Danske raises second fund of funds

Danske Private Equity is looking to raise E600m to invest in primary venture capital and buyout funds in the US and Europe.

Danske Private Equity, a subsidiary of Danske Bank Group, is currently raising its second fund of funds, Danske Private Equity Partners II (DPEP II).

Targeting institutional investors in the Nordic Region, other parts of Europe and North America, the new fund is expected to close at E600m, and a first closing is expected towards the end of 2001. DPEP II is to emulate the investment strategy of its predecessor and invest in primary venture capital and buyout vehicles across the US and Europe.

Danske’s first fund of funds, DPEP I, closed in March 2000 and is currently 70 per cent committed. It has made investments in leading primary funds including Carlyle Partners, Nordic Capital, Sprout, NEA, Bay Partners, USVP and BC Partners.

Danske Private Equity has approximately E800m under management. In addition to the fund of funds business, the firm also manages Danske eVentures, an IT investment fund, and is moving towards the first closing of Danske Life Science, a new investment vehicle looking to raise E100m to invest in Nordic life science companies.