ATP Private Equity Partners has invested around half its €1.5 billion ($2.36 billion) fund committed in the final quarter of last year by ATP, the Danish pension fund, the sole investor in its funds.
The firm intends to follow this with a fresh €1.5 billion fund.
Susanne Forsingdal, a partner at the fund manager, said: “The expectation from our side is we will have a new fund towards the end of the year or early next year. We negotiate the new funds with ATP every time we raise a new fund.” The firm will almost certainly not be increasing the assets it raises for the next fund, as the pension fund believes €1.5 billion is a manageable amount to commit. But the possibility of increasing the fund size has been discussed, she said.
The firm has continued with its restructuring in the wake of the departure of Jens Bisgaard Frantzen, the former chief executive and managing partner of ATP Private Equity Partners, who left last year to head up Private Advisors’ European team. ATP is now structured as a partnership headed by Forsingdal, Torben Vangstrup and Klaus Rühne.
This week it promoted Nils Johannessen to director and Noman Mushtaq, Jesper Voss Hansen as well as Christian Brønden Petersenl to vice president roles.
Johannessen was hired as vice president of legal counsel in February 2007. The firm said he has been instrumental in building the legal side of the business and he would further develop it going forward. He had previously co-led the legal business, alongside Matthew Baker, who also left to join Private Advisors as a managing director.
Mushtaq has worked for the firm since March 2002 and has helped develop relationships with general partners, limited partners and placement agents. Mushtaq recently set up the team’s office in New York.
Susanne Forsingdal said: “Around 50 percent of our portfolio is in North America so it made sense to be present in that market.” The US office is the fund manager’s first outside Denmark.
Voss Hansen joined the firm as an associate in November 2005, becoming project manager of due diligence for funds. Brønden Petersen joined the firm as an associate in November 2006 and he served as a project manager of due diligence for funds.
ATP commits between €500 million to €1 billion to private equity funds annually. The firm manages around €4 billion in four separate fund vehicles for the Danish pension fund ATP.