Maj Invest Equity holds first close on Fund V

The Danish house has raised 80% of its DKr1.9bn target and is on track to hold a second close before year-end.

Maj Invest Equity, the private equity arm of Danish asset manager Maj Invest, has held a first close on its fifth fund, according to a statement from the firm.

Maj Invest Equity 5 has amassed commitments of DKr1.6 billion ($234 million; €215 million) against a target of DKr1.9 billion, and is expecting to hold a second closing before year-end. The vehicle has a hard-cap of DKr2.25 billion.

The firm said it received strong support from local Danish investors in particular, among them PKA, Dansk Vaekskapital II, and TryghedsGruppen, the majority owner of insurance company Tryg.

“We are pleased to have attracted so much support from both new and existing investors in Denmark, where we have always sourced our capital,” said Niels Retbøll, who led the fundraising effort.

“We are now focused on bringing in international investors for the first time in order to broaden our investor base. Interest is building and have already begun to receive commitments from outside Denmark.”

The fund’s predecessor, Maj Invest Equity 4, closed on €160 million, according to the firm’s website. The fund has made eight investments so far, and expects to make up to 12.

Investments in that vehicle include casual dining chain Sticks ‘n’ Sushi, which originated in Copenhagen and now has 11 restaurants in Denmark and five in the UK, with a sixth due to open this year and further expansion into Germany underway. Its latest investment is in fishing tackle supplier Svendsen Sport.

Maj Invest Equity is led by Erik Holm, an industrialist, who became managing partner in 2011. He had previously been chief executive officer at several Danish mid-market companies, including architectural lighting company Louis Poulsen.

Maj Invest Equity makes both minority and majority investments in Danish companies with revenues of between €13 million and €130 million across a wide range of sectors.