Danske’s PEP II reaches €550m

Danske Private Equity, the Copenhagen-based private equity fund of funds, has increased the size of its second fund to €550m following a €527m close in October 2003.

The second private equity fund of funds raised by Copenhagen’s Danske Private Equity has reached €550 million in commitments, despite announcing a final closing on €527 million in the final quarter of last year.

Dan Kjerulf, a partner and legal counsel to the fund, said it “has been re-opened twice since the final closing to accommodate re-ups from existing investors that had housekeeping issues.”

Danske PEP II now has the same level of commitments as the organisation’s first fund, Danske PEP I, but is still €50 million short of an original €600 million target.

At the time of the final closing last year, Danske PEP II had made four fund investments in: Leonard Green Partners’ $1.85 billion buyout fund; Italian firm B&S Private Equity’s €550 million IPEF IV; MPM Bioventures III, a $900 million life science fund; and Nordic Capital V, the €1.5 billion pan-Nordic buyout fund.

Kjerulf said the fund has made a further four investments since then in fundraisings by: Odyssey Venture Partners, the US venture firm; Investitori Associati, the Italian mid-market buyout firm; LCF Rothschild, the French venture investor; and Exponent Private Equity, the UK mid-market start-up.

The firm had previously announced that the second fund would make around 15 investments in all in buyout and venture funds throughout Western Europe and North America.

Danske Private Equity’s parent company Danske Bank and Danske Bank Life Insurance committed €50 million each to PEP II. The fundraising was advised by Chicago-based law firm Kirkland & Ellis.