Sixth AP-fund and Danske Bank join forces

An agreement has been struck between Danske Bank and the Sixth AP-fund to set up a new EUR 220m fund for active investments in growth companies. The investment vehicle, named the Scandinavian Life Science Venture, will specialise in investments in the pharmaceuticals, biotechnology, medical and life sciences sectors, although no new investments are expected to be made until mid 2003. The fund will not be open to new fundraising but rather will merge the Sixth AP-fund’s existing portfolio of 18 life sciences companies with the eight investments made by Medicon Valley Capital, the venture set up by Sixth AP-fund, Danske Bank, Sparbanken Finn and Novo in 1999. The formation of the new fund means that the Sixth AP-fund’s direct investments in the life science sector will be placed in a new investment structure together with the investments in unlisted companies already in the MVC fund. Initially, the new fund’s portfolio will contain some 25 companies. Scandinavian Life Science Venture will initially operate out of offices in Copenhagen, Lund and Gothenburg and will target, as its geographical market, the whole Nordic region. Lars Ingelmark, head of Life Sciences Ventures at the Sixth AP-fund, will assume the position of chairman of the board at Scandinavian Life Science Venture. The investment strategy of the Sixth AP-fund, according to Lars Inglemark, will be to generate a return on pension capital by means of active investments in small and medium-sized companies.

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