PKA AIP / Årsrapport / Annual Report / 2013 by IIP Denmark P/S

ÅRSRAPPORT / ANNUAL REPORT / 2013

INDHOLD

DK / Dansk

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2013 - OVERBLIK

FONDE OG CO-INVESTERINGER

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PKA AIP I 2013 – OG I FREMTIDEN

DIREKTE INVESTERINGER

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OM PKA AIP

O R G A N I S AT I O N

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— ORDFORKLARING

42 —

Årsrapport

CONTENTS

UK / English

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2013 - HIGHLIGHTS

FUNDS AND CO-INVESTMENTS

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P K A A I P I N 2 0 1 3 – A N D G O I N G F O RWA R D

DIRECT INVESTMENTS

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ABOUT PKA AIP

O R G A N I S AT I O N

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— GLOSSARY

78 —

Annual report

2013 - OVERBLIK

MIA. KR.

FONDSINVESTERINGER

I 2013 var PKA AIP ansvarlig for PKA’s placering af i alt ca. 5 mia. kr. i fonde og co-investeringer samt i direkte investeringer i energi og infrastruktur.

Der blev givet tilsagn til ni fondsinvesteringer i kapitalfonde med varieret geografisk og branchemæssigt fokus.

NYE MEDARBEJDERE

CO-INVESTERINGER

I årets løb styrkede PKA AIP organisationen med ansættelse af tre nye medarbejdere.

Der blev foretaget tre co-investeringer i selskaberne Utex, TractManager og Archroma.

MIA. KR.

I 2014 forventer PKA AIP på vegne af PKA at gennemføre investeringer for op til 7 mia. kr. – herunder tilsagn til kapitalfonde og co-investeringer for ca. 4 mia. kr. samt direkte investeringer i infrastruktur for op mod 3 mia. kr.

PKA AIP rådgav om og administrerede investeringer for mere end 25 mia. kr. for PKA i 2013.

2013 - Overblik

PKA AIP I 2013 – OG I FREMTIDEN

PKA AIP var i 2013 ansvarlig for PKA’s placering af ca. 5 mia. kr. i alternative investeringer - heraf godt 4,2 mia. kr. i kapitalfonde samt co-investeringer og godt 750 mio. kr. i direkte infrastruktur. Ifølge Bain & Company var den globale markedsudvikling i 2013 præget af en samlet stig-

Indsatsen for at rejse kapital blandt kapitalfonde var fortsat intensiv, og udviklingen ventes at fortsætte i 2014.

fonde for at sikre PKA en mere omkostningseffektiv adgang til attraktive, unoterede aktiver og derved styrke mulighederne for mérafkast i forhold til noterede markeder. PKA vil derudover deltage i direkte virksomhedsinvesteringer, når særlige muligheder opstår

ning i værdien af buyout-aktiviteter på 22%, selvom

- f.eks. når et unoteret selskab søger vækstkapital i

antallet af transaktioner faldt 11%. I Nordamerika

en periode frem mod et salg eller en børsnotering.

var udviklingen negativ, mens aktiviteternes værdi

PKA vil kunne stille kapital til rådighed i form

steg i Europa trods et mindre fald i antallet af trans-

af egenkapital (på minoritetsbasis) eller gæld. PKA

aktioner. I Asien steg antallet af transaktioner, og

vil typisk gennemføre denne type investeringer

aktiviteternes værdi faldt kun moderat.

sammen med én eller flere ankerinvestorer, men

Det amerikanske marked var domineret af

det er ikke en forudsætning.

investeringer i privatejede virksomheder, mens

Det er dog i alle tilfælde afgørende, at der er

udviklingen i Europa i vidt omfang var præget af

en betroet kreds af eksisterende og/eller øvrige nye

transaktioner mellem kapitalfonde – og på begge

ejere, som påtager sig både det operationelle ansvar

markeder steg gearingen. I løbet af året voksede

og et aktivt ejerskab.

den kapital, der skal bringes i arbejde, efter et betydeligt fald fra 2012 til 2013.

Denne type investeringer har typisk en kortere tidshorisont og et højere afkastkrav end direk-

Indsatsen for at rejse kapital blandt kapital-

te investeringer i energi og infrastruktur, og PKA

fonde var fortsat intensiv, og udviklingen ventes at

vil som udgangspunkt minimum placere 250 mio.

fortsætte i 2014.

kr. pr. investering.

Der vil også fremover være betydeligt pres på

Med henblik på at øge fokus på de direkte in-

kapitalfondene for at levere mérafkast i forhold til

vesteringsmuligheder har PKA AIP i 2014 styrket

de noterede markeder, dvs. alpha. Alpha vil fortsat

organisationen med ansættelse af en partner med

kunne findes i forskellige modeller, og der gene-

særligt ansvar for dette område.

reres gode og dårlige transaktioner på tværs af alle UDSIGTER FOR 2014

segmenter i markedet. De afkast, kapitalfondene leverer, har således ikke så meget at gøre med typen af transaktioner.

I 2014 forventer PKA AIP at bistå PKA i forbindelse

Afkastene skyldes i højere grad de særlige kom-

med tilsagn til kapitalfonde, herunder co-inves-

petencer, kapitalfondene anvender i hvert led af

teringer, for ca. 4 mia. kr. i et vanskeligt globalt

værdikæden – fra sourcing og screening til forvalt-

marked, som fortsat kræver stærke kompetencer

ning og frasalg af aktiverne. De fonde, der forstår

og omfattende erfaring for at skabe attraktive

konsistent at anvende et særlig sæt kompetencer

afkast. Tilsagnene vil således primært blive givet

med matchende transaktioner, er også de fonde,

til fonde, som kan dokumentere stærke resultater,

som forventes at klare sig bedst.

og som PKA allerede har positive erfaringer med. Derudover vil udvalgte nye fonde også komme i be-

UDVIDELSE AF FOKUSOMRÅDE

tragtning. PKA AIP forventer endvidere på vegne af PKA

PKA AIP vil fremover fokusere yderligere på at øge

at gennemføre direkte investeringer i infrastruk-

PKA’s deltagelse i co-investeringer med kapital-

tur og andre aktiver for op mod 3 mia. kr.

PKA AIP i 2013 - og i fremtiden

Pensionskassen For Sygeplejesker Pensionskassen For Sundhedsfaglige Pensionskassen For Socialrådgivere Og Socialpædagoger Pensionskassen For Kontorpersonale Pensionskassen For Lægesekretærer

ETISKE RETNINGSLINJER

INVESTERINGER I DANMARK

Arbejdet med alternative investeringer er underlagt de retningslinjer for ansvarlige investeringer, som er gældende for alle investeringer i PKA. Retningslinjerne tager blandt andet udgangspunkt i FN’s konventioner om menneske- og arbejdstagerrettigheder, miljøforhold, korruption samt kontroversielle våben. Retningslinjerne kan læses på pka.dk.

De samlede investeringer i Danmark udgør ca. 4,6 mia. kr., svarende til ca. 15% af de samlede investeringer inden for private equity, energi, infrastruktur, skov og landbrug. Der er samlet givet tilsagn til 16 fonde der udelukkende foretager investeringer i Danmark eller som har Danmark som en del af deres investeringsunivers. Hertil kommer en række direkte investeringer i danske unoterede selskaber og dansk infrastruktur.

Et væsentligt fokusområde i PKA’s arbejde med ansvarlige investeringer er de globale klimaudfordringer, og her spiller investeringer i energi og infrastruktur en central rolle. Dette gælder blandt andet investeringer i havmølleparker, der gives eksempler på senere i årsrapporten.

Managementaftale

D E F E M P E N S I O N S K A S S E R — Medlemsbase på ~260,000 personer. Størstedelen af den offentlige sundhedssektor er omfattet. Den demografiske profil indebærer større indbetalinger end udbetalinger i en betydelig årrække. P K A — Samlet formue: ~195 mia. kr. Medarbejderstab: ~50 fuldtidsansatte. P K A A I P — Opgavebeskrivelse: Varetagelse af PKAs alternative investeringer. Monitorering: Historisk portefølje på ~25 mia. kr. omfattende ~110 fonde og direkte investeringer. Årligt investeringsmandat: ~4 mia. kr. i fonde og co-investeringer og 2-3 mia. kr. direkte i infrastruktur.

Om PKA AIP

OM PKA AIP

PKA AIP har siden 2012 assisteret PKA med alternative investeringer via blandt andet kapitalfonde, herunder co-investeringer, og direkte engagementer i energi- og infrastrukturaktiver med ligesindede, institutionelle investorer. PKA AIP er p.t. udelukkende rådgiver for PKA, og parterne har indgået en managementaftale for 2012-2014, som inden årets udgang forventes fornyet for perioden

PKA AIP varetager PKA's investeringer i kapitalfonde, virksomheder og infrastruktur med en forventning om at placere ca. 6-7 mia. kr. årligt

2015-2017.

Siden 1990’erne har PKA aktivt givet tilsagn til fondsinvesteringer i private equity, energi- og infrastruktur samt skov og landbrug. PKA AIP blev etableret for at udskille forvaltningen af disse alternative investeringsaktiviteter i en selvstændig enhed med henblik på at: • Styrke udvælgelsen og forvaltningen af alternative investeringer gennem øget professionalisering.

