Danske Private Equity Partners VI holds €603m first close

The private equity arm of Denmark's Danske Bank expects to hit the fund's target of €650m in its final close. The vehicle, which has a hard-cap of €700m, began fundraising in Denmark in November 2014 but did not begin fundraising internationally until the following month due to AIFM regulations.

In line with previous funds, Danske PEP VI has a minimum subscription of €5m and a 10+1+1 lifespan. The GP told unquote" the fund fees were significantly cheaper than the industry standard.

DPEP's previous fund was announced in August 2011, and held a final close on its €650m hard-cap a year later.

Investors
Capital for Danske PEP VI was raised from European institutional investors, with commitments from new and existing investors.

Danish pension companies PensionDanmark and PKA IP are investors in Danske PEP VI, having been LPs in all previous iterations of the DPEP funds. Danske's own pension division, Danica, is also an investor in the vehicle.

Investments
The latest fund from DPEP will follow the same strategy as its predecessors, investing in small and mid-market buyout funds in North American and western European funds. The fund's capital is split evenly between each geography.

The vehicle will seek to invest in a maximum of 15 funds a year, and has currently committed capital to two funds: a Waterland fund in the Netherlands and lower-middle market focused US healthcare manager BelHealth.

Danske PEP VI will also look to make secondary investments and to co-invest with funds across Danske PEP's six funds. The GP may commit as much as 20% to secondary and co-investments, if opportunities arise.

People
Dan Kjerulf is a partner and Jesper Knuttsøn a senior investment manager with DPEP.

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• Topics
• Fund-of-funds
• Nordics
• Fundraising
• Denmark
• Unq2015June