PKA reorganises alternatives arm, invites third-party capital

Until now, PKA AIP had acted exclusively as an adviser to PKA's own pension schemes.

PKA said it expects to invest up to DKK 20bn (€2.685bn) in fund investments and a minimum of DKK 10bn in direct investments over the next three years. Since 2012, PKA has invested DKK 40bn with PKA AIP.

PKA AIP Private Funds will be managed by Anette Eberhard, current CEO of EKF Denmark's Export Credit, and will focus on investments in private equity and infrastructure funds, as well as co-investments with equity funds.

However, the scheme does not plan to change its strategy when it comes to investing in private equity directly, according to a PKA spokesperson. 

According to PKA, the reorganisation will enable PKA to attract the right people to each team as the two areas of investments, funds and directs, are very different.

Unquote understands that, by inviting third-party investors into the new framework, PKA will be able to commit larger volumes to investments and achieve cost savings.

Additionally, Kasper Hansen has been appointed managing director of AIP Infrastructure. Hansen, who joined PKA AIP in 2016, will continue with the existing strategy of direct investing in energy production, storage and distribution, water facilities, and transport and telecommunications assets, across northern and western Europe and the US.

PKA's recent fund commitments include a €75m ticket for Equistone Partners Europe Fund VI, as well as Waterland Private Equity Fund VII. Recent co-investment deals include an investment in Denmark-based cooling company Nissens, alongside equity lead Axcel V.

PKA is also part of the DK Telekommunikation consortium – which also comprises Macquarie, PFA and ATP  – that is in the process of acquiring TDC, Denmark's biggest telecommunications company, for €5.4bn. On 9 April, approximately 88% of TDC shareholders had accepted the offer of DKK 50.25 per share.

PKA is an administrative company that manages labour market pensions on behalf of four independent pension funds with a total of around 300,000 members within the social welfare and healthcare sectors in Denmark.

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