PKA administrerer og udvikler arbejds-

• Reducere omkostningerne ved alternative inves-

markedspensioner for fem selvstændige pensions-

teringer, bl.a. gennem øgede co-investeringer

kasser med ca. 260.000 medlemmer i den danske

med kapitalfonde og direkte investeringer i visse

social- og sundhedssektor under kollektiv overens-

energi- og infrastrukturaktiver.

komst og med en samlet formue på ca. 195 mia. kr.,

• Skabe gode rammebetingelser for at opnå mer-

der primært investeres i obligationer, aktier, reale

afkast i forhold til investering i børsnoterede

aktiver og absolut afkast.

aktiviteter. • Sikre større gennemsigtighed og imødekomme øgede myndighedskrav i forbindelse med alternative aktiviteter.

PKA administrerer og udvikler arbejdsmarkedspensioner for fem selvstændige pensionskasser med ca. 260.000 medlemmer i den danske social- og sundhedssektor under kollektiv overenskomst.

PKA AIP varetager PKA’s investeringer i kapitalfonde og virksomheder (co-investeringer med kapitalfonde) med en forventning om at placere ca. 4 mia. kr. årligt. Desuden overvåger og administrerer PKA AIP løbende PKA’s eksisterende fondsportefølje på ca. 110 fonde og co-investeringer. PKA AIP varetager endvidere PKA's direkte investeringer i energi- og infrastrukturaktiver samt særlige muligheder og forventes over de kommende 3-5 år at rådgive om investering af 2-3 mia. kr. årligt på området. Endelig overvåger og administrerer PKA AIP to eksisterende havmølleinvesteringer på vegne af PKA.

Om PKA AIP

FONDE OG CO-INVESTERINGER

ramme på 11,9 mia. kr., som dækker alle fondstilsagn PKA AIP 1

og co-investeringer på tværs af private equity, energi

S TAT U S

og infrastruktur. Ved årets udgang var der givet tilsagn til 21 in-

PKA AIP varetager PKAs investeringer i kapital-

vesteringer på i alt 7,7 mia. kr. svarende til 65% af

fonde og virksomheder (co-investeringer med ka-

det samlede fondsprogram. I 2013 foretog PKA 12 nye

pitalfonde) under investeringsprogrammet PKA

tilsagn og investeringer på i alt 4,2 mia. kr. Heraf var

AIP 1, som blev etableret i 2012 og løber til 2014.

ni tilsagn til fonde svarende til 3,9 mia. kr., mens tre

Investeringsprogrammet PKA AIP 1 har en samlet

tilsagn var co-investeringer på i alt 365 mio. kr.

INVESTERINGSRAMME FOR PKA AIP 1 Mia. kr.

2012

4,1

2013

3,3

2014

4,5

Total

11,9

Tilsigtet fordeling

Tilsagn pr. 31/12 2013

67%

55%

Total

29%

39%

Private equity

7,7

Energi & Infrastruktur

Reale aktiver

Alle værdier er omregnet med valutakursen på dagen for indgåelse af tilsagnet på hver investering.

Fonde og co-investeringer

11,9

NYE TILSAGN INDGÅET I 2013 Mio. kr.

Kohlberg Investors VII

Landmark Equity Partners XV

422

285

284

Odyssey Investment Partners Fund V

Kapitalfonde

Drug Royalty Fund III

327

272

Triton Fund IV

448

Antin Infrastructure Partners Fund II

560

ISQ Global Fund

711

Panda Power Fund II

554

Archroma

110

Tract Manager

171

UTEX

Total

Co-investeringer

Adelis Equity Partners Fund I

2.318

1.908

Private equity

4.226

Energi & Infrastruktur

Alle værdier er omregnet med valutakursen på dagen for indgåelse af tilsagnet på hver investering.

Fonde og co-investeringer

I Squared Capital NYE FONDSINVESTERINGER

Global infrastrukturfondsmanager med fokus på aktiver og selskaber i energi- og transportsektor-

I 2013 investerede PKA i fondene Triton IV, Antin

erne. Værdiskabelsen sker ved aktivt ejerskab, hvor

Infrastructure Partners II og Landmark XV med

fonden drager fordel af en struktureret tilgang til

managers, som PKA tidligere har investeret igennem.

risiko, et globalt netværk, samt et omfattende setup

Derudover gav PKA tilsagn til følgende seks fonds-

med operationelle, politiske, og sektorielle eksperter.

investeringer med nye managers:

PKA har givet et samlet tilsagn på 125 mio. dollars til denne nyetablerede fond.

DRI Capital Canadisk kapitalfond med speciale i royalties

Panda Power Funds

relateret til modne farmaceutiske produkter. PKA

Amerikansk energimanager med eksklusivt fokus

har givet et samlet tilsagn på 75 mio. US dollars til

på udvikling og drift af højteknologiske gasværker i

manageren DRI Capital's tredje fond.

Nordamerika. PKA har givet et samlet tilsagn på 100 mio. dollars til managerens anden fond.

Kohlberg Amerikansk kapitalfond med primært fokus på

Odyssey Investment Partners

mellemstore virksomheder (100-750 mio. dollars).

Amerikansk kapitalfond med fokus på mellemstore

PKA har givet et samlet tilsagn på 50 mio. dollars til

nordamerikanske virksomheder (100-750 mio. dol-

managerens syvende fond med fokus på virksom-

lars). PKA har givet et samlet tilsagn på 50 mio. kr. til

heder med potentiale for vækst og driftsforbedringer

managerens femte fond.

inden for sektorerne industri, forretningsservice, sundhedsservice, finansiel service og forbrugsgoder. Adelis Equity Partners Svensk kapitalfond grundlagt i 2012 med fokus på mellemstore selskaber i Norden. PKA har givet et samlet tilsagn på 380 mio. svenske kr. til Adelis’ første fond.

Fonde og co-investeringer

NYE CO-INVESTERINGER UTEX PKA foretog en co-investering på i alt 15 mio. dollars i det amerikanske selskab UTEX med hovedsæde i Houston og en markedsledende position inden for design og produktion af højtspecialiserede forseglings- og boringsprodukter til gas- og olieindustrien. UTEX kontrolleres af den globale energifond Riverstone med hovedsæde i USA. PKA gav i 2012 tilsagn til Riverstones femte fond. TractManager PKA gennemførte en co-investering på i alt 30 mio. dollars i det amerikanske selskab TractManager, som beskæftiger sig med outsourcing af kontraktadministration i sundhedssektoren og kontrolleres af amerikanske Arsenal Capital Partners gennem deres tredje fond. PKA har givet tilsagn til Arsenals seneste to fonde. Archroma PKA co-investerede sammen med SK Capital, da kemikalievirksomheden Clariant udskilte tre selvstændige forretningsområder efter en proces, der blev indledt i 2012. De tre divisioner er nu integreret til én enhed under navnet Archroma. Virksomheden har en samlet omsætning på ca. 1,3 mia. dollars, driver 25 produktionsfaciliteter over hele verden og beskæftiger ca. 3.000 medarbejdere. Efter regnskabsårets afslutning er der foretaget yderligere to fondstilsagn og en co-investering på i alt 1,1 mia. kr. inden for rammerne af investeringsprogrammet PKA AIP 1.

Fonde og co-investeringer

Af det samlede tilsagn på 7,7 mia. kr. i PKA AIP 1 var

PKA AIP 1-porteføljen er stadig i opbygningsfasen,

2,1 mia. kr. indbetalt (27%) ved udgangen af 2013.

og selvom udviklingen er som forventet i aktivklas-

Værdien af den kaldte kapital udgjorde 2,2 mia. kr.,

sen, kan de foreløbige resultater ikke vurderes end-

hvoraf 0,1 mia. kr. er realiseret, og resten er den

nu. Med udgangspunkt i valget af fonde forventes et

opgjorte markedsværdi af fondenes investeringer.

attraktivt afkast i PKA AIP 1.

N Ø G L E TA L F O R P K A A I P 1 Mia. kr.

0,65 11,9

0,27 7,7

2,1

Program

Tilsagn givet

Kaldt kapital

Alle værdier er omregnet med valutakursen på dagen for indgåelse af tilsagnet på hver investering.

Fonde og co-investeringer

PKA AIP 1 INVESTERINGSFOKUS — P R I V AT E E Q U I T Y FONDE Der kan gives tilsagn til private equity fonde globalt, men PKA’s primære fokus er på Nordamerika og Europa. I Sydamerika, Asien og Afrika har PKA hovedsageligt eksponering via tilsagn til globale fonde samt en fond-af-fonde. Investeringer foretages typisk i mellemstore fonde med en samlet størrelse på 3-12 mia. kr. med henblik på i) at sikre et professionaliseret, institutionelt produkt uden unødig afhængighed af enkeltpersoner samt ii) at give PKA mulighed for at investere mindst 400 mio. kr. pr. fond uden at opnå en dominerende position. Selskaberne i dette segment har endvidere ofte en størrelse, der i løbet af fondens ejerskab kan øges og gøre dem til strategiske opkøbsmål for større konkurrenter. PKA investerer i private equity fonde, der kan dokumentere stærke resultater og et merafkast i forhold til både konkurrerende fonde og børsnoterede virksomheder. Det er afgørende, at fond-

PKA investerer i private equity fonde, der kan dokumentere stærke resultater og et merafkast i forhold til både konkurrerende fonde og børsnoterede virksomheder.

