Private funds

Mandate · Portfolio


Mandate

New commitments are currently made out of PKA AIP 2 Private Funds – a DKK 13 billion (USD ~2 billion) program to be deployed in the three-year period from 2015 to 2017. The program includes both direct fund commitments and co-investments with managers, already in the PKA AIP programs.

It is the objective to generate a portfolio of commitments, which will make controllable and repeatable returns superior to those of the listed markets. To do this, we look for:

  • Mid-market buyout managers – typically with funds between USD 0.5-2.0 billion
  • Managers, who have a clearly articulated and documented strategic and operational approach to value creation
  • Independent managers with a single series of funds

The program will predominately be composed of private equity funds, but it will also include infrastructure and energy funds. The pursued infrastructure and energy funds are those that target a return similar to that of private equity buyout funds. Fund commitments are typically given in the range from USD 75-125 million, while co-investments are between USD 15-50 million.

PKA AIP 2 is a global program with the mandate to invest in all parts of the world. However, our strategic dedication to managers doing control investments has the geographical implication that most commitments will be to North American and European funds. We do expect though that PKA AIP 2 Private Funds, once fully invested, will include both global funds and one or more funds dedicated to regions outside of North America and Europe.


Portfolio - Private Funds

The list below includes all private fund investments managed by AIP.
InvestmentManagerInvestment typeAsset classCurrencyCommitmentYear
CIBTKohlberg & Co.Co-investmentPrivate EquityUSD25,000,0002017
NissensAxcelCo-investmentPrivate EquityDKK100,000,0002017
GI Partners VGI PartnersFundPrivate EquityUSD150,000,0002017
Polaris Capital Fund IVPolaris Capital GroupFundPrivate EquityJPY5,410,000,0002017
Axcel VAxcelFundPrivate EquityEUR47,000,0002017
Dansk Landbrugskapital I K/SVækstfondenFundAgricultureDKK125,000,0002017
IMCComvest PartnersCo-investmentPrivate EquityUSD20,000,0002017
HGGC IIIHGGCFundPrivate EquityUSD125,000,0002016
Antin Infrastructure Partners IIIAntin Infrastructure PartnersFundInfrastructureEUR75,000,0002016
Maj Invest VMaj InvestFundPrivate EquityDKK300,000,0002016
Dansk SkibskreditAxcelCo-investmentPrivate EquityDKK406,350,0002016
Kohlberg VIIIKohlberg & Co.FundPrivate EquityUSD100,000,0002016
Arlington Capital Partners IV, L.P.Arlington CapitalFundPrivate EquityUSD75,000,0002016
Netsmart TechnologiesGI PartnersCo-investmentPrivate EquityUSD25,500,0002016
RelaDyneAudax GroupCo-investmentPrivate EquityUSD22,000,0002016
AccruentGenstar CapitalCo-investmentPrivate EquityUSD21,599,3042016
Grandi Stazioni RetailAntin Infrastructure PartnersCo-investmentInfrastructureEUR45,000,0002016
Viridian GroupI Squared CapitalCo-investmentInfrastructureGBP35,000,0002016
Danish Agribusiness Fund IIFUFundAgricultureDKK200,000,0002016
Arsenal Capital Partners IVArsenal Capital PartnersFundPrivate EquityUSD75,000,0002015
Active DayAudax GroupCo-investmentPrivate EquityUSD15,000,0002015
AscensusAquiline Capital PartnersCo-investmentPrivate EquityUSD40,000,0002015
Audax Private Equity Fund VAudax GroupFundPrivate EquityUSD125,000,0002015
