Private Equity News & Analysis

Polaris goes beyond Denmark for Fund III

The Danish mid-market firm has doubled its investor base and surpassed its €350m fundraising target.

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In the latest example of a flurry of European fund closes, Polaris Private Equity has raised €365 million for its third fund. Polaris, a Denmark-based private equity firm, beat its target of €350 million target, having been in fundraising mode since the third quarter of 2008. 
 
Polaris’ success follows final closes this week for Oslo-headquartered HitecVision and Netherlands-based Gilde Buy Out Partners.
 
The fund was placed by European mid-market agent Acanthus Advisers, led by managing partner Armando D'Amico.
 
For the first time Polaris attracted capital from outside Denmark, garnering commitments from a number of European institutional investors, such as Finland’s Pohjola, and the UK’s Alliance Trust.
 
Danish institutions to re-up with Polaris include ATP Private Equity Partners and Danske Bank.
 
The number of LPs has doubled with international investors accounting for 40 percent of the new fund’s capital.
 
Polaris’ previous fund closed on €270 million in 2005 and is now fully invested.
 
Jan Johan Kühl, Polaris’ managing partner, said in a statement that Fund II would continue its predecessor’s buy-and-build strategy for medium-sized companies in Denmark and Sweden.