Fonde og co-investeringer

Investeringsstrategien for infrastrukturog energifonde er koncentreret om uafhængige europæiske, nordamerikanske og globale managers med en typisk størrelse på over 3 mia. kr.

ene kontinuerligt og repetérbart formår at skabe værdi ved at forbedre de underliggende selskaber og skabe vækst, så fondenes ejerskab af kommende investeringer kan forventes at give et afkast, der er højere end afkastet fra tilsvarende børsnoterede virksomheder. For at sikre interessesammenfald vil PKA primært investere gennem uafhængige managers, der kun har ét eller få investeringsprodukter. Dermed deltager fondens investorer i et produkt, som er afgørende for managerens videre succes. ENERGI- OG INFRASTRUKTURFONDE Investeringsstrategien for infrastrukturog energifonde er koncentreret om uafhængige europæiske, nordamerikanske og globale managers med en typisk størrelse på over 3 mia. kr. Fondene skal have en eller flere strategiske og operationelle værdiskabelsesvinkler

på

deres

investeringer

med henblik på at sikre et attraktivt afkast. Endelig er det væsentligt, at strategien bygger på initiativer, der vil kunne kontrolleres og gentages i

Fonde og co-investeringer

fremtiden. Også på dette område vil PKA primært investere gennem uafhængige managers med ét investeringsprodukt. S KOV- O G LANDBRUGSFONDE PKA har opbygget en betydelig portefølje i dette segment, som ikke forventes udbygget i den kommende periode. Da porteføljen fortsat er relativt ung, forventes der p.t. ikke yderligere tilsagn.

CO-INVESTERINGER PKA vil forøge andelen af co-investeringer, der foretages med kapitalfonde, som PKA allerede har investeret i, og hvor PKA AIP derfor har indgående kendskab til team, strategi og investerings- samt værdiskabelsesprocesser. Co-investeringer giver mulighed for omkostningseffektivt at øge eksponeringen til selskaber, som PKA allerede deltager i. PKA placerer typisk 100-250 mio. kr. i en co-investering.

Fonde og co-investeringer

PKA vil forøge andelen af co-investeringer, der foretages med kapitalfonde, som PKA allerede har investeret i, og hvor PKA AIP derfor har indgående kendskab til team, strategi og investerings- samt værdiskabelsesprocesser.

Fonde og co-investeringer

CASE

PORTEFØLJEINVESTERINGER I

S K C A P I TA L I I I

Investering: Primær private equity fond

Calabrian Corporation

Vintage-år: 2011

• Ledende producent af svovldioxid og relaterede

Fondsstørrelse: 500 mio. dollars

derivater til behandling af spildevand og brug i

PKA-tilsagn: 50 mio. dollars

andre applikationer. • I maj 2011 overtog SK Capital majoritetsejer-

S T R AT E G I

skabet fra et familieejerskab.

SK Capital investerer overvejende i virksomheder

IBA Molecular imaging

inden for specialmaterialer, kemikalier og sund-

• Global leder på markedet for fremstilling og dis-

hedsområdet med afsæt i operationelle industri- og

tribution af radiofarmaceutiske produkter til

investeringserfaringer.

brug for diagnostiske og terapeutiske visualise-

De primære investeringskriterier er en omsætning mellem 50 og 1.000 mio. dollars, EBITDA

ringsprocesser. • I april 2012 købte SK Capital en majoritetsandel

på op til 150 mio. dollars og en total aktivværdi på

fra Ion Beam Applications S.A.

op til 1 mia. dollars. TPC Group Typiske transaktioner inkluderer:

• Producent af værdiforædlede produkter fra petrokemiske råmaterialer.

• Buyouts, re-kapitaliseringer og vækstkapital.

• SK Capital afnoterede TPC Group i partnerskab

• Strategiske frasalg.

med First Reserve Corporation i december 2012.

• Partnerskaber med familieejede selskaber eller iværksættere.

Addivant • Ledende global leverandør af tilsætningsstoffer, som anvendes til at forbedre produktionen af og egenskaberne ved polymer, plastik og gummi. • I maj 2013 købte SK Capital forretningsområderne af Chemtura Corporation. Archroma • Archroma har en række stærke brands og ledende teknologier inden for farve og specialkemikalier, der anvendes i bl.a. papir- og tekstilindustrien. • I september 2013 købte SK Capital tre forretningsområder fra virksomheden Clariant.

Fonde og co-investeringer

PKA’s samlede eksponering til kapitalfonde udgjorde ved årets udgang 25,8 mia. kr. svarende til en stigning på 2,4 mia. kr. siden udgangen af 2012. Af den samlede eksponering udgjorde markedsværdien 15,6 mia. kr., mens 10,2 mia. kr. udgøres af resttilsagn.

Fonde og co-investeringer

Af den samlede eksponering udgjorde markedsP K A - P O R T E F Ø L J E N – S TAT U S

værdien 15,6 mia. kr., mens 10,2 mia. kr. udgjordes af resttilsagn.

—

De samlede tilsagn steg fra 24,3 mia. kr. til 28,2 mia. kr. i lyset af, at ingen fonde er afsluttet i

TILSAGN OG EKSPONERING

perioden. Flere fonde forventes i de kommende år at

PKA’s samlede eksponering til kapitalfonde ud-

være fuldt realiserede og tilbagebetalt med attrak-

gjorde ved årets udgang 25,8 mia. kr. svarende til

tive afkast, og de samlede tilsagn forventes således

en stigning på 2,4 mia. kr. siden udgangen af 2012.

at stige mindre end værdien af nye tilsagn.

U DV I K L I N G I P K A' S E KS P O N E R I N G Mia. kr.

25,8 23,4 19,5

18,2 14,3

10,2 9,2

6,4

7,1

11,8

12,4

14,2

15,6

2010

2011

2012

2013

6,4

8,0

2009

Resttilsagn

Markedsværdi

U DV I K L I N G I P K A' S S A M L E D E T I L S A G N Mia. kr.

28,2

15,7

2009

17,7

2010

20,1

2011

Fonde og co-investeringer

24,3

2012

2013

Private equity udgjorde 57% af den samlede

fonde og endelig 2% i co-investeringer.

eksponering efterfulgt af infrastrukturfonde på

41% af eksponeringen er til fonde med

14%.

primært fokus på investeringer i USA og Canada, Den resterende eksponering består af skov,

25% til fonde med primært fokus i Europa og 23%

energi- og landbrugsfonde.

til fonde med et globalt investeringsunivers.

78% af eksponeringen ligger hos traditionelle

Den sidste gruppe dækker over fonde, der

primære fonde efterfulgt af 14% hos primære

investerer på tværs af regioner, herunder fonde,

fonde-af-fonde, 5% gennem sekundære fonde-af-

der udelukkende investerer i udviklingslande.

41% af eksponeringen er til fonde med primært fokus på investeringer i USA og Canada, 25% til fonde med primært fokus i Europa og 23% til fonde med et globalt investeringsunivers.

EKSPONERING I FORHOLD TIL AKTIVKLASSER

2% Landbrug 13% Skov

13% Energi

57% Private equity

14% Infrastruktur

Fonde og co-investeringer

EKSPONERING I FORHOLD TIL FONDSTYPE

2% Co-Investeringer 5% FoF - Sekundære 14% FoF - Primære 78% Kapitalfonde

EKSPONERING I FORHOLD TIL FONDENES GEOGRAFISKE FOKUS

2% Afrika 2% Latinamerika 2% Australien 6% Asien

41% USA/Canada

23% Globalt

25% Europa

Fonde og co-investeringer

AFKAST De primære private equity fonde har generelt givet et højere afkast end den samlede portefølje over hele investeringens levetid, og afkastet for private equity har i de fleste vintage-år overgået afkastet af investeringer i børsnoterede aktiver.

S A M L E T A F K A S T F O R A L L E A K T I V K L A S S E R O G P R I V AT E E Q U I T Y F O N D E Efter vintage-år / Procent

13,8 7,3

1,0 2004

13,8

10,2

8,5

3,2

0,6

2005

2006

6,4

13,8 9,7

5,6

2007

IRR for kapitalfonde i alle aktivklasser

11,0

2008

2009

2010

IRR for private equity fonde

S A M L E T A F K A S T F O R P R I V AT E E Q U I T Y F O N D E I F O R H O L D T I L P M E + Efter vintage-år / PME+ baseret på MSCI All Country World Index

13,8 8,5 2,5 2004

13,8 7,7

3,2

0,6

2005

3,9

2006

10,2 6,4

2007

PME+

2008

10,1

9,7

2009

9,7

2010

IRR for private equity fonde

* Tallet kan ikke angives, da det er baseret på én private equity fond. Grundet manglende modenhed er der ikke vist resultater for fonde efter 2010.

