Private funds

Mandate · Portfolio


Mandate

New commitments are currently made out of PKA AIP 3 Private Funds – a DKK 19 billion (USD ~3 billion) program to be deployed in the three-year period from 2018 to 2020. The program includes 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 0.5-3.0 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 funds. The pursued infrastructure 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 50-150 million, while co-investments are between USD 15-60 million.

PKA AIP 3 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 3 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 classYear
Arsenal VArsenal Capital PartnersFundPrivate Equity2019
Paragon Partners IIIParagon PartnersFundPrivate Equity2019
Nautic Fund IXNautic Capital PartnersFundPrivate Equity2019
Antin Infrastructure Partners IVAntin Infrastructure PartnersFundPrivate Equity2019
HITOWAPolaris Capital GroupCo-investmentPrivate Equity2019
ProA Fund IIIProA CapitalFundPrivate Equity2018
Audax Private Equity VIAudax GroupFundPrivate Equity2018
IdexAntin Infrastructure PartnersCo-investmentInfrastructure2018
UfinetAntin Infrastructure PartnersCo-investmentInfrastructure2018
ECI Fund 11ECI PartnersFundPrivate Equity2018
Orion DiagnosticaAxcelCo-investmentPrivate Equity2018
SennecaKohlberg & Co.Co-investmentPrivate Equity2018
TIPI Squared CapitalCo-investmentInfrastructure2018
Danish Sustainable Development Goals IIFUFundPrivate Equity2018
SpinriteComvest PartnersCo-investmentPrivate Equity2018
FirstLightAntin Infrastructure PartnersCo-investmentInfrastructure2018
Thompson Street Capital Partners VThompson Street Capital PartnersFundPrivate Equity2018
Help SystemsHGGCCo-investmentPrivate Equity2018
Equistone Partners VIEquistone Partners EuropeFundPrivate Equity2018
Symphony Technology Group VSymphony Technology GroupFundPrivate Equity2018
ChromaArsenal Capital PartnersCo-investmentPrivate Equity2017
ArmourAquiline Capital PartnersCo-investmentPrivate Equity2017
Fujitsu Connected TechnologiesPolaris Capital GroupCo-investmentPrivate Equity2017
IC PowerI Squared CapitalCo-investmentEnergy2017
CadenceArlington CapitalCo-investmentPrivate Equity2017
HGCI Squared CapitalCo-investmentInfrastructure2017
Africa Infrastructure Fund IA. P. Møller CapitalFundInfrastructure2017
I Squared Fund III Squared CapitalFundInfrastructure2017
Waterland Private Equity Fund VIIWaterland Private Equity InvestmentsFundPrivate Equity2017
CIBTKohlberg & Co.Co-investmentPrivate Equity2017
NissensAxcelCo-investmentPrivate Equity2017
GI Partners VGI PartnersFundPrivate Equity2017
Polaris - Tiara 2017Polaris Capital GroupFundPrivate Equity2017
Axcel VAxcelFundPrivate Equity2017
Dansk Landbrugskapital I K/SVækstfondenFundAgriculture2017
IMCComvest PartnersCo-investmentPrivate Equity2017
HGGC IIIHGGCFundPrivate Equity2016
Antin Infrastructure Partners IIIAntin Infrastructure PartnersFundInfrastructure2016
Maj Invest VMaj InvestFundPrivate Equity2016
Dansk SkibskreditAxcelCo-investmentPrivate Equity2016
Kohlberg VIIIKohlberg & Co.FundPrivate Equity2016
Arlington Capital Partners IV, L.P.Arlington CapitalFundPrivate Equity2016
Netsmart TechnologiesGI PartnersCo-investmentPrivate Equity2016
RelaDyneAudax GroupCo-investmentPrivate Equity2016
AccruentGenstar CapitalCo-investmentPrivate Equity2016
Grandi Stazioni RetailAntin Infrastructure PartnersCo-investmentInfrastructure2016
Viridian GroupI Squared CapitalCo-investmentEnergy2016
Danish Agribusiness Fund IIFUFundAgriculture2016
Arsenal IVArsenal Capital PartnersFundPrivate Equity2015
Active DayAudax GroupCo-investmentPrivate Equity2015
AscensusAquiline Capital PartnersCo-investmentPrivate Equity2015
Audax Private Equity Fund VAudax GroupFundPrivate Equity2015
AmedesAntin Infrastructure PartnersCo-investmentInfrastructure2015
Dansk Vækstkapital IIVækstfondenFoF - primaryPrivate Equity2015
