FIGURE 4.21
TABLE 5.6
Structure for Danish Growth Capital (DGC)
DGC investments SMALL and MID CAP
Investors (Pension Funds)
¾ Loan
DGC investment
Total fund
Million DKK
Million DKK
Maj Invest Equity 4
400
1.200
Capidea Kapital II
362
724
37
1.520
IK VII
300
10.430
CataCap
250
500
Erhvervsinvest III
300
871
FSN Capital IV
280
4.400
Danish Climate Invest-
150
1.190
ProcuritasCapital Investors V
¼ Investment
DGF
¾ Investment
Dansk Vækstkapital (DVK)
ment Fund Total invested
2.079
VENTURE FUNDS Fund A
Fund B
Fund C
Sunstone Technology
175
626
200
662
SEED Capital Denmark II
150
682
NCP-IVS Fund III
125
524
Total invested
650
Ventures Fund III Source: DAMVAD
Sunstone Life Science Ventures Fund III
The dotted lines illustrate that the pension funds and DGF can individually make additional investments in the funds, in addition to their indirect investment through DGC. So far, DGC has invested in eight small and mid-
Source: DGC, www.danskvaekstkapital.dk Note: The total fund size is DKK 4.8bn, but it is not yet fully invested. The investment period runs until 2015.
cap funds and four venture funds. The total investment is approximately DKK 2.7bn. The ratio of in-
DGF functions as DGC’s secretariat and facilitates
vestment in VC and PE is approximately 1:3, see
contact between DGC’s board and the fund’s clients
Table 5.6 below.
and other stakeholders. As the main investor and secretariat, DGF has veto rights with respect to investment proposals from the board, and the board has veto rights with respect to proposals put forward by the secretariat. In effect, this means that there is a mutual reciprocity in the veto right.
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