Fonde og co-investeringer

PORTEFØLJEOVERSIGT

Fond

Manager

Program

Vintage

Actis Emerging Markets 3

Actis

Legacy Private Equity

2008

Actis Energy 3

Actis

PKA AIP 1

2013

Actis Energy 3 - Co-investment vehicle

Actis

PKA AIP 1

2013

Adelis Equity Partners Fund I

Adelis Equity Partners

PKA AIP 1

2013

Amber Trust II

Danske Capital Finland

Legacy Private Equity

2005 2008

Antin Infrastructure Partners

Legacy Infrastructure

Antin Infrastructure Partners Fund II

Antin Infrastructure Partners

PKA AIP 1

2013

Arsenal Capital Partners II

Arsenal Capital Partners

Legacy Private Equity

2006

Arsenal Capital Partners III

Arsenal Capital Partners

PKA AIP 1

2012

Archroma

SK Capital Partners

PKA AIP 1

2013

Audax Private Equity Fund IV

Audax Group

PKA AIP 1

2013

Aureos Africa Fund

Abraaj Capital (former Aureos)

Legacy Private Equity

2008

Axcel I

Axcel

Legacy Private Equity

1993

Axcel II

Axcel

Legacy Private Equity

2001 2006

Axcel III

Axcel

Legacy Private Equity

Axcel IV

Axcel

Legacy Private Equity

2011

Axiom Asia Private Capital III

Axiom Asia Private Capital

PKA AIP 1

2012

Brookfield Brazil Timber Fund I

Brookfield Asset Management

Legacy Timber

2008

Brookfield Brazil Timber Fund II

Brookfield Asset Management

Legacy Timber

2008

Campbell Opportunity Timber Fund

Campbell Group LLC

Legacy Timber

2008

Campbell Timber Fund II

Campbell Group LLC

Legacy Timber

2007

Capricorn Forest Fund

IWC (International Woodland Company A/S)

Legacy Timber

2007

Care Capital Investments III

Care Capital

Legacy Private Equity

2006

Comvest Partners IV

Comvest Partners

Legacy Private Equity

2010

Cross Atlantic Partners IV

Cross Atlantic Partners

Legacy Private Equity

2001

Danish Microfinance Partners

Maj Invest

Legacy Private Equity

2011

Dansk Vækstkapital

Legacy Fund of Funds

2013 2002

Danske PE Partners II EUR

Danske Private Equity Partners

Legacy Fund of Funds

Danske PE Partners II USD

Danske Private Equity Partners

Legacy Fund of Funds

2002

Danske PE Partners III EUR

Danske Private Equity Partners

Legacy Fund of Funds

2006

Danske PE Partners III USD

Danske Private Equity Partners

Legacy Fund of Funds

2006

Danske PE Partners IV EUR

Danske Private Equity Partners

Legacy Fund of Funds

2009

Danske PE Partners IV USD

Danske Private Equity Partners

Legacy Fund of Funds

2009

Danske PE Partners V EUR

Danske Private Equity Partners

Legacy Fund of Funds

2012

Danske PE Partners V USD

Danske Private Equity Partners

Legacy Fund of Funds

2012

Drug Royalty Fund III

DRI Capital

PKA AIP 1

2013

Dunedin Buyout Fund III

Dunedin LLP

PKA AIP 1

2013

Eastern Timberland Resources

Timberland Investment Resources LLC

Legacy Timber

2008

Edradour

Regions Timberland Group

Legacy Timber

2006

Energy Capital Partners I

Energy Capital Partners

Legacy Energy

2006

Energy Capital Partners II

Energy Capital Partners

Legacy Energy

2009

EQT VI

EQT Partners

Legacy Private Equity

2011

European Clean Energy Fund

EIG Global Energy

Legacy Energy

2006 2004

Global Timber Investors VII

Global Forest Partners

Legacy Timber

Global Timber Investors VIII Institutional Investors

Global Forest Partners

Legacy Timber

2007

Goldman Sachs PEP 2004

Goldman Sachs Private Equity Group (AIMS)

Legacy Fund of Funds

2004

Goldman Sachs PEP 2005

Goldman Sachs Private Equity Group (AIMS)

Legacy Fund of Funds

2005

GreenGold Equity Fund Romania I

GreenGold Asset Management

Legacy Timber

2008

GreenWood Tree Farm Fund

GreenWood Resources Inc

Legacy Timber

2007

H.I.G. Bioventures II

H.I.G. Capital

PKA AIP 1

2012

Hancock Timberland VII

Hancock Timber Resource Group

Legacy Timber

2005

Hancock Timberland VIII

Hancock Timber Resource Group

Legacy Timber

2006

Hancock Viking Global Timber Fund

Hancock Timber Resource Group

Legacy Timber

2004

Fonde og co-investeringer

Valuta

Fondsstørrelse

PKA tilsagn

Investeringstype

Aktivklasse

Region

USD

1.614.100.000

50.000.000

Fond

Private equity

Globalt

USD

1.148.000.000

50.000.000

Fond

Energi

Globalt

USD

164.250.000

50.000.000

Co-investering

Energi

Globalt

SEK

3.724.100.000

380.000.000

Fond

Private equity

Europa

EUR

146.700.000

15.000.000

Fond

Private equity

Europa

EUR

1.105.000.000

50.000.000

Fond

Infrastruktur

Europa

75.000.000

Fond

Infrastruktur

Europa

Fond

Private equity

USA/Canada USA/Canada

EUR USD

500.000.000

20.000.000

USD

875.000.000

75.000.000

Fond

Private equity

21.000.000

Co-investering

Private equity

Globalt

1.250.000.000

75.000.000

Fond

Private equity

USA/Canada

USD USD USD

381.111.111

30.000.000

Fond

Private equity

Afrika

DKK

1.100.000.000

157.142.857

Fond

Private equity

Europa

DKK

2.390.000.000

188.485.805

Fond

Private equity

Europa

DKK

3.016.666.667

200.000.000

Fond

Private equity

Europa

DKK

3.632.189.874

250.000.000

Fond

Private equity

Europa

USD

1.161.500.000

75.000.000

FoF - primær

Private equity

Asien

USD

280.000.000

22.500.000

Fond

Skov

Latinamerika

USD

280.000.000

22.500.000

Fond

Skov

Latinamerika

USD

1.774.100.000

40.000.000

Fond

Skov

USA/Canada

USD

405.500.000

31.555.412

Fond

Skov

USA/Canada

USD

209.647.000

37.371.015

Fond

Skov

Globalt

USD

300.000.000

30.000.000

Fond

Private equity

USA/Canada

USD

582.064.000

50.000.000

Fond

Private equity

USA/Canada

USD

48,101,012

6.000.000

Fond

Private equity

USA/Canada

DKK

401.300.000

200.000.000

Fond

Private equity

Globalt

DKK

4.786.800.000

75.000.000

FoF - primær

Private equity

Europa

EUR

249.875.390

32.633.308

FoF - primær

Private equity

Europa

USD

224.571.859

29.325.618

FoF - primær

Private equity

USA/Canada

EUR

228.989.571

60.200.000

FoF - primær

Private equity

Europa

USD

270.139.947

73.700.000

FoF - primær

Private equity

USA/Canada

EUR

159.100.000

43.500.000

FoF - primær

Private equity

Europa

USD

211.646.300

69.596.300

FoF - primær

Private equity

USA/Canada

EUR

216.736.755

50.806.039

FoF - primær

Private equity

Europa

USD

342.769.384

70.584.332

FoF - primær

Private equity

USA/Canada

USD

1.446.195.000

75.000.000

Fond

Private equity

Globalt

GBP

306.000.000

35.000.000

Fond

Private equity

Europa

USD

112.854.710

29.338.313

Fond

Skov

USA/Canada

USD

86.800.000

20.450.000

Fond

Skov

USA/Canada

USD

2.250.000.000

50.000.000

Fond

Energi

USA/Canada

USD

4.335.000.000

75.000.000

Fond

Energi

USA/Canada

EUR

4.815.312.000

50.000.000

Fond

Private equity

Europa

EUR

354.229.500

40.000.000

Fond

Energi

Europa

USD

300.475.000

25.000.000

Fond

Skov

Globalt

USD

700.100.000

35.000.000

Fond

Skov

Globalt

USD

8.700.000.000

100.000.000

FoF - primær

Private equity

Globalt

USD

3.000.000.000

50.000.000

FoF - primær

Private equity

Globalt

EUR

53.291.615

25.000.000

Fond

Skov

Europa

USD

210.000.000

36.363.636

Fond

Skov

USA/Canada

USD

256.140.119

50.000.000

Fond

Private equity

USA/Canada

USD

631.920.000

10.000.000

Fond

Skov

USA/Canada

USD

552.800.000

35.000.000

Fond

Skov

USA/Canada

USD

123.701.955

28.799.362

Fond

Skov

Australien

Fonde og co-investeringer

Fond

Manager

Program

Vintage

2007

Highstar Capital III

Highstar Capital

Legacy Infrastructure

Highstar Capital IV

Highstar Capital

Legacy Infrastructure

2011

IFU Investment Partners

IFU

Legacy Private Equity

2012

ISQ Global Fund

I Squared Capital

PKA AIP 1

2013

Kohlberg Investors VII

Kohlberg & Co.

