Nordic private equity fund of funds manager Danske Private Equity has raised €650mn for its fifth vehicle, the hard-cap target of the fund. The vehicle, which had a soft target of €600mn, launched in August 2011 and by October 2011 had secured €400mn in a first closing. In terms of strategy, the vehicle will pursue the same strategy as its predecessors and the manager’s preferred strategy of committing to small to mid-cap buyouts funds, with approximately 50% of the fund’s capital allocated to North America and 50% to Europe. As of the close, 35% of the vehicle had been committed, with the manager anticipating further primary commitments, secondary investments, and direct co-investments over the next 24 months.
In 2012 YTD, 45 private equity fund of fund vehicles have held a final close, raising aggregate capital of over $8bn. Danske-Private Equity V held the third largest close this calendar year; the largest amount of capital raised so far is the $1.15bn closed on by Axiom Asia III followed by the $908mn raised by Asia Alternatives Capital Partners III.