Danske Private Equity, a subsidiary of Danske Bank, has reached a first close of EURO349 million for its second fund-of-funds. The new vehicle was launched at the end of last year, just a year after the final close of its first offering. Danske Private Equity Partners II will have the same focus as the first fund investing in around 15 primary venture and buyout funds in the US and Western Europe. It hopes to reach its final target of EURO600 million by September.
Bjrn Haugaard Rubin, managing director of Danske Private Equity, is optimistic: “Investors have shown strong interest, particularly considering the intensified international competition and the uncertainty which characterise the financial markets at the moment.”
Danske Bank and Danske Bank Life Insurance have committed EURO50 million to the venture with the remainder coming from Danish institutional investors. Danske Private Equity’s first fund-of-funds more than doubled its target amount of EURO270 million when it closed last year on EURO555 million. It is currently almost 75 per cent committed. Investments from the first fund include BC Partners, Carlyle Group, Nordic Capital, Orlando Special Situations fund and Prospect Venture Partners.
Danske Private Equity is also fund raising for a new life sciences fund with a target of EURO100 million. A first close is expected by the end of the second quarter. Danske Life Science is a traditional venture fund focusing on life sciences and biotechnology in the Nordic region. Leif Helth Jensen has been appointed managing director of the new fund. He was previously president and CEO of Cureon, a biotech company that develops antisense therapeutic products.