ATP PEP closes fourth fund with €1bn
DENMARK - ATP, the largest pension fund in Denmark, has allocated €1bn in new capital to its private equity arm, ATP Private Equity Partners (ATP PEP). ATP PEP has announced the launch of its latest fund, ATP PEP IV K/S, with subscriptions of €1bn. Like its predecessor funds, ATP PEP IV continues to be entirely backed by the €70bn ATP pension fund and will continue with the same strategy as ATP PEP I-III funds. The new fund will invest in a diversified portfolio of 20-25 commitments, predominantly to buyout and growth capital funds, with the remainder targeting secondary, distressed/turnaround, and venture funds. ATP PEP intends to continue its successful co-investment programme with portfolio funds, with a typical fund commitment being approximately €50m, although this could be lower for smaller funds and venture funds. The geographic focus will continue to be on Europe and the US, with the rest of the world expected to receive 10 % of the new fund. ATP PEP believes the fund size of €1bn is appropriate for the prevailing market environment. Torben Vangstrup, managing partner at ATP PEP, said: "We are pleased by the continued backing from ATP and are excited about the opportunity to continue building our business following the launch of ATP PEP IV." According to Preqin Performance Monitor September 2010, ATP PEP was ranked the second most consistent performing private equity fund of fund manager, with all three of its existing funds in the top quartile.