ATP Private Equity Partners VI holds €800m final close

Along with the final close, the investor also announced an adjustment of its investment strategy, in an effort to reduce investment complexities and costs.

The latest fund will discontinue investing in venture capital, managing partner Torben Vangstrup told Unquote. The investment team was not able to deploy as much capital as expected into venture funds, thus leading to the least performing fund type compared to buyouts.

As a result, ATP PEP will also close its New York office, which was opened 10 years ago on expectations to increase investments in venture capital in the US west and east coast.

In addition, the fund will focus exclusively on investing in European and US funds.

The sixth fund will also be targeting fewer but larger allocations to a diversified portfolio of fund commitments within the buyout and distressed funds segments. It will increase its focus on co-investments with GPs already in the ATP PEP portfolio.

Working closer with selected GPs will ensure that ESG and tax matters are in compliance with ATP, which has issued guidelines on these.

ATP PEP's first fund, raised in 2003, generated a net IRR of 14.5%, while the following two funds-of-funds from 2005 and 2007 both generated an IRR in excess of 10%, according to Unquote Data. Its fifth vehicle held a final close on €800m in April 2014.

Investors
Danish pension fund ATP is the sole investor in the fund.

Investments
ATP PEP VI will invest in funds managed by GPs already backed by ATP PEP. It typically targets diversified fund commitments within the buyout, venture capital and distressed segments. The fund will focus on co-investments with GPs of the ATP PEP portfolio, with a geographic remit spanning Europe and the US.

People
ATP PEP – Torben Vangstrup (managing partner).

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