OW Bunker: PFA joins ATP in Altor IV exit

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Danish pensions provider PFA has sold its stake in Altor’s Fund IV following the bankruptcy of OW Bunker, in which it occured a DKK 164m loss.

Jesper Langmack, a director at PFA Asset Management, confirmed to financial publication Finans.dk that the investor had a commitment in the fund and chose to sell it as a result of the developments in OW Bunker.

Langmack said Altor had not yet drawn on the commitment, but would not comment on its size.

PFA was one of the institutional investors which bought into the OW Bunker IPO in April 2014 and took the second-largest loss on the investment after ATP, which lost DKK 166m.

It was revealed yesterday that ATP also sold its €36m commitment in Altor IV because of the OW Bunker case.

Both ATP and PFA are part of a group of 25 institutional investors who put forward demands of DKK 803m to OW Bunker's board, management, and certain Altor employees – as well as a second group of investors who have launched an independent investigation into the bankruptcy.