CataCap closes first fund on DKK 1.1bn

The SME-focused fund is the first to be raised in Denmark since the DKK 3.6bn Axcel IV fund was announced in 2010, and the first raised by a new GP without captive backers since 2005, according to unquote" data.

Since CataCap's first close on DKK 500m in January 2013, the fund has completed three investments including Denmark's Handicap Befordring and Lyngsoe Systems, as well as two bolt-on acquisitions.

Investors
LPs in the fund include Access Capital Partners and Adveq (whose investment is its first ever in Denmark). The GP said around 40% of the fund's backers are non-Danish.

Other backers that came in at final close include German pension fund Parvilla and Danish art foundation CL Davids Fond og Samling, in addition to a number of wealthy Swedish private investors.

Core investors in the fund include a number of Danish institutional investors, including Dansk Vækstkapital, Danica Pension and Lægernes Pensionskasse (Medical Doctors' Pension Fund), which each provided DKK 100m.

Institutional investors account for 90% of the LP base, with two other pension funds also having committed 20% of the capital at first close.

A number of private investors also committed 4% to the fund's first close, in addition to CataCap's 6% commitment.

Investments
CataCap's fund invests in Danish SMEs that hold a significant development potential and have an innovative business model with long-term sustainability. The fund's general strategy will focus on operational leverage.

The GP expects to invest its capital in a number of equity tickets over the next few years, partly through platform investments and partly through add-on acquisitions to its existing portfolio companies.

People
Vilhelm Hahn-Petersen, Jens Hahn-Petersen and Peter Ryttergaard are co-founders and partners at CataCap.

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