AmedesAntin Infrastructure PartnersCo-investmentInfrastructureEUR45,000,0002015
Dansk Vækstkapital IIVækstfondenFoF - primaryPrivate EquityDKK133,333,3332015
Genstar Capital VIIGenstar CapitalFundPrivate EquityUSD75,000,0002015
Aquiline Financial Services Fund IIIAquiline Capital PartnersFundPrivate EquityUSD100,000,0002015
Maj Invest Financial Inclusion Fund IIMaj InvestFundPrivate EquityUSD45,000,0002015
PENM IVPrivate Equity New MarketsFundPrivate EquityUSD30,000,0002015
Sustain Solutions ISustain Solutions ApSFundInfrastructureDKK150,000,0002015
Oregon Clean Energy CenterI Squared CapitalCo-investmentEnergyUSD50,000,0002015
Maj Invest South East Asia IIMaj InvestFundPrivate EquityUSD30,000,0002015
EurofiberAntin Infrastructure PartnersCo-investmentInfrastructureEUR40,000,0002015
Survey Sampling International (SSI)HGGCCo-investmentPrivate EquityUSD23,784,8962014
Exponent Fund IIIExponent Private EquityFundPrivate EquityGBP55,000,0002014
EV OffshoreDunedin LLPCo-investmentPrivate EquityGBP10,961,0742014
PPC IndustriesKohlberg & Co.Co-investmentPrivate EquityUSD19,984,9712014
Abraaj Africa Fund IIIAbraaj GroupFundPrivate EquityUSD75,000,0002014
Comvest Investment Partners VComvest PartnersFundPrivate EquityUSD75,000,0002014
HGGC IIHGGCFundPrivate EquityUSD125,000,0002014
GI Partners Fund IVGI PartnersFundPrivate EquityUSD100,000,0002014
Star West GenerationOaktree Capital ManagementCo-investmentEnergyUSD30,000,0002014
H.I.G. Middle Market LBO Fund IIH.I.G. CapitalFundPrivate EquityUSD70,000,0002014
Danish Climate Investment Fund IIFUFundEnergyDKK200,000,0002014
Odyssey Investment Partners Fund VOdyssey Investment PartnersFundPrivate EquityUSD50,000,0002013
Panda Power Fund IIPanda Power FundsFundEnergyUSD100,000,0002013
Adelis Equity Partners Fund IAdelis Equity PartnersFundPrivate EquitySEK380,000,0002013
ArchromaSK Capital PartnersCo-investmentPrivate EquityUSD29,331,5222013
ISQ Global FundI Squared CapitalFundInfrastructureUSD125,000,0002013
Antin Infrastructure Partners Fund IIAntin Infrastructure PartnersFundInfrastructureEUR75,000,0002013
UTEX IndustriesRiverstone Holdings LLCCo-investmentEnergyUSD15,000,0002013
Drug Royalty Fund IIIDRI CapitalFundPrivate EquityUSD51,860,2262013
Landmark Equity Partners XVLandmark PartnersFoF - secondaryPrivate EquityUSD50,000,0002013
Kohlberg Investors VIIKohlberg & Co.FundPrivate EquityUSD50,000,0002013
Triton Fund IVTriton PartnersFundPrivate EquityEUR60,000,0002013
TractManagerArsenal Capital PartnersCo-investmentPrivate EquityUSD55,852,5392013
Actis Energy 3ActisFundEnergyUSD50,000,0002012
Actis Energy 3 - Co-investment vehicleActisCo-investment fundEnergyUSD50,000,0002012
Dunedin Buyout Fund IIIDunedin LLPFundPrivate EquityGBP35,000,0002012
Riverstone Global Energy and Power Fund VRiverstone Holdings LLCFundEnergyUSD100,000,0002012
SLM Australia LivestockSLM PartnersFundAgricultureAUD75,000,0002012
Audax Private Equity Fund IVAudax GroupFundPrivate EquityUSD75,000,0002012
Arsenal Capital Partners IIIArsenal Capital PartnersFundPrivate EquityUSD75,000,0002012
H.I.G. Bioventures IIH.I.G. CapitalFundPrivate EquityUSD50,000,0002012
IFU Investment PartnersIFUFundPrivate EquityDKK250,000,0002012
Axiom Asia Private Capital IIIAxiom Asia Private CapitalFoF - primaryPrivate EquityUSD75,000,0002012
