Saga closes fund-of-funds on €600m

The vehicle was launched in March 2018 with a €700m target, held a first close on €170m in the same month, and made five subsequent interim closes leading up to the final close on April 30 2019.

It is the first institutional fundraise since Saga Private Equity was founded as an independent fund manager by ex-Danske employees at the start of 2018.

At Danske, the team managed six previous vintages of Saga funds-of-funds between 2000-2015, with volumes between €550-600m.

The fund will invest in the micro, small-cap and mid-market segments of European and North American private equity, through fund investments, secondaries and co-investments.

Saga partner Jesper Knutssøn told Unquote that it will select managers with a strong operational focus, and it favours buy-and-build strategies, sector specialists, country or regionally focused funds or others with clear differentiation.

The fund is registered as a Danish LP structure.

Investors
The investors in Saga VII are European and North American institutions, according to a statement. One of the European institutions is Danish pension fund Pensiondanmark, according to Unquote Data.

Investments
The fund will target primary investments in European and North American funds with an average fund size of €100m-1bn, with an average commitment of €40m. It expects its portfolio to be split 50-50 between North America and Europe.

It will do co-investments and secondary transactions on an opportunistic basis with a maximum allocation of 20% to both combined. It expects to make 12-16 fund investments in total.

The vehicle has already made five commitments to buyout funds and one co-investment, and expects to make a significant number in 2019.

People
Saga Private Equity – John Danielsen (managing partner); Jesper Knutssøn (partner).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Funds
• Fund-of-funds
• Nordics
• Denmark
• Co-investments
• Secondaries