PKA AIP 1

2012

Landmark Equity Partners XIV

Landmark Partners

Legacy Fund of Funds

2008

Landmark Equity Partners XV

Landmark Partners

PKA AIP 1

2013

Latin American Fund I

Regions Timberland Group

Legacy Timber

2010

LD Equity 2

Maj Invest

Legacy Private Equity

2005

LD Equity 3

Maj Invest

Legacy Private Equity

2007

LD Invest Vietnam

Maj Invest

Legacy Private Equity

2009 2008

Lindsay Goldberg III

Lindsay Goldberg LLC

Legacy Private Equity

LS Power Equity Partners II

LS Power

Legacy Energy

2007

Macquarie European Infrastructure II

Macquarie Group

Legacy Infrastructure

2006

Morgan Stanley Infrastructure Partners

Legacy Infrastructure

2008

New Energy Solutions I

New Energy Solutions Partners

Legacy Private Equity

2002

New Energy Solutions II

New Energy Solutions Partners

Legacy Private Equity

2007

Odin Equity Partners I

Odin Equity Partners

Legacy Private Equity

2005 2008

Odin Equity Partners II

Odin Equity Partners

Legacy Private Equity

Odyssey Investment Partners Fund V

Odyssey Investment Partners

PKA AIP 1

2014

Panda Power Fund II

Panda Power Funds

PKA AIP 1

2013

Pantheon Global Secondary Fund II

Pantheon Ventures

Legacy Fund of Funds

2004

Partners Group Direct Investments 2006

Partners Group AG

Legacy Private Equity

2006

Partners Group Secondary 2004

Partners Group AG

Legacy Fund of Funds

2004

Partners Group Secondary 2006

Partners Group AG

Legacy Fund of Funds

2006

Partners Group Secondary 2008

Partners Group AG

Legacy Fund of Funds

2007

PENM I

Private Equity New Markets K/S

Legacy Private Equity

2007

PENM II

Private Equity New Markets K/S

Legacy Private Equity

2008

PENM III

Private Equity New Markets K/S

Legacy Private Equity

2012

Pickwick Forest

Regions Timberland Group

Legacy Timber

2005

Resilience Fund III

Resilience Capital Partners

Legacy Private Equity

2011

Riverstone Global Energy and Power Fund V

Riverstone Holdings LLC

PKA AIP 1

2012

RMK Select Timberland Investment Fund I

Regions Timberland Group

Legacy Timber

2004

RMK Select Timberland Investment Fund II

Regions Timberland Group

Legacy Timber

2007

SilverStreet Private Equity Strategies

SilverStreet Capital

Legacy Agriculture

2010

SK Capital Partners III

SK Capital Partners

Legacy Private Equity

2011

SLM Australia Livestock

SLM Partners

PKA AIP 1

2012

Southern Cone Timber Holdings

Regions Timberland Group

Legacy Timber

2005

Spur Ventures III

Spur Capital Partners

Legacy Fund of Funds

2008

Sunstone Biomed Venture III

SunStone Capital A/S

Legacy Private Equity

2001

Sunstone Biomedical Venture Annex II

SunStone Capital A/S

Legacy Private Equity

2004

Sunstone Biomedical Venture Annex III

SunStone Capital A/S

Legacy Private Equity

2004

Tenaska Power Fund II

Tenaska

Legacy Energy

2008

The Energy and Fertilizer Investment Fund K/S

Maj Invest

Legacy Energy

2013

The Fourth Cinven fund

Cinven Partners LLP

Legacy Private Equity

2006

Thomas H. Lee Parallel Fund VI

Thomas H. Lee Partners

Legacy Private Equity

2006

Timbervest Crossover Partners II

Timbervest

Legacy Timber

2008

Timbervest Partners II

Timbervest

Legacy Timber

2007

Timbervest Partners III

Timbervest

Legacy Timber

2010

TractManager

Arsenal Capital Partners

PKA AIP 1

2013

Triton Fund II

Triton Partners

Legacy Private Equity

2006

Triton Fund III

Triton Partners

Legacy Private Equity

2009

Triton Fund IV

Triton Partners

PKA AIP 1

2013

UTEX Industries

Riverstone

PKA AIP 1

2013

Fonde og co-investeringer

Valuta

Fondsstørrelse

PKA tilsagn

USD

1.739.222.222

USD

820.166.680

DKK

250.000.000

USD

Investeringstype

Aktivklasse

Region

100.000.000

Fond

Infrastruktur

USA/Canada

75.000.000

Fond

Infrastruktur

USA/Canada

125.000.000

Fond

Private equity

Globalt

125.000.000

Fond

Infrastruktur

Globalt

USD

1.596.849.998

50.000.000

Fond

Private equity

USA/Canada

USD

1.997.242.424

50.000.000

FoF - sekundær

Private equity

USA/Canada

50.000.000

FoF - sekundær

Private equity

USA/Canada

11.989.525

Fond

Skov

Latinamerika

USD USD

99.513.054

DKK

2.998.650.000

317.000.000

Fond

Private equity

Europa

DKK

706.900.000

155.000.000

Fond

Private equity

Europa

DKK

404.340.000

100.000.000

Fond

Private equity

Asien

USD

4.680.850.000

70.000.000

Fond

Private equity

Globalt

USD

3.085.000.000

45.000.000

Fond

Energi

USA/Canada

EUR

4.634.841.727

25.000.000

Fond

Infrastruktur

Europa

USD

4.003.270.000

178.000.000

Fond

Infrastruktur

Globalt

DKK

385.500.000

75.000.000

Fond

Private equity

Europa

EUR

109.070.000

25.000.000

Fond

Private equity

Europa

DKK

1.094.191.919

197.570.349

Fond

Private equity

Europa

DKK

1.416.656.426

152.429.651

Fond

Private equity

Europa

50.000.000

Fond

Private equity

USA/Canada

USD USD

100.000.000

Fond

Energi

USA/Canada

USD

676.900.000

40.000.000

FoF - sekundær

Private equity

Globalt

EUR

510.050.000

40.000.000

Fond

Private equity

Globalt

EUR

428.535.354

35.000.000

FoF - sekundær

Private equity

Globalt

EUR

1.009.910.960

60.000.000

FoF - sekundær

Private equity

Globalt

EUR

2.500.000.000

50.000.000

FoF - sekundær

Private equity

USA/Canada

DKK

423.450.000

297.000.000

Fond

Private equity

Asien

DKK

689.850.000

247.500.000

Fond

Private equity

Asien

USD

143.700.000

48.100.000

Fond

Private equity

Asien

USD

69.912.609

26.000.000

Fond

Skov

USA/Canada

USD

222.500.000

50.000.000

Fond

Private equity

USA/Canada

USD

7.713.575.000

100.000.000

Fond

Energi

USA/Canada

USD

164.000.000

20.000.000

Fond

Skov

USA/Canada

USD

162.800.000

30.000.000

Fond

Skov

USA/Canada

USD

201.953.100

50.000.000

Fond

Landbrug

Afrika

USD

500.000.000

50.000.000

Fond

Private equity

USA/Canada

AUD

75.750.000

75.000.000

Fond

Landbrug

Australien

USD

210.000.000

37.500.000

Fond

Skov

Latinamerika

USD

129.900.000

50.000.000

FoF - primær

Private equity

USA/Canada

DKK

1.690.500.000

75.000.000

Fond

Private equity

Europa

DKK

70.913.831

6.300.000

Fond

Private equity

Europa

DKK

534.697.864

25.800.000

Fond

Private equity

Europa

USD

2.444.550.000

75.000.000

Fond

Energi

USA/Canada Globalt

USD

177.109.587

62.500.000

Fond

Energi

EUR

6.500.000.000

35.000.000

Fond

Private equity

Europa

USD

7.891.400.000

50.000.000

Fond

Private equity

USA/Canada

USD

250.000.000

25.000.000

Fond

Skov

USA/Canada

USD

374.950.000

30.000.000

Fond

Skov

USA/Canada

USD

409.525.000

30.000.000

Fond

Skov

USA/Canada

30.000.000

Co-investering

Private equity

USA/Canada

USD EUR

1.126.000.000

35.000.000

Fond

Private equity

Europa

EUR

2.382.000.000

50.000.000

Fond

Private equity

Europa

EUR

3.468.000.000

60.000.000

Fond

Private equity

Europa

15.000.000

Co-investering

Energi

USD

Fonde og co-investeringer

DIREKTE INVESTERINGER

M A N D AT E T

S TAT U S

PKA AIP varetager PKA’s direkte investeringer i

PKA’s samlede tilsagn til direkte investeringer i

energi- og infrastrukturaktiver samt overvåger og administrerer PKA’s to eksisterende havmølleinvesteringer.

energi- og infrastrukturaktiver udgjorde ca. 3,4 PKA forventer i løbet af de kommende år at investere ca. 2-3 mia. kr. årligt direkte i energi- og infrastrukturaktiver.

mia. kr. ved årets udgang fordelt på de to havmølleparker Anholt og Butendiek. I 2013 gav PKA tilsagn på ca. 750 mio. kr. til Butendiek-parken. PKA forventer i løbet af de kommende år at investere ca. 2-3 mia. kr. årligt direkte i energi- og infrastrukturaktiver.

UDVIKLING I TILSAGN Mia. kr.

