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Danske FoFs nears final close

Danske Private Equity has raised EURO482 million for its second fund-of-funds, Danske Private Equity Partners II. Within a month Bjrn Haugaard Rubin, managing director of Danske Private Equity, hopes to conclude talks with a final investor to add up to EURO40 million to the fund’s current total.

Like its predecessor, which raised EURO555 million in 2000, Danske PEP II will invest in venture and buyout funds in the US and Western Europe. It is also able to invest in funds outside of these geographical areas, although according to Haugaard Rubin it is unlikely to do so. So far Danske has made commitments to funds including Carlyle Partners, Nordic Capital, Sprout, BC Partners, Alpha Private Equity Fund, Close Brothers Private Equity and MPM BioVentures.

Commitments to the second fund include EURO50 million from the group’s parent, Danske Bank, with investments coming from other Danish institutional investors. The fund held a first close at EURO349 million earlier this year but has not reached its initial target of EURO600 million.

The subsidiary of the Danish bank manages over EURO1.5 billion in private equity assets including its fund-of-funds business, Danske Venture Partners (an IT venture fund) and Danske Life Science (a life science venture fund that is currently being established.)