Investor

Judge us by what we leave behind

We work hard to create healthy, growing businesses, both in order to secure a strong return for our investors, but also because we know that a healthy growing business can be a force of good in the world.

Investor

Judge us by what we leave behind

We work hard to create healthy, growing businesses, both in order to secure a strong return for our investors, but also because we know that a healthy growing business can be a force of good in the world.

Axcel CV

Axcel VII

Axcel VI

Axcel V

Axcel IV

Axcel III

Axcel II

Axcel I

Axcel CV

Axcel CV was raised in 2025 as a standard private equity limited partnership with a total committed capital of EUR 266m. No activities related to the marketing, solicitation or offering of new partnership interests in Axcel CV have been carried out after final closing.

Start-up year

2025

Investment status

Investment period

Geographical focus

Nordics

Legal structure

limited

Companies

Company

Country

Invested

Exit

Fund

Norway

2025

Axcel CV

Axcel VII

Axcel VII was raised in 2023 as a standard private equity limited partnership focusing on the Nordic mid market. The fund held its final close in February 2024 with total committed capital of EUR 1,296m, and the fund is now actively investing. No activities related to the marketing, solicitation or offering of new partnership interests in Axcel VII have been carried out after final closing.

Start-up year

2023

Investment status

Investment period

Geographical focus

Nordics

Legal structure

limited

Investors by type

Investors by region

Companies

Company

Country

Invested

Exit

Fund

Sweden

2025

Axcel VII

Sweden

2025

Axcel VII

Sweden

2024

Axcel VII

Sweden

2024

Axcel VII

Denmark

2023

Axcel VII

Sweden

2023

Axcel VII

Sweden

2023

Axcel VII

Sweden

2025

Axcel VII

Axcel VI

Axcel VI was raised in 2020 as a standard private equity limited partnership focusing on the Nordic mid-market. The fund held final close in 2021 with total committed capital amounts to EUR 807m and the fund is actively investing. No activities related to the marketing, solicitation or offering of new partnership interests in Axcel VI have been carried out after final closing.

Start-up year

2020

Investment status

Realisation period

Geographical focus

Nordic

Investments

12

Legal structure

limited

Investors by type

Investors by region

Companies

Company

Country

Invested

Exit

Fund

Sweden

2022

Axcel VI

Sweden

2022

Axcel VI

Denmark

2022

Axcel VI

Denmark

2022

Axcel VI

Denmark

2022

Axcel VI

Denmark

2022

Axcel VI

Denmark

2022

Axcel VI

Denmark

2021

Axcel VI

Denmark

2021

Axcel VI

Denmark

2020

Axcel VI

Sweden

2020

Axcel VI

SuperOffice

Norway

2020

2025

Axcel VI

Axcel V

Axcel V was raised in 2017 as a standard private equity limited partnership focusing on the Nordic mid-market. The fund was closed at the beginning of 2018 with EUR 617 million in committed capital. No activities related to the marketing, solicitation or offering of new partnership interests in Axcel V have been carried out after final closing. The fund has invested in Nissens, Mountain Top, IsaDora, Aidian (Orion Diagnostica), GUBI, Loopia, European Sperm Bank, Phase One and SteelSeries.

Start-up year

2017

Investment status

Realisation period

Geographical focus

Nordics

Investments

10

Legal structure

limited

Investors by type

Investors by region

Companies

Company

Country

Invested

Exit

Fund

Denmark

2019

Axcel V

Denmark

2019

Axcel V

SteelSeries

Denmark

2019

2022

Axcel V

European Sperm Bank

Denmark

2019

2022

Axcel V

Loopia

Sweden

2018

2024

Axcel V

Denmark

2018

Axcel V

Aidian

Finland

2018

2022

Axcel V

IsaDora

Sweden

2018

2022

Axcel V

Nissens

Denmark

2017

2024

Axcel V

Mountain Top

Denmark

2017

2023

Axcel V

Axcel IV

Axcel IV was raised in 2010 as a standard private equity limited partnership focusing on the Nordics mid-market.The fund has committed capital of DKK 3.6 billion (EUR 485 million) and has invested in 12 companies.

