Axcel raises €617m for fifth fund

The GP hit its hard-cap of €617m after starting to market the vehicle in April 2016. Axcel V received commitments from existing investors and a diversified group of new investors from the Nordic countries, the rest of Europe and the US.

Axcel's latest vehicle exceeds its predecessor Axcel IV by €130m. To date, the PE firm's funds have made 49 platform investments, almost 100 add-on investments and 39 exits.

Clifford Chance and Bruun & Hjejle provided Axcel with legal advice in the fundraising process. FirstPoint Equity acted as global placement agent.

Investors
The investment base includes large institutional investors from the Nordic countries, Europe and the US, as well as family offices, foundations and company owners. LPs in the fund include the European Investment Fund, FIH Erhvervsbank, Idinvest Partners and the Kuwait Investment Authority. 

LPs in Axcel's previous fund were based 72% in Denmark, 8% in the rest of the Nordic region, 14% in Europe and 6% in the rest of the world (excluding North America), according to Unquote Data. 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%.

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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