Dansk Vækstkapital

About Dansk Vækstkapital

Dansk Vækstkapital, or Danish Growth Capital, is a Danish state-anchored fund-of-funds platform launched in 2011 to channel institutional capital into Danish and Nordic venture and buyout funds, headquartered in Copenhagen. Cumulative commitments across the four successive vintages totalled approximately DKK 11.1 billion (approximately €1.5 billion) by year-end 2025, with Dansk Vækstkapital IV launched in May 2025 and first-closed at DKK 1.7 billion in November 2025. The programme was originated by Vækstfonden, the Danish state investment fund that merged with the Danish Green Investment Fund and the Danish Export Credit Agency in 2023 to become EIFO, the Export and Investment Fund of Denmark. The limited partner base spans EIFO, major Danish pension providers such as PFA, ATP, PensionDanmark and Industriens Pension, commercial and charitable foundations, family offices and other private institutional investors. On 1 January 2025, Danske Private Equity took over the management mandate.

Investment thesis

Dansk Vækstkapital operates as a multi-vintage Nordic fund-of-funds with a structural Danish anchor, with approximately 75 percent of capital directed to Danish and Nordic-anchored companies. Capital is split roughly one-third to venture funds targeting early- and growth-stage technology, life sciences and Danish innovation, and two-thirds to buyout funds targeting small- and mid-cap Danish and Nordic platform builders. A modest sleeve is reserved for co-investments alongside underlying managers. Across funds I to III, the platform has committed to 58 underlying buyout and venture funds, generating downstream exposure to more than 655 portfolio companies. Ticket sizes per underlying fund commitment historically range from DKK 50 million to DKK 200 million depending on fund size and vintage. The thesis is explicitly developmental: by anchoring Nordic managers with credible institutional capital, the programme catalyses fund formation, supports the maturation of the Danish PE and VC ecosystem and delivers risk-adjusted returns to its limited partner base.

Recent activity

Recent activity is dominated by the launch of Dansk Vækstkapital IV in May 2025 and its first close at DKK 1.7 billion in November 2025, with management targeting a final size in excess of the DKK 2.4 billion raised by predecessor Dansk Vækstkapital III. The 1 January 2025 transition of the management mandate to Danske Private Equity marked the most significant operational change in the programme's history. Across the underlying portfolio of more than 655 companies, programme-level activity in 2024 included continued deployment by 58 general partner relationships across technology (2024), life sciences (2024), industrials (2024) and consumer (2024) sectors via Nordic manager-led trade sales and secondary processes. Detailed buyer names and multiple data available on Pro at €49/month.