2011 Anholt

2,5

2012

2013 Butendiek

2014 Forventet

0,8

3,1

2015 Forventet

3,6

Total

10,0

Direkte investeringer

CASE B U T E N D I E K H AV M Ø L L E PA R K Baggrunden PKA AIP investerede i 2013 på vegne af PKA i den tyske havmøllepark Butendiek med en samlet kapacitet på 288 MW. Parken er beliggende i Nordsøen omkring 32 km fra øen Sild ved den dansk-tyske grænse og vil bestå af 80 3,6 MW Siemens-møller. Butendiek bygges af WPD, som er en af de førende tyske udviklere af vindmølleparker, og opføres i perioden 2013-2015, hvorefter retten til at producere strøm løber i 25 år. I den operationelle fase vil parken producere CO2-fri strøm svarende til ca. 370.000 husstandes forbrug. Investeringen PKA investerede ca. 750 mio. kr. i egenkapital svarende til en ejerandel på 22,5%. Medinvestorerne Siemens Financial Services, Marguerite Infrastructure Fund og Industriens Pension har

Direkte investeringer

ligeledes hver erhvervet 22,5%. Projektudvikleren WPD ejer de resterende 10%. Den samlede egenkapitalinvestering udgør ca. 3,2 mia. kr. I tillæg til egenkapitalinvesteringen er der opnået ekstern projektfinansiering fra banker og diverse kreditinstitutioner såsom Eksport Kredit Fonden. Den eksterne finansiering beløber sig til 6,3 mia. kr. svarende til en samlet anlægssum på ca. 9,5 mia. kr. Investeringen i Butendiek er PKA’s første investering med ekstern projektfinansiering. Samtidig er det første gang, PKA påtager sig anlægsrisiko i det direkte infrastrukturinvesteringsprogram. Projektet forventes at udvise en attraktiv risiko-/afkastprofil, bl.a. som konsekvens af en omfattende forsikringspakke, der adresserer en række anlægsrisici. Rationalet Investeringen er i tråd med PKA’s stigende fokus på direkte investeringer i infrastruktur, der sikrer medlemmerne et attraktivt afkast af deres pensionsmidler og bidrager til et bæredygtigt miljø.

Direkte investeringer

CASE A N H O LT H A V M Ø L L E P A R K Baggrunden PKA investerede i 2011 i Anholt Havmøllepark, der med en samlet kapacitet på 400 MW er Danmarks største havmøllepark bestående af 111 3,6 MW Siemens-møller og beliggende mellem Djursland og Anholt. Parken blev opført i 2012-2013 og forventes at producere CO2-fri strøm til ca. 400.000 danske hustande svarende til ca. 4% af Danmarks samlede elforbrug. Projektet blev udviklet af DONG Energy, som også har ansvaret for den daglige drift. Investeringen PKA investerede ca. 2,5 mia. kr. for en 20% ejerandel af det samlet projekt. De øvrige investorer er PensionDanmark (30%) og DONG Energy (50%), og der er ikke anvendt ekstern projektfinansiering. Projektet har en planlagt levetid på op mod 25 år og forventes i hele perioden at generere stabile årlige udbytter. Investeringsafkastet forventes – grundet produktionsprofilen og den faste elpris i støtteperioden – at have lav korrelation med det overordnede marked. Rationalet Samme rationale som Butendiek.

Direkte investeringer

sig om projekter i både anlægs- og driftsfasen, hvor I N V E S T E R I N G S S T R AT E G I -

deltagelse kan ske via gæld eller egenkapital.

ENERGI OG INFRASTRUKTUR

PKA sigter primært efter at deltage med en minoritetsandel i et konsortium af ligesindede inves-

PKA’s direkte investeringer i energi- og infra-

torer. For at sikre en passende incitamentsstruktur

strukturaktiver skal skabe et fornuftigt, risiko-

forventes det derudover, at projektforvalteren (typ-

justeret afkast med et lavt omkostningsniveau, og

isk udvikleren, entreprenøren og/eller aktivets op-

aktivklassen udgør derfor et attraktivt supplement

eratør) selv er egenkapitalinvestor.

til obligationer.

Havmølleparker betragtes som attraktive

Investeringsstrategien fokuserer på at iden-

investeringsaktiver som følge af stabile støtte-

tificere aktiver med obligationslignende karakte-

regimer, og dermed en afkastprofil med begræns-

ristika såsom lang løbetid og stabile udbytter.

et markedskorrelation. PKA har således gennem

Derudover har aktiverne ofte afkast med lav grad

de senere år øget aktiviteten inden for direkte

af korrelation til det generelle marked. Dermed

infrastrukturinvesteringer med tilsagn til Anholt

sikres det, at der investeres i aktiver, som passer

Havmøllepark i 2011 og Butendiek Havmøllepark i

ind i PKA’s overordnede portefølje og kan imøde-

2013. PKA ønsker også i fremtiden aktivt at inve-

komme de langsigtede forpligtelser over for pen-

stere i grøn infrastruktur.

sionskassemedlemmerne. Det er afkast- og risikoprofilen, der er afgørende for tilsagn til en given investering, og profilen passer ofte på essentielle infrastrukturaktiver på regulerede og politisk stabile markeder. PKA AIP identificerer aktiver med en stabil efterspørgsel i brancher, der på grund af høj kapitalintensitet og regulatorisk beskyttelse kendetegnes ved høje adgangsbarrierer. Aktuelt investerer PKA primært direkte i aktiver i Nordeuropa, med en investeringssum på minimum 750 mio. kr. pr. investering. Det drejer

Investeringsstrategien fokuserer på at identificere aktiver med obligationslignende karakteristika såsom lang løbetid og stabile udbytter.

PKA’s direkte investeringer i energi- og infrastrukturaktiver skal skabe et fornuftigt, risikojusteret afkast med et lavt omkostningsniveau, og aktivklassen udgør derfor et attraktivt supplement til obligationer.

Direkte investeringer

Organisation

O R G A N I S AT I O N

PKA AIP har etableret en effektiv og handlekraftig organisation bestående af syv specialiserede med-

CHRISTIAN DREWS-OLESEN

arbejdere med relevant og komplementær erfaring

Investment Manager

fra en række rådgivningsområder, herunder management consulting, investment banking, private

Cand. merc. AEF fra Copenhagen Business School.

equity og jura samt ansættelse i førende virksom-

Tidligere porteføljemanager hos PKA og manage-

heder og organisationer.

mentkonsulent hos Quartz+Co. —

—

ANDERS DALHOFF

J A C O B LY N G S G A A R D M A D S E N

Managing Partner

Investment Manager

Cand. jur. fra Aarhus Universitet og MBA fra

Cand. merc. FSM og Cand. merc. CEMS fra Copen-

INSEAD.

hos

hagen Business School. Tidligere M&A- og strategi-

Quartz+Co og advokat hos Kromann Reumert og

Tidligere

managementkonsulent

roller hos Dako, Implement Consulting Group og

Plesner.

Macquarie Investment Bank. —

—

JA KO B F I N K

U L R I K PA L L I S Ø B O R N Ø

Partner

Investment Manager

Cand. oecon. fra Aarhus Universitet. Tidligere CFO i

Cand. merc. AEF fra Copenhagen Business School.

DONG Energy Wind Power samt corporate finance-

Tidligere M&A-roller hos DONG Energy, SEB Enskil-

rådgiver i Svenska Handelsbanken (Handelsbanken

da Corporate Finance og Credit Suisse.

Capital Markets) og Alfred Berg ABN AMRO. — BRIAN SCHLEIMANN NORDLUND Investment Director

Cand. merc. FIR fra Copenhagen Business School. Tidligere managementkonsulent hos Quartz+Co. — JOHAN BERNT NORDANG Investment Director

Cand. polit. Københavns Universitet. Tidligere M&A-roller hos DONG Energy, Macquarie Investment Bank og Københavns Lufthavn. —

Organisation

ORDFORKLARING

ALPHA

Et udtryk for den del af afkastet, som ikke kan forklares af udsving i det generelle marked.

A LT E R N AT I V E I N V E S T E R I N G E R

Investeringer i ikke-børsnoterede aktiver eller selskaber.

ANKERINVESTOR

En eller flere investorer, der driver investeringsprocessen og typisk tegner sig for den største del af investeringen.

CO-INVESTERING

En investering foretaget direkte i en virksomhed sammen med en kapitalfond, man allerede deltager i.

DIREKTE INVESTERING

En investering foretaget direkte i et aktiv eller selskab.

FOND-AF-FONDE (FOF)

En fond som investerer i investeringsfonde.

FONDSTILSAGN

En forpligtelse til at levere kapital til fremtidige investeringer i en kapitalfond.

IRR

Internal Rate of Return. Det gennemsnitlige årlige afkast for en given investering.

K A L D T K A P I TA L

Andelen af et tilsagn, som er blevet indkrævet af en fond.

PME+

Det markedsækvivalente afkast hvis indbetalingerne til fondene havde været investeret på det børsnoterede marked.

TRACK RECORD

Oversigt over en fonds historiske investeringer og tilhørende afkast.

V I N TA G E - Å R

Det år, hvor den første indbetaling til en fond finder sted.

Ordforklaring

2013 - HIGHLIGHTS

DKK BN

COMMITMENTS

PKA AIP was in charge of PKAâ&#x20AC;&#x2122;s placing of approximately DKK 5bn in funds and co-investments as well as direct investments in energy and infrastructure assets.

Nine commitments with varying geographical and industry focuses were given to funds.

NEW TEAM MEMBERS

CO-INVESTMENTS

PKA AIP strengthened its organisation by appointing three new team members during the year.

Three co-investments were made: in Utex, TractManager and Archroma.

