Danske Private Equity has held a first closing on its third fund-of-funds on €311m. Danske Private Equity Partners III is to invest in mid-market and venture funds in North American and Western Europe, the capital raised is to be split equally between the two regions.
The money raised came from institutional investors based in the Nordic region, and Danske said a number of other investors are currently undertaking due diligence. The firm hopes to raise a total of €550m, the same size as Danske’s first two fund-of-funds. Both are fully committed across 15 funds each.
No investments have been made yet, but partner Dan Kjerulf said the firm has “several in various stages of due diligence, including one that is very near indeed.” A final close is envisaged for the end of September 2006, but smaller closings are expected before then as and when investors are ready.