Danske Private Equity, the Copenhagen-headquartered captive of Danske Bank Group, has held a second closing on Danske Private Equity Partners IV on target at €600m.
The target was raised from institutions in the Nordic countries; approximately half is committed to the module for investments in Western Europe and the other half of the module for investments in North America. Final closing is expected at the latest for June 2009.
Danske Private Equity intends to pursue a strategy similar to that followed in Danske PEP I-III. The fourth fund will seek to invest in leading small and mid-market buyout funds in Europe and North America. It will also pursue secondary opportunities and will seek to co-invest with Danske PEP I-IV portfolio funds.
Managing partner, John Danielsen, said: “Two thousand and eight has been a turbulent year. We are therefore very pleased that we have reached our target of US$600m in our second closing, supported by existing as well as several new investors. We believe that Danske PEP IV has come off to a good start, as we have made commitments representing 30% of the total fund at the time of the second closing.”