What investment strategy does GRO Capital focus on?

GRO Capital focuses on Buyout, Growth strategies in the private equity space.

How many portfolio companies does GRO Capital have?

GRO Capital has 18 active portfolio companies and 5 completed exits and 4 funds tracked on GP Intel.

Where is GRO Capital headquartered?

GRO Capital is headquartered in Copenhagen, Denmark.

What is GRO Capital's assets under management?

GRO Capital manages approximately €1.2B in assets under management.

When was GRO Capital founded?

GRO Capital was founded in 2014.

What sectors does GRO Capital invest in?

GRO Capital invests across Software, TMT.

What are GRO Capital's recent exits?

Recent realized exits by GRO Capital include: Auditdata (2026) to Tera Software Group; TARGIT (2025) to Forterro; Trackunit (2025) to Goldman Sachs Alternatives; Boyum IT (2020) to Volpi Capital.

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GRO Capital

Copenhagen, Denmark·Founded 2014·

Buyout Growth Equity

·grocapital.dk

GRO Capital is a Copenhagen-based private equity firm founded in 2014 by Lars Dybkjaer that invests in enterprise-grade B2B software companies across the Nordics, DACH, Benelux and the UK through majority and minority growth and buyout deals.

AUM

€1.2B

Funds

vintages 2015–2024

Portfolio

Exits

GRO Capital is a Copenhagen buyout firm with €1.2B AUM, 18 active companies and 5 exits.

SectorsSoftware TMT

Key takeaways

·4 exits in the last 5 years · consistent DPI cadence.
·Average hold across 5 realized deals: 8 years.
·Top sector focus: SaaS (39% of portfolio).
·Fund cadence: ~3Y between vintages · last raise 2024.

Sector breakdown

23 companies

SaaS

9 · 39%

Cybersecurity

5 · 22%

Data & Analytics

3 · 13%

HealthTech

2 · 9%

Deep Tech

1 · 4%

AdTech

1 · 4%

Software

1 · 4%

IT Services

1 · 4%

Geography breakdown

7 geographies

Denmark

11 · 48%

Sweden

5 · 22%

Switzerland

2 · 9%

Norway

2 · 9%

Austria

1 · 4%

Netherlands

1 · 4%

Germany

1 · 4%

Key facts

HQCopenhagen, Denmark

Founded2014

Websitegrocapital.dk

Recent exits

GRO Capital sold Auditdata to Tera Software Group in 2026 after 10 years.

GRO Capital sold Targit to Forterro in 2025 after 8 years.

GRO Capital sold Trackunit to Goldman Sachs Alternatives in 2025 after 10 years.

GRO Capital took Trifork public in 2021 after 6 years.

Partners

Lars DybkjaerManaging Partner

Ben HopperPartner, Investments

Christopher AgerPartner, Investments

Johan OlssonPartner, Investments

Lars LundePartner, Investments

Coverage notes

4 funds tracked, 23 portfolio companies (18 active · 5 realized). Verified weekly from public filings and deal announcements.

Investment team

Senior partners. Hand-checked from public filings and the firm's own site.

Lars Dybkjaer

Managing Partner

Ben Hopper

Partner, Investments

Christopher Ager

Partner, Investments

Johan Olsson

Partner, Investments

Lars Lunde

Partner, Investments

Maxwell Veyhe

Partner, Investments

Funds & portfolio

Every fund GRO Capital has raised, with its portfolio companies. Hand-checked from public filings.

4 funds

Fund

Strategy

Vintage

Size

Assets

Exits

GRO Generation I

Growth2024€150M2 assets

Growth

2024 · 2yr

€150M

–

Unrealized

2 held

Company	Entry
Qumea HealthTech · Switzerland	2025
Toolsense SaaS · Austria	2026

GRO Fund III

Buyout2022€600M6 assets

Buyout

2022 · 4yr

€600M

–

Unrealized

6 held

Company	Entry
Aimms Data & Analytics · Netherlands	2025
Akselos Deep Tech · Switzerland	2023
Catenda SaaS · Norway	2024
Netigate SaaS · Sweden	2022
Paligo SaaS · Sweden	2023
Tacton SaaS · Sweden	2023

GRO Fund IIHarvesting

Buyout2019€255M9 assets

Buyout

2019 · 7yr

€255M

–

Unrealized

9 held

Company	Entry
Adform AdTech · Denmark	2019
Curity Cybersecurity · Sweden	2021
DigitalRoute Data & Analytics · Sweden	2024
iPoint SaaS · Germany	2020
KeyShot Software · Denmark	2021
Omada Cybersecurity · Denmark	2018
Promon Cybersecurity · Norway	2021
Queue-it SaaS · Denmark	2020
Secomea Cybersecurity · Denmark	2021

GRO Fund IRealized

Buyout2015€135M1 assets5 exits

Buyout

2015 · 11yr

€135M

Unrealized

1 held

Company	Entry
Omada A/S Cybersecurity · Denmark	2018

Realized

5 exits

Company	Entry	Exit	Type	Buyer	MOIC
Auditdata HealthTech · Denmark	2016	2026	Secondary	Tera Software Group	–
Boyum IT SaaS · Denmark	2016	2020	Secondary	Volpi Capital	–
Targit Data & Analytics · Denmark	2017	2025	Trade Sale	Forterro	–
Trackunit SaaS · Denmark	2015	2025	Secondary	Goldman Sachs Alternatives	–
Trifork IT Services · Denmark	2015	2021	IPO	–	–

Frequently asked questions

What investment strategy does GRO Capital focus on?: GRO Capital focuses on Buyout, Growth strategies in the private equity space.
How many portfolio companies does GRO Capital have?: GRO Capital has 18 active portfolio companies and 5 completed exits and 4 funds tracked on GP Intel.
Where is GRO Capital headquartered?: GRO Capital is headquartered in Copenhagen, Denmark.
What is GRO Capital's assets under management?: GRO Capital manages approximately €1.2B in assets under management.
When was GRO Capital founded?: GRO Capital was founded in 2014.
What sectors does GRO Capital invest in?: GRO Capital invests across Software, TMT.
What are GRO Capital's recent exits?: Recent realized exits by GRO Capital include: Auditdata (2026) to Tera Software Group; TARGIT (2025) to Forterro; Trackunit (2025) to Goldman Sachs Alternatives; Boyum IT (2020) to Volpi Capital.