PitchBook blog

Your resource for all things PitchBook
nord-camp-most-active-danish-pe-firms-blog-ho-graphics-hero-1-v6.png
Private Equity

Top 6 most active PE firms in Denmark by number of investments

These are the top-performing Danish private equity firms since 2020 by number of investments, including Axcel Management, Polaris Private Equity, and more.

European private equity grew at an exponential rate in the past decade and has even retained significant momentum throughout the ongoing market slowdown. According to PitchBook’s 2022 Annual European PE Breakdown, private equity has continued to experience year-over-year growth in both deal count and deal value, which stands in contrast to the much more impacted public market.

Though this asset class has remained relatively insulated, exits in the European PE market have still experienced a hit. In 2022, they saw decline throughout every quarter, going from €69.5 billion in Q1 to €31.8 billion in Q4—the lowest value since Q1 2013—which has had a knock-on effect on capital for new funds. Despite this, median PE fund sizes continue to grow, even if funds themselves aren’t quite as numerous, which could be further assisted by a potential rebound in fundraising in 2023.

In this article, we’re zooming in on the Nordic Region—specifically taking a closer look at Denmark’s six most active private equity firms between 2020 and today. For the purposes of this post, we define the most active firms as those with the highest number of investments between 2020 and the present day.

REPORT

2023 Nordic Private Capital Breakdown

Take a closer look at PE and VC in the Nordics region via a review of deals, exits and fundraising trends. 
Download report

Top 6 most active Danish PE firms by number of investments

*According to PitchBook data as of February 8, 2022; data is subject to change

Axcel Management

Entity type: PE/buyout
Total investments since 2020: 51
Dry powder: €473.6M

Established in 1994 and headquartered in Copenhagen, Axcel Management seeks to invest in the industrial, consumer goods, healthcare, and technology sectors. The firm recently acquired Projectbinder, an IT automation and consulting company specialized in manufacturing industry enablement. This €12 million LBO was completed in December 2022, carried out Picca Automation, an Axcel Management Subsdiary.

Polaris Private Equity

Entity type: PE/buyout, lender
Total investments since 2020: 30

Created in 1998, Copenhagen-based Polaris Private Equity invests in the commercial services, manufacturing, and industrial sectors. The firm has 120 total investments, 47 exits and an active portfolio of 16 investments. Through a recent LBO/buyout, Polaris acquired Realkreditkonsulterne, an advisory agency that offers counseling on housing and mortgage loans, as well as services like loan calculators, reorganization, and monitoring.

Nordic Secondaries Fund

Entity type: Growth/expansion
Total investments since 2020: 27
Dry powder: €107.2M

Headquartered in Copenhagen and founded in 2018, the Nordic Secondaries Fund invests in seed-stage, early-stage, and growth-stage tech companies across the Nordic region. In a recent investment, the firm participated in a €21M Series C fundraising round for Bob W, an accommodations service company offering an alternative to hotels. This deal was led Elevator Ventures, Flashpoint Venture Capital, and IDC Ventures in October 2022.

ATP Private Equity Partners

Entity type: PE/buyout
Total investments since 2020: 24
Dry powder: €434.7M

As the private equity arm of ATP Group, the Coppenhagen-based ATP Private Equity Partners has been carrying out investments in Europe and North America since 2001. The firm specializes in buyout and growth capital financing, and primarily targets investments in industries like healthcare, energy, commercial services, industrials, and TMT. ATP Private Equity Partners’ recently invested in Springstone, a psychiatric hospital company that treats mental health conditions and substance addiction in underserved communities. This LBO deal was carried out alongside Apollo Global Management in February 2023 and valued Springstone at €230.7 million.

VIA equity

Entity type: PE/buyout
Total investments since 2020: 19
Dry powder: €165.2M

Founded in 2006 and located in Hellerup, VIA equity focuses on investing in technology services, media and telecommunications and Information and Communications Technology (ICT). In a recent late-stage VC deal, this firm provided funding for MobilePeople, a B2B digital solutions company specialized in communication and mobile integration. MobilePeople raised €5.6 million in venture funding, intended to support its global initiatives and expand its market presence.

Dansk Ejerkapital

Entity type: PE/buyout
Total investments since 2020: 13
Dry powder: €57.9M

Operating out of Copenhagen, Dansk Ejerkapital is a private equity firm that pursues investing in small and medium-sized Danish-owned manufacturing companies. Founded in 1994, Dansk Ejerkapital has €5.1 billion in AUM and boasts an active portfolio of 24 investments. The firm’s most recent investment was the acquisition of MuteBox, a producer of modernized phone booth installments in office environments. This LBO was carried out by Bjerrum Nielsen, a Dansk Ejerkapital subsidiary, for an undisclosed amount in December 2022.

More on the private capital markets across Europe

See how European PE fared throughout 2022
Download PitchBook’s Annual European PE Breakdown report

Learn more about major industries in the Nordic region
Check out our blog post on the top industry verticals in Sweden

Take a closer look at Swedish private equity firms
Read our blog post about Sweden’s top PE firms by assets under management



Ready to explore PitchBook’s global private equity data? Request a free trial Already a PitchBook client? Log in.