OW Bunker: ATP sells €36m Altor commitment

The revelation came in response to questions put forward by Finanswatch.dk, and ATP said it had completed the secondary transaction before Christmas with no loss on its original investment in the fund.

ATP head of media relations Anders Klinkby Madsen confirmed the matter to unquote". "We can confirm that ATP Private Equity Partners and thereby ATP is no longer an investor in Altor Fund IV. We have transferred the commitment to another investor. This has been done without ATP incurring a loss. The transaction was done before Christmas."

The exit came as a direct result of the OW Bunker bankruptcy, in which the Altor-backed business (and Denmark's second-largest company by revenue) went bankrupt seven months after being listed on the Copenhagen Stock Exchange. The company's management now faces claims of DKK 654m put forward by curators of the OW Bunker estate.

ATP was part of a group of institutional investors in the IPO and lost DKK 166m when OW went under.

Alongside 24 other major institutional investors in the company, ATP has put forward demands totalling DKK 803m against OW Bunker's management, board and certain people and subsidiaries of Altor. ATP are also part of a group of investors that launched an independent investigation into the bankruptcy.

"Given the current situation concerning OW Bunker, ATP has decided not to remain an investor in Altor Fund IV. Hereby we mitigate risk of future conflict of interests in relation to a possible legal process," Klinkby said. "This is a very unusual situation and ATP remains committed to private equity."

Asked by unquote" whether ATP would rule out investing in future Altor funds, Klinkby said the pension fund would not speculate on the matter.

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• Topics
• Nordics
• LPs
• GPs
• Secondaries
• LP interest secondary
• Denmark
• Altor
• OW Bunker