DKK BN

PKA AIP expects to invest up to DKK 7bn on behalf of PKA in 2014, including commitments to funds and co-investments of up to approximately DKK 4bn and direct investments in infrastructure for up to DKK 3bn.

PKA AIP advised on and managed investments worth more than DKK 25bn on behalf of PKA in 2013.

2013 - Highlights

P K A A I P I N 2 0 1 3 – A N D G O I N G F O RWA R D

PKA AIP was in charge of PKA’s placing of approximately DKK 5bn in alternative investments in 2013. DKK 4.2bn were invested through funds and coinvestments while DKK 750m were direct investments in infrastructure. According to Bain & Company, the value of

Funds continued their intensive chase for new capital commitments and are expected to continue to do so in 2014.

with a view to give PKA more cost-effective access to attractive, unlisted assets and thereby increase the potential for premium returns relative to what can be achieved in listed markets. When special opportunities arise, PKA will also be a direct investor, for example where an

buyout activity in the global market rose by 22% in

unlisted company is seeking growth capital for a

2013 despite an 11% drop in the deal count. There

given period until it can be sold or listed.

was a negative trend in North America, whereas

PKA will be able to provide capital in the form

deal making in Europe was up by value despite a

of equity (minority interest) or debt. PKA would

slight drop in deal count. Activity in Asia was up by

typically approach an investment of this type in co-

deal count and slightly down by value.

operation with one or more anchor investors, but

The main source of activity in the US market

this is not a requirement.

was acquisitions of privately-owned companies,

It is essential, however, that a trusted circle of

whereas in Europe, buyout activity mainly involved

existing and/or new owners are committed to the

transactions between funds. Gearing increased in

operational responsibility with an active owner-

both markets.

ship approach.

Commitments from investors rose as the year

Such investments typically have a shorter

wore on, following a significant drop from 2012

time horizon and a higher required rate of return

to 2013. Funds continued their intensive chase for

than direct investments in energy or infrastruc-

new capital commitments and are expected to con-

ture, and PKA would expect to place at least DKK

tinue to do so in 2014.

250m per investment.

Funds will remain under substantial pres-

In order to step up its focus on direct invest-

sure to deliver alpha, i.e. premium returns relative

ment opportunities, PKA AIP strengthened its or-

to the public markets. Various models will still be

ganisation in 2014 by appointing a new partner

able to provide alpha, and both good and bad deals

specifically responsible for this business area.

are being made across all market segments. In other words, transaction types have very

OUTLOOK

little influence on the returns generated by funds.

FOR 2014

Rather, the returns are driven more by the particular competencies the funds apply repeatedly

PKA AIP expects to assist PKA in giving commit-

in each link of the value chain from sourcing and

ments to funds and co-investments for a total of

screening to management and exit.

DKK 4bn in a difficult global market in which pow-

The funds expected to perform the best are

erful skills and extensive experience in creating

those capable of consistently matching special

attractive returns remain essential requirements.

skills with specific deals.

Commitments will mainly be issued to funds with a documented track record and with which PKA has

E X PA N D I N G

prior positive experience. Selected new funds will

T H E TA R G E T A R E A S

also be considered. PKA AIP also expects to make direct invest-

An added priority for PKA AIP going forward will

ments in infrastructure and other assets on behalf

be to increase PKA's role as a co-investor with funds

of PKA for up to DKK 3bn.

PKA AIP in 2013 – and going forward

The State Registered Nurses' Pension Fund The Healthcare Professionals' Pension Fund The Office Staff Pension Fund The Medical Secretaries' Pension Fund The Social Workers' and Social Pedagogues' Pension Fund

ETHICAL GUIDELINES

INVESTMENTS IN DENMARK

The alternative investments are subject to the guidelines for responsible investments, that are applicable to all investments in PKA. The guidelines are among others based on UN's convention on human and public rights, environmental conditions, corruption as well as weapons. The guidelines are available at pka.dk.

The aggregate number of investments in Denmark constitute approximately DKK 4.6bn, which corresponds to approximately 15% of the total investments within private equity, energy, infrastructure, timber and agriculture. PKA has collectively made commitments to 16 funds, which exclusively invest in Denmark or has Denmark as part of their investment universe. Additionally, a number of direct investments in Danish unlisted companies and Danish infrastructure have been made.

A vital area of focus in PKA's work with responsible investments is the global climate challenges where the investments in energy and infrastructure play a central role. This is among others attributed to investments in offshore wind farms, which are mentioned later in the report. Management agreement

T H E F I V E P E N S I O N F U N D S – Membership base of ~260.000 members. Most employees working within the public social and healthcare sector are covered by PKA. The demographic profile of the pension holders will create a significant yearly capital inflow for a substantial time period. P K A - Asset under management: DKK 195bn. Number of employees: ~50 full time employees. P K A A I P – mandate: Advising PKA on their Alternative Investments. Monitoring: Legacy Portfolio of DKK ~25bn including ~110 funds and direct investments. Yearly investment mandate: DKK ~4bn in funds and co-investments as well as DKK 2-3bn in direct infrastructure.

Om PKA AIP

ABOUT PKA AIP

Since 2012, PKA AIP has assisted PKA in the field of alternative investments through funds including co-investments and direct commitments in energy and infrastructure assets with peer group institutional investors. Currently, PKA AIP advises only PKA. The parties have concluded a management agreement for 2012–2014 and expect to extend it for

PKA AIP manages PKA's investments in funds, companies and infrastructure and expects to place DKK 6-7bn per year.

Since the 1990s, PKA has been actively committed to investing, through funds, in private equity, energy and infrastructure, timber and agriculture. PKA AIP was established with a view to hiving off the management of these alternative investments into an independent unit for the purpose of:

the period 2015–2017 by the end of this year. PKA provides administration services and

• Strengthening and professionalising the selec-

develops labour market pension plans for five in-

tion and management of alternative investments.

dependent pension funds, who between them have

• Reducing the costs of alternative investments,

about 260,000 members working under collective

including increasingly co-investing with funds

agreements in the public social and healthcare sec-

and investing directly in certain energy and in-

tors in Denmark. The pension funds have total as-

frastructure assets.

sets of about DKK 195bn invested mainly in bonds,

• Creating a supporting framework for achieving

equities, real assets and absolute returns.

premium returns relative to investing in publicly listed assets. • Creating greater transparency and meeting added regulatory requirements applying to alterna-

PKA provides administration services and develops labour market pension plans for five independent pension funds, who between them have about 260,000 members working under collective agreements in the public social and healthcare sectors in Denmark

tive investments. PKA AIP manages PKA’s investments in funds and companies (co-investing with funds) and expects to place approximately DKK 4bn per year. PKA AIP also monitors and manages PKA's existing portfolio of about 110 funds and co-investments. Furthermore, PKA AIP manages PKA's direct investments in energy and infrastructure assets and special opportunities. Over the next three to five years, PKA AIP expects to advise on investments worth DKK 2-3bn annually in these assets. Lastly, PKA AIP monitors and manages two existing offshore wind farm investments on behalf of PKA.

Om PKA AIP

FUNDS AND CO-INVESTMENTS

total investment mandate of DKK 11.9bn covering all PKA AIP 1

fund commitments and co-investments across private

C U R R E N T S TAT U S

equity funds, energy and infrastructure. At the end of 2013, PKA AIP had made commitments for 21 invest-

PKA AIP manages PKAâ&#x20AC;&#x2122;s investments in funds and

ments totaling DKK 7.7bn, corresponding to 65% of the

companies (co-investments with funds) under the

overall fund programme. PKA provided 12 new com-

PKA AIP 1 investment programme, which was es-

mitments and invested a total of DKK 4.2bn in 2013.

tablished in 2012 and runs through 2014.

Nine commitments (DKK 3.9bn) were for funds and

The PKA AIP 1 investment programme has a

three (DKK 365m) were for co-investments.

P K A A I P 1 I N V E S T M E N T M A N D AT E DKK bn

2012

4,1

2013

3,3

2014

4,5

Total

11,9

Target allocation

Commitments 31/12 2013

67%

55%

Total

29%

39%

Private equity

11,9

7,7

Energy & Infrastructure

Real assets

All numbers are calculated using a fixed exchange rate at the day of the commitment for each investments.

Funds and co-investments

COMMITMENTS MADE IN PKA AIP 1 IN 2013 DKK m

Adelis Equity Partners Fund I

327

Drug Royalty Fund III

422

Kohlberg Investors VII

285

Landmark Equity Partners XV

Odyssey Investment Partners Fund V

Funds

284

272

Triton Fund IV

448

Antin Infrastructure Partners Fund II

560

ISQ Global Fund

711

Panda Power Fund II

554

110

Tract Manager

171

UTEX

Total

Co-investments

Archroma

2.318

1.908

Private equity

4.226

Energy & Infrastructure

All numbers are calculated using a fixed exchange rate at the day of the commitment for each investments.

Funds and co-investments

I Squared Capital NEW FUND INVESTMENTS

Global infrastructure fund manager focused on assets and companies in the energy and transport

PKA invested in the Triton IV, Antin Infrastruc-

sectors. I Squared Capital achieves value creation

ture Partners II and Landmark XV funds in 2013

through an active ownership approach, capitalis-

through managers that have previously managed

ing on a structured approach to risk, a global net-

PKA investments. PKA also provided these six fund

work and a strong team of operational, political and

commitments with new managers:

sectoral experts. PKA has committed a total of USD 125m to this newly-established fund.

