Denmark’s Industriens Pension said it will channel more of its assets into a US venture capital fund specialising in green technology firms, following good experiences with the external manager so far – but has not yet decided the precise amount it wants to commit.
Heidi Haurholm-Rasmussen, venture specialist and director at the DKK220bn (€29.6bn) labour-market pension fund, told IPE: “Initially, we have given a commitment of DKK70m – $10m (€9.3m) – to Climate Select, but we are in the process of increasing the commitment by an amount not yet determined.”
Haurholm-Rasmussen said Industriens Pension already had “significant investments” in several of DCVC’s other funds, which she said had performed well.
“We are investing in the fund because we have a good collaboration with DCVC on several well-performing funds, and we believe that the new fund has a good profile and has good prerequisites for delivering good results while at the same time contributing to the green transition,” she said.
In its 2021 annual report, Industriens Pension cited US venture funds as an asset type that had been a driving force behind the 66.1% return it reaped on its unlisted equities allocation overall.
That allocation made up 14.3% of its total portfolio, whose value was stated as DKK234bn at the end of 2021.
According to Haurholm-Rasmussen, the DCVC Climate Select fund focuses on “a number of interesting green technologies of the future”. She described the manager’s processes behind the investments as “thorough and well-considered”.
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