Start-up year

2010

Investment status

Realisation period

Geographical focus

Nordics

Investments

12

Legal structure

limited

Investors by type

Investors by region

Companies

Company

Country

Invested

Exit

Fund

Danish Ship Finance

Denmark

2016

2024

Axcel IV

Frontmatec

Denmark

2016

2022

Axcel IV

LESSOR Group

Denmark

2016

2018

Axcel IV

Conscia

Denmark

2015

2019

Axcel IV

EXHAUSTO

Denmark

2013

2016

Axcel IV

Netel

Sweden

2013

2016

Axcel IV

Silkeborg Data

Denmark

2013

2015

Axcel IV

EG

Denmark

2013

2019

Axcel IV

Delete Group

Finland

2013

2023

Axcel IV

Mita-Teknik

Denmark

2012

2019

Axcel IV

Nordic Waterproofing

Sweden

2011

2017

Axcel IV

Cimbria

Denmark

2011

2013

Axcel IV

Axcel III

Axcel III was raised in 2005 as a standard private equity limited partnership focusing on the Danish and Swedish mid-market.The fund had committed capital of DKK 3.0 billion (EUR 400 million) and invested in 11 companies between 2005 and 2009.

Start-up year

2005

Investment status

Fully realised

Geographical focus

Denmark / Sweden

Investments

11

Legal structure

limited

Investors by type

Investors by region

Companies

Company

Country

Invested

Exit

Fund

LGT

Sweden

2009

2015

Axcel III

PANDORA

Denmark

2008

2014

Axcel III

Johan Bauer Education

Sweden

2008

2013

Axcel III

IDdesign

Denmark

2007

2014

Axcel III

Ball Group

Denmark

2007

2019

Axcel III

Driconeq

Sweden

2007

2018

Axcel III

Noa Noa

Denmark

2007

2014

Axcel III

HusCompaniet

Denmark

2006

2011

Axcel III

Netcompany

Denmark

2006

2011

Axcel III

TCM Group

Denmark

2006

2015

Axcel III

EskoArtwork

Belgium

2005

2011

Axcel III

Axcel II

Axcel II was formed in 2000 as a limited company and had committed capital of DKK 2.5 billion.

Start-up year

2000

Investment status

Closed

Geographical focus

Denmark

Investments

10

Legal structure

stock

Investors by type

Investors by region

Companies

Company

Country

Invested

Exit

Fund

Junckers Industrier

Denmark

2004

2014

Axcel II

Ellipse (DDD)

Denmark

2004

2010

Axcel II

NetTest

Denmark

2002

2005

Axcel II

Vest Wood

Denmark

2002

2005

Axcel II

Glud & Marstrand

Denmark

2001

2005

Axcel II

Royal Copenhagen

Denmark

2001

2012

Axcel II

Georg Jensen

Denmark

2001

2012

Axcel II

Icopal

Denmark

2000

2007

Axcel II

Aalborg Industries

Denmark

2000

2005

Axcel II

Vital Petfood Group

Denmark

2000

2014

Axcel II

Axcel I

Axcel I was founded in 1994 as an evergreen fund with committed capital of DKK 1.1 billion (EUR 148 million).

Start-up year

1994

Investment status

Closed

Geographical focus

Denmark

Investments

13

Legal structure

stock

Investors by type

Investors by region

Companies

Company

Country

Invested

Exit

Fund

Svenska Fönster

Denmark

2000

2003

Axcel I

Kwintet

Denmark

1999

2005

Axcel I

LOGSTOR

Denmark

1999

2006

Axcel I

Rationel Vinduer

Denmark

1998

2003

Axcel I

BB Electronics

Denmark

1998

2016

Axcel I

Laundry Systems Group

Denmark

1998

2006

Axcel I

Thygesen Textile Group

Denmark

1998

2006

Axcel I

Kilroy Travels

Denmark

1998

2006

Axcel I

Bekaert Handling Group

Denmark

1997

2005

Axcel I

Føvling

Denmark

1997

2002

Axcel I

GraphX

Denmark

1997

2003

Axcel I

Tvilum-Scanbirk

Denmark

1996

2000

Axcel I

Monarflex

Denmark

1995

2000

Axcel I

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