Danske PE Partners V EURDanske Private Equity PartnersFoF - primaryPrivate EquityEUR50,806,0392011
Danske PE Partners V USDDanske Private Equity PartnersFoF - primaryPrivate EquityUSD70,584,3322011
PENM IIIPrivate Equity New MarketsFundPrivate EquityUSD48,100,0002011
Comvest Investment Partners IVComvest PartnersFundPrivate EquityUSD50,000,0002011
Dansk VækstkapitalVækstfondenFoF - primaryPrivate EquityDKK64,054,0942011
SK Capital Partners IIISK Capital PartnersFundPrivate EquityUSD50,000,0002011
EQT VIEQT PartnersFundPrivate EquityEUR50,000,0002011
Resilience Fund IIIResilience Capital PartnersFundPrivate EquityUSD50,000,0002011
SilverStreet Private Equity StrategiesSilverStreet CapitalFundAgricultureUSD50,000,0002011
Timbervest Partners IIITimbervestFundTimberUSD30,000,0002011
Highstar Capital IVOaktree Capital ManagementFundInfrastructureUSD75,000,0002010
Danish Microfinance PartnersMaj InvestFundPrivate EquityDKK200,000,0002010
Antin Infrastructure PartnersAntin Infrastructure PartnersFundInfrastructureEUR46,461,7402010
Axcel IVAxcelFundPrivate EquityDKK250,000,0002010
Landmark Equity Partners XIVLandmark PartnersFoF - secondaryPrivate EquityUSD50,000,0002010
Partners Group Secondary 2008Partners Group AGFoF - secondaryPrivate EquityEUR50,000,0002009
Latin American Fund IBTG Pactual Timberland Merchant BankingFundTimberUSD11,989,5252009
Energy Capital Partners IIEnergy Capital PartnersFundEnergyUSD75,000,0002009
Aureos Africa FundAbraaj GroupFundPrivate EquityUSD30,000,0002009
LD Invest VietnamMaj InvestFundPrivate EquityDKK100,000,0002009
Spur Ventures IIISpur Capital PartnersFoF - primaryPrivate EquityUSD50,000,0002009
Triton Fund IIITriton PartnersFundPrivate EquityEUR50,000,0002008
GreenGold Equity Fund Romania IGreenGold Asset ManagementFundTimberEUR25,000,0002008
Lindsay Goldberg IIILindsay Goldberg LLCFundPrivate EquityUSD70,000,0002008
Brookfield Brazil Timber Fund I (A)Brookfield Asset ManagementFundTimberUSD22,500,0002008
Brookfield Brazil Timber Fund I (B)Brookfield Asset ManagementFundTimberUSD22,500,0002008
Odin Equity Partners IIOdin Equity PartnersFundPrivate EquityDKK113,261,2412008
Danske PE Partners IV USDDanske Private Equity PartnersFoF - primaryPrivate EquityUSD69,596,3002008
Morgan Stanley Infrastructure PartnersNorth HavenFundInfrastructureUSD178,000,0002008
Danske PE Partners IV EURDanske Private Equity PartnersFoF - primaryPrivate EquityEUR43,500,0002008
Tenaska Power Fund IITenaska Capital Management LLCFundEnergyUSD75,000,0002008
Campbell Opportunity Timber FundCampbell Global LLCFundTimberUSD40,000,0002008
Actis Emerging Markets 3ActisFundPrivate EquityUSD50,000,0002008
Timbervest Crossover Partners IITimbervestFundTimberUSD25,000,0002007
Eastern Timberland ResourcesTimberland Investment Resources LLCFundTimberUSD29,338,3132007
Thomas H. Lee Parallel Fund VIThomas H. Lee PartnersFundPrivate EquityUSD50,000,0002007
Highstar Capital IIIOaktree Capital ManagementFundInfrastructureUSD100,000,0002007
New Energy Solutions IINew Energy Solutions PartnersFundPrivate EquityEUR25,000,0002007
Capricorn Forest FundIWC (The International Woodland Company A/S)FundTimberUSD37,371,0152007
Global Timber Investors VIII Institutional InvestorsGlobal Forest PartnersFundTimberUSD35,000,0002007
LS Power Equity Partners IILS PowerFundEnergyUSD40,623,9872007
Timbervest Partners IITimbervestFundTimberUSD30,000,0002007
