Danske Private Equity, a subsidiary of Danske Bank, has announced the final closing of its fund-of funds, Danske Private Equity Partners (Danske PEP) at A555 million. The fund has more than doubled its target amount of A270 million following its launch in March (see EVCJ April 2000, page 14) and aims to provide expansion capital for IT, Internet and telecoms companies in the Nordic region.
Danske PEP hopes to invest in around 15 funds with an average investment size of A37 million. The company hopes to have all capital committed within 18 months with 60 per cent targeting Europe and 40 per cent invested in the US. The fund will be split in half to invest in venture capital and buyout transactions.
In terms of investors, the fund has drawn commitments from institutional and corporate sources within and beyond the Nordic region.