Genstar Capital VIIGenstar CapitalFundPrivate Equity2015
Aquiline Financial Services Fund IIIAquiline Capital PartnersFundPrivate Equity2015
Maj Invest Financial Inclusion Fund IIMaj InvestFundPrivate Equity2015
PENM IVPrivate Equity New MarketsFundPrivate Equity2015
Sustain Solutions ISustain Solutions ApSFundInfrastructure2015
Oregon Clean Energy CenterI Squared CapitalCo-investmentEnergy2015
Maj Invest South East Asia IIMaj InvestFundPrivate Equity2015
EurofiberAntin Infrastructure PartnersCo-investmentInfrastructure2015
Exponent Fund IIIExponent Private EquityFundPrivate Equity2014
Survey Sampling International (SSI)HGGCCo-investmentPrivate Equity2014
EV OffshoreDunedin LLPCo-investmentPrivate Equity2014
Abraaj Africa IIIAbraaj GroupFundPrivate Equity2014
Comvest Investment Partners VComvest PartnersFundPrivate Equity2014
HGGC IIHGGCFundPrivate Equity2014
GI Partners Fund IVGI PartnersFundPrivate Equity2014
Star West GenerationOaktree Capital ManagementCo-investmentEnergy2014
H.I.G. Middle Market LBO Fund IIH.I.G. CapitalFundPrivate Equity2014
Danish Climate Investment Fund IIFUFundEnergy2014
Odyssey Investment Partners Fund VOdyssey Investment PartnersFundPrivate Equity2013
Panda Power Fund IIPanda Power FundsFundEnergy2013
Adelis Equity Partners Fund IAdelis Equity PartnersFundPrivate Equity2013
ArchromaSK Capital PartnersCo-investmentPrivate Equity2013
ISQ Global FundI Squared CapitalFundInfrastructure2013
Antin Infrastructure Partners Fund IIAntin Infrastructure PartnersFundInfrastructure2013
UTEX IndustriesRiverstone Holdings LLCCo-investmentEnergy2013
Drug Royalty Fund IIIDRI CapitalFundPrivate Equity2013
Landmark Equity Partners XVLandmark PartnersFoF - secondaryPrivate Equity2013
Kohlberg Investors VIIKohlberg & Co.FundPrivate Equity2013
Triton Fund IVTriton PartnersFundPrivate Equity2013
TractManagerArsenal Capital PartnersCo-investmentPrivate Equity2013
Actis Energy 3ActisFundEnergy2012
Actis Energy 3 - Co-investment vehicleActisCo-investment fundEnergy2012
Dunedin Buyout Fund IIIDunedin LLPFundPrivate Equity2012
Riverstone Global Energy and Power Fund VRiverstone Holdings LLCFundEnergy2012
SLM Australia LivestockSLM PartnersFundAgriculture2012
Audax Private Equity Fund IVAudax GroupFundPrivate Equity2012
Arsenal IIIArsenal Capital PartnersFundPrivate Equity2012
H.I.G. Bioventures IIH.I.G. CapitalFundPrivate Equity2012
IFU Investment PartnersIFUFundPrivate Equity2012
Axiom Asia Private Capital IIIAxiom Asia Private CapitalFoF - primaryPrivate Equity2012
Danske PE Partners V USDDanske Private Equity PartnersFoF - primaryPrivate Equity2011
Danske PE Partners V EURDanske Private Equity PartnersFoF - primaryPrivate Equity2011
PENM IIIPrivate Equity New MarketsFundPrivate Equity2011
Comvest Investment Partners IVComvest PartnersFundPrivate Equity2011
Dansk VækstkapitalVækstfondenFoF - primaryPrivate Equity2011
SK Capital Partners IIISK Capital PartnersFundPrivate Equity2011
EQT VIEQT PartnersFundPrivate Equity2011
Resilience Fund IIIResilience Capital PartnersFundPrivate Equity2011
SilverStreet Private Equity StrategiesSilverStreet CapitalFundAgriculture2011
Domain Timber Investments IIIDomain Timber AdvisorsFundTimber2011
Highstar Capital IVOaktree Capital ManagementFundEnergy2010
Danish Microfinance PartnersMaj InvestFundPrivate Equity2010
Antin Infrastructure PartnersAntin Infrastructure PartnersFundInfrastructure2010
Axcel IVAxcelFundPrivate Equity2010
Landmark Equity Partners XIVLandmark PartnersFoF - secondaryPrivate Equity2010
Partners Group Secondary 2008Partners Group AGFoF - secondaryPrivate Equity2009
Latin American Fund IBTG Pactual Timberland Merchant BankingFundTimber2009
Energy Capital Partners IIEnergy Capital PartnersFundEnergy2009
Abraaj Aureos FundAbraaj GroupFundPrivate Equity2009
LD Invest VietnamMaj InvestFundPrivate Equity2009
Spur Ventures IIISpur Capital PartnersFoF - primaryPrivate Equity2009
