Saga closes fund-of-funds on EUR 720m hard-cap

Wahida Ahmed
14 December 2021

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Copenhagen-based investment firm Saga Private Equity has reached a final close for Saga VIII on its hard-cap of EUR 720m.

Saga VIII was registered in September 2020; it held a first close in March 2021 on EUR 600m against a target of EUR 700m.

Its predecessor vehicle, Saga VII, was launched in March 2018 with a target of EUR 700m; it held a final close in May 2019 on EUR 600m. Saga VII targeted investments in the micro, small-cap and mid-market segments in European and North American funds with an average fund size of EUR 100m-1bn and an average commitment of EUR 40m.

Saga was founded by three former employees of Danske Bank's private equity department. It specialises in funds-of-funds that are focused on buyouts in North America and Europe.

Investors
Jesper Knutsson, a partner at Saga, told Unquote that the LP base consists of European investors only. "The LPs are top-tier insurance companies and pension funds, foundations, and a few large family offices from Europe."

"The pipeline is very strong," says Knutsson, "and the investments that have already been made represent 57% of the total fund." According to a press release, Saga VIII has commitments to seven portfolio funds and five co-investments.

People
Saga – Jesper Knutssøn (partner).