Nordic countries are often viewed as one of Europe's most resilient economic markets, with particularly successful past fundraising performances. Preqin's Investor Intelligence service shows that there are 12 private equity fund of funds managers that have their headquarters in Europe's Nordic region. Four of these are based in Denmark, four in Norway, two in Iceland, one in Finland and one in Sweden. Collectively, these firms have €18bn worth of funds under management.
The largest of these in terms of funds under management is ATP Private Equity Partners, which was established in 2001. In December 2010, the firm closed its fund of funds vehicle ATP Private Equity Partners IV on €1bn. The vehicle has been making commitments to buyout, venture, distressed debt and secondaries funds and as well as co-investments. As with its predecessor funds, the investment focus is mainly on North America and Europe, with a possible allocation of up to 10% to investments in emerging markets. The fund is being managed on behalf of ATP Pension, Denmark’s largest pension fund.
The second and third largest Nordic fund of fund managers are Danske Private Equity and eQ Asset Management, respectively. Danske Private Equity is based in Denmark, and has €3bn of discretionary private equity assets under management. eQ Asset Management is currently managing a total of €2.8bn, of which around 90% is eQ’s clients’ private equity assets. The remainder of the assets are investments by the parent company eQ Plc.
Preqin’s data reveals that 67% of the Nordic-based private equity fund of fund managers are interested in co-investment opportunities. Of the 12 Nordic-based private equity fund of funds firms, 72% would invest in first-time funds and/or spin-off vehicles, while 18% would consider the opportunity.