Triton Fund IIITriton PartnersFundPrivate Equity2008
GreenGold Equity Fund Romania IGreenGold Asset ManagementFundTimber2008
Lindsay Goldberg IIILindsay Goldberg LLCFundPrivate Equity2008
Brookfield Brazil Timber Fund I (A)Brookfield Asset ManagementFundTimber2008
Brookfield Brazil Timber Fund I (B)Brookfield Asset ManagementFundTimber2008
Danske PE Partners IV EURDanske Private Equity PartnersFoF - primaryPrivate Equity2008
Danske PE Partners IV USDDanske Private Equity PartnersFoF - primaryPrivate Equity2008
Morgan Stanley Infrastructure PartnersNorth HavenFundInfrastructure2008
Tenaska Power Fund IITenaska Capital Management LLCFundEnergy2008
Campbell Opportunity Timber FundCampbell Global LLCFundTimber2008
Actis Emerging Markets 3ActisFundPrivate Equity2008
Domain Environmental Investments IIDomain Timber AdvisorsFundTimber2007
Eastern Timberland ResourcesTimberland Investment Resources LLCFundTimber2007
Thomas H. Lee Fund VIThomas H. Lee PartnersFundPrivate Equity2007
Highstar Capital IIIOaktree Capital ManagementFundInfrastructure2007
New Energy Solutions IINew Energy Solutions PartnersFundPrivate Equity2007
Capricorn Forest FundIWCFundTimber2007
Global Timber Investors VIIIGlobal Forest PartnersFundTimber2007
LS Power Equity Partners IILS PowerFundEnergy2007
Domain Timber Investments IIDomain Timber AdvisorsFundTimber2007
Partners Group Direct Investments 2006Partners Group AGFundPrivate Equity2007
Macquarie European Infrastructure IIMacquarie GroupFundInfrastructure2007
GreenWood Tree Farm FundGreenWood Resources IncFundTimber2007
Select Timberland Investment Fund IIBTG Pactual Timberland Merchant BankingFundTimber2007
LD Equity 3Maj InvestFundPrivate Equity2007
European Clean Energy FundEIG Global EnergyFundEnergy2007
Energy Capital Partners IEnergy Capital PartnersFundEnergy2006
Arsenal IIArsenal Capital PartnersFundPrivate Equity2006
Hancock Timberland VIIIHancock Timber Resource GroupFundTimber2006
Partners Group Secondary 2006Partners Group AGFoF - secondaryPrivate Equity2006
The Fourth Cinven fundCinven Partners LLPFundPrivate Equity2006
Goldman Sachs PEP 2005Goldman Sachs Private Equity Group (AIMS)FoF - primaryPrivate Equity2006
EdradourBTG Pactual Timberland Merchant BankingFundTimber2006
Triton Fund IITriton PartnersFundPrivate Equity2006
Southern Cone Timber HoldingsBTG Pactual Timberland Merchant BankingFundTimber2005
Care Capital Investments IIICare CapitalFundPrivate Equity2005
Danske PE Partners III USDDanske Private Equity PartnersFoF - primaryPrivate Equity2005
Danske PE Partners III EURDanske Private Equity PartnersFoF - primaryPrivate Equity2005
LD Equity 2Maj InvestFundPrivate Equity2005
Hancock Timberland VIIHancock Timber Resource GroupFundTimber2005
Pickwick ForestBTG Pactual Timberland Merchant BankingFundTimber2005
Amber Trust IIDanske Capital FinlandFundPrivate Equity2005
Axcel IIIAxcelFundPrivate Equity2005
Select Timberland Investment Fund IBTG Pactual Timberland Merchant BankingFundTimber2004
Goldman Sachs PEP 2004Goldman Sachs Private Equity Group (AIMS)FoF - primaryPrivate Equity2004
Partners Group Secondary 2004Partners Group AGFoF - secondaryPrivate Equity2004
Pantheon Global Secondary Fund IIPantheon VenturesFoF - secondaryPrivate Equity2004
Global Timber Investors VIIGlobal Forest PartnersFundTimber2004
Sunstone Biomedical Venture Annex IISunStone Capital A/SFundPrivate Equity2004
Sunstone Biomedical Venture Annex IIISunStone Capital A/SFundPrivate Equity2004
Cross Atlantic Partners VCross Atlantic PartnersFundPrivate Equity2004
Danske PE Partners II EURDanske Private Equity PartnersFoF - primaryPrivate Equity2002
Danske PE Partners II USDDanske Private Equity PartnersFoF - primaryPrivate Equity2002
Sunstone Biomed Venture IIISunStone Capital A/SFundPrivate Equity2001
Cross Atlantic Partners IVCross Atlantic PartnersFundPrivate Equity2000

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