Axcel holds first close for fund V on €352m

The GP is targeting €550m for its fund and said in a statement it had received capital commitments from new and existing investors at the first close.

Axcel V is the first fund to be raised under Christian Schmidt-Jacobsen, the firm's managing partner who took over from founder Christian Frigast in June 2015 after a highly-publicised struggle to find a replacement.

The fifth fund succeeds Axcel IV, a 2010-vintage buyout vehicle which raised DKK 3.6bn at final close.

Investors
LPs in Axcel's previous fund include foreign investors, Danish businesses and family offices, of which 72% are based in Denmark, 8% in the rest of the Nordics, 14% in Europe and 6% of commitments come from the rest of the world (excluding North America).

Pension funds and life insurance funds made up the largest proportion of commitments with 32%, followed by corporate and private investors with 24%. Banks provided 17% of the total commitment, funds-of-funds 15% and government-sponsored funds 12%.

LPs in fund IV include FIH Erhvervsbank, Nordea, ATP-PEP FSP Pension, GE Asset Management, PKA, PenSam, SEB, Sixth Swedish National Pension Fund, PFA Pension, Danfoss, AVR, Primo, FEAS, Realdania, Linak, Hoffman Holding, Jysk, T&W Holding, Investeringsselskabet Elkær Invest, Nowaco, Merifin Capital, Kirkbi, Amanda Capital, von Braun & Schreiber, DnB Nor, Kuwait Investment Authority, Amundi, Akina, idinvest Partners and Argentum.

Investments
Axcel V will follow the same strategy as its predecessor, investing in Danish and Swedish mid-cap assets with revenues of DKK 250m-4bn.

People
Axcel – Christian Schmidt-Jacobsen (managing partner).

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