Partners Group Direct Investments 2006Partners Group AGFundPrivate EquityEUR40,000,0002007
Macquarie European Infrastructure IIMacquarie GroupFundInfrastructureEUR25,000,0002007
Campbell Timber Fund IICampbell Global LLCFundTimberUSD31,555,4122007
GreenWood Tree Farm FundGreenWood Resources IncFundTimberUSD36,363,6362007
RMK Select Timberland Investment Fund IIBTG Pactual Timberland Merchant BankingFundTimberUSD30,000,0002007
LD Equity 3Maj InvestFundPrivate EquityDKK155,000,0002007
European Clean Energy FundEIG Global EnergyFundEnergyEUR40,000,0002007
Energy Capital Partners IEnergy Capital PartnersFundEnergyUSD50,000,0002006
Arsenal Capital Partners IIArsenal Capital PartnersFundPrivate EquityUSD20,000,0002006
Hancock Timberland VIIIHancock Timber Resource GroupFundTimberUSD35,000,0002006
Partners Group Secondary 2006Partners Group AGFoF - secondaryPrivate EquityEUR60,000,0002006
The Fourth Cinven fundCinven Partners LLPFundPrivate EquityEUR35,000,0002006
Goldman Sachs PEP 2005Goldman Sachs Private Equity Group (AIMS)FoF - primaryPrivate EquityUSD50,000,0002006
EdradourBTG Pactual Timberland Merchant BankingFundTimberUSD20,450,0002006
PENM IPrivate Equity New MarketsFundPrivate EquityDKK297,000,0002006
Triton Fund IITriton PartnersFundPrivate EquityEUR35,000,0002006
Southern Cone Timber HoldingsBTG Pactual Timberland Merchant BankingFundTimberUSD37,500,0002005
Care Capital Investments IIICare CapitalFundPrivate EquityUSD30,000,0002005
Danske PE Partners III USDDanske Private Equity PartnersFoF - primaryPrivate EquityUSD71,244,6052005
Danske PE Partners III EURDanske Private Equity PartnersFoF - primaryPrivate EquityEUR60,200,0002005
LD Equity 2Maj InvestFundPrivate EquityDKK317,000,0002005
Hancock Timberland VIIHancock Timber Resource GroupFundTimberUSD10,000,0002005
Pickwick ForestBTG Pactual Timberland Merchant BankingFundTimberUSD26,000,0002005
Amber Trust IIDanske Capital FinlandFundPrivate EquityEUR15,000,0002005
Axcel IIIAxcelFundPrivate EquityDKK200,000,0002005
Odin Equity Partners IOdin Equity PartnersFundPrivate EquityDKK197,570,3492004
RMK Select Timberland Investment Fund IBTG Pactual Timberland Merchant BankingFundTimberUSD20,000,0002004
Goldman Sachs PEP 2004Goldman Sachs Private Equity Group (AIMS)FoF - primaryPrivate EquityUSD100,000,0002004
Hancock Viking Global Timber FundHancock Timber Resource GroupFundTimberUSD28,799,3622004
Partners Group Secondary 2004Partners Group AGFoF - secondaryPrivate EquityEUR35,000,0002004
Pantheon Global Secondary Fund IIPantheon VenturesFoF - secondaryPrivate EquityUSD40,000,0002004
Global Timber Investors VIIGlobal Forest PartnersFundTimberUSD25,000,0002004
Sunstone Biomedical Venture Annex IISunStone Capital A/SFundPrivate EquityDKK6,300,0002004
Sunstone Biomedical Venture Annex IIISunStone Capital A/SFundPrivate EquityDKK25,800,0002004
Danske PE Partners II EURDanske Private Equity PartnersFoF - primaryPrivate EquityEUR32,633,3082002
Danske PE Partners II USDDanske Private Equity PartnersFoF - primaryPrivate EquityUSD29,325,6182002
Sunstone Biomed Venture IIISunStone Capital A/SFundPrivate EquityDKK75,000,0002001
Axcel IIAxcelFundPrivate EquityDKK188,485,8052000
Cross Atlantic Partners IVCross Atlantic PartnersFundPrivate EquityUSD6,000,0002000

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