leading specialist secondaries investor providing bespoke liquidity solutions to LPs and GPs. Since its inception, Hollyport has raised nine Flagship Funds and currently manages approximately $11 billion in assets. Hollyport has a team of more than 85, split between New York and London, where it is headquartered.

Erik Fjellvær Hagen, Managing Partner at Viking Growth, said: “Establishing the continuation fund is a major step for Viking Growth. It provides substantial liquidity to our existing investors while allowing us to remain invested in Talentech, which is one of the strongest software platforms we have built. The transaction marks a step change in our firm’s access to international institutional capital and in our ability to hold and scale our strongest Nordic software assets beyond a conventional fund life.”

Richard Grindrod, Partner at Hollyport, added: “We are delighted to be supporting the Viking Growth and Talentech teams through our role as lead investor for this transaction. Talentech is a high-quality, market-leading software platform with a strong position in the Nordic HR-tech market and significant opportunities for further growth. We have been impressed by Viking Growth’s track record of building and scaling leading Nordic software businesses and look forward to partnering with the team as they support Talentech through its next phase of development.”

Houlihan Lokey served as the exclusive financial advisor to Viking Growth in connection with the transaction. This transaction highlights Houlihan Lokey’s leading Capital Solutions Group and its ability to execute continuation vehicle transactions across sectors, working closely with its industry coverage teams.

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