DRI Capital A Canadian private equity fund specialising in roy-

Panda Power Funds

alties related to mature pharmaceuticals. PKA has

US energy manager focused on developing and op-

committed a total of USD 75m to the manager's Drug

erating advanced technology gas plants in North

Royalty III Fund.

America. PKA has committed a total of USD 100m to the manager's second fund. Kohlberg

US-based private equity fund focused mainly on

Odyssey Investment Partners

mid-sized businesses with an enterprise value of

US private equity fund focused on mid-sized North

USD 100â&#x20AC;&#x201C;750m. PKA has committed USD 50m for

American companies with an enterprise value of

the manager's seventh fund, which is to target com-

USD 100â&#x20AC;&#x201C;750m. PKA has committed USD 50m to the

panies with a potential for growth and operational

manager's fifth fund.

improvements in the industrial sector, business service, healthcare services, financial services and consumer durables sectors. Adelis Equity Partners Swedish private equity fund founded in 2012 and targeting mid-sized companies in the Nordic region. PKA has committed a total of SEK 380m to Adelis' first fund.

Funds and co-investments

NEW CO-INVESTMENTS UTEX PKA co-invested for a total of USD 15m in UTEX, a US company based in Houston and a market leader in the design and production of specialist seals and drilling products for the oil and gas industry. UTEX is controlled by Riverstone, a global energy fund headquartered in the United States. PKA provided a commitment to Riverstone's fifth fund in 2012. TractManager PKA completed a co-investment totaling USD 30m in TractManager, a US company providing contract management services outsourced by the healthcare sector. TractManager is controlled by Arsenal Capital Partners, a US private equity firm, through their third fund. PKA has provided commitments to Arsenal's last two funds. Archroma PKA co-invested with SK Capital when chemicals company Clariant divested three independent business areas in a process initiated in 2012. The three divisions have now been combined into a single unit under the name of Archroma. The company generates revenue of about USD 1.3bn, operates 25 production facilities globally and employs about 3,000 people. After the end of the financial year, two more fund commitments and one co-investment for a total of DKK 1.1bn were made under the PKA AIP 1 investment programme.

Funds and co-investments

In PKA AIP 1 DKK 2.1bn (27%) of the total commit-

The PKA AIP 1 portfolio is still in a build-up

ment of DKK 7.7bn had been called at the end of

phase, and while the performance to date is in line

2013. The value of the paid-in capital amounted to

with expectations, no evaluation of the prelimi-

DKK 2.2bn, of which DKK 0.1bn was realised and

nary performance should be made. Considering the

the rest represents the market value of the invest-

funds selected, PKA AIP 1 is expected to provide an

ments.

attractive return.

PKA AIP 1 INVESTMENT PROGRAMME DKK bn

0.65 11.9

0.27 7.7

2.1

Programme

Commited capital

Paid-in capital

All numbers are calculated using a fixed exchange rate at the day of the commitment for each investment.

Funds and co-investments

PKA AIP 1 INVESTMENT FOCUS â&#x20AC;&#x201D; P R I V AT E E Q U I T Y FUNDS PKA's primary focus is North America and Europe, but does also make commitments to private equity funds under global mandates. PKA maintains exposure to South America, Asia and Africa mainly through commitments to global funds and to a fund-of-funds. Investments are generally made through midsized funds with total assets of DKK 3â&#x20AC;&#x201C;12bn for the purpose of (i) achieving a professional institutional product without undue reliance on specific individuals, and (ii) enabling PKA to invest at least DKK 400m per fund without obtaining a dominant position. In many cases, companies targeted by funds in this segment are of a size suitable for expansion during the ownership period to make them attractive targets of strategic acquisitions by major competitors. PKA invests in private equity funds with a proven track record that outperforms both competing funds and listed companies. It is essential

PKA invests in private equity funds with a proven track record that outperforms both competing funds and listed companies.

Funds and co-investments

The investment strategy for infrastructure and energy funds centres on independent European, North American and global managers that typically operate funds larger than DKK 3bn.

that the funds have repeatedly demonstrated their ability to create value by optimizing the underlying companies and creating growth. This is critical in the assessment of the outlook that their future investments can be expected to provide returns that outperform those of similar listed companies. To ensure an alignment of interests, PKA will mainly invest through independent managers with only one or few investment products. That way, a fund's investors invest in a product that is essential for the manager's future success. ENERGY AND INFRASTRUCTURE FUNDS The investment strategy for infrastructure and energy funds centres on independent European, North American and global managers that typically operate funds larger than DKK 3bn. The funds must have one or more strategic and operational value creation angles to their investments so as to generate an attractive return. It is also essential that the strategy builds on initiatives that are controllable and can be reproduced in future.

Funds and co-investments

This is also a field where PKA will mainly invest through independent managers with a single investment product. TIMBER AND A G R I C U LT U R E F U N D S PKA has built up a substantial portfolio in this segment, and it is not expected to be expanded in the foreseeable future. This is still a relatively young portfolio, and no additional commitments are expected. CO-INVESTMENTS PKA aims to increase the extent of its co-investments with funds that PKA is already invested in, and in which PKA AIP already has in-depth knowledge of the team, the strategy and its investment and value-creation processes. Co-investments offer an opportunity to costefficiently increase exposure to companies that PKA is already participating in. Typically, PKA invests DKK 100â&#x20AC;&#x201C;250m in a co-investment.

Funds and co-investments

PKA aims to increase the extent of its co-investments with funds that PKA is already invested in, and in which PKA AIP already has in-depth knowledge of the team, the strategy and its investment and value-creation processes.

Funds and co-investments

CASE

S K C A P I TA L I I I

PORTFOLIO INVESTMENTS

Investment: Primary private equity fund

Calabrian Corporation

Vintage year: 2011

• A leading manufacturer of sulphur dioxide and

Fund size: USD 500m

related derivatives used in wastewater treatment

PKA commitment: USD 50m

and other applications. • SK Capital recapitalized Calabrian in partnership

S T R AT E G Y

with members of the founding family in May 2011.

SK Capital has a disciplined focus on the specialty

IBA Molecular imaging

materials, chemicals and healthcare sectors utilis-

• I BA Molecular is a leading global developer, man-

ing its team's industry, operating and investment

ufacturer and distributor of radiopharmaceuti-

experience.

cal products used for diagnostic and therapeutic

Core investment criteria are revenue of USD 50–1,000m, EBITDA of up to USD 150m and total

imaging processes. • SK Capital acquired a majority interest from Ion

capitalisation of up to USD 1bn.

Beam Applications S. A. in April 2012.

Typical SK Capital transactions include:

TPC Group • A processor and service provider of value-added

• Buyouts, re-capitalisations and growth equity

products derived from niche petrochemical raw

investments.

materials.

• Strategic divestments.

• SK Capital took TPC Group private in partnership

• Partnerships with family-owned businesses or

with First Reserve Corporation in December 2012.

entrepreneurs. Addivant • Addivant is a leading global supplier of additives used to improve the production as well as the properties of polymers, plastics and rubbers. • SK Capital acquired these business areas from the Chemtura Corporation in May 2013. Archroma • Archroma possesses a number of strong brands and leading technologies in dyes and specialty chemicals used in the paper, textile and other industries. • SK Capital acquired three business areas from Clariant in September 2013.

Funds and co-investments

PKA had total exposure to funds of DKK 25.8bn at 31 December 2013, an increase of DKK 2.4bn since 2012. The market value amounted to DKK 15.6bn of the total exposure, with un-called commitments making up the remaining DKK 10.2bn.

Funds and co-investments

2012. The market value amounted to DKK 15.6bn of PKA PORTFOLIO â&#x20AC;&#x201C;

the total exposure, with un-called commitments

C U R R E N T S TAT U S

making up the remaining DKK 10.2bn. Overall commitments rose from DKK 24.3bn

â&#x20AC;&#x201D;

to DKK 28.2bn, as none of the funds were terminated during the reporting period.

COMMITMENTS AND EXPOSURE

Several funds are expected to be fully realised and repaid with attractive returns over the coming

PKA had total exposure to funds of DKK 25.8bn at

years, implying that the value of new commitments

31. December 2013, an increase of DKK 2.4bn since

is expected to outgrow total commitments.

D E V E LO P M E N T I N P K A' S E X P O S U R E DKK bn

25.8 23.4 18.2 14.3

19.5

10.2 9.2

6.4

7.1

11.8

12.4

14.2

15.6

2010

2011

2012

2013

6.4

8.0

2009

Remaining commitments

Market value

D E V E L O P M E N T I N P K A ' S T O TA L C O M M I T M E N T DKK bn

28.2

15.7

2009

17.7

2010

20.1

2011

Funds and co-investments

24.3

2012

2013

The private equity segment accounted for 57% of

Divided by funds' main geographical focus,

the total exposure, with infrastructure funds at

the United States and Canada account for 41% of

14%. Timber, energy and agriculture funds make

total exposure, ahead of Europe at 25% and funds

up the remaining exposure.

with a global investment focus at 23%. The latter

Traditional primary funds account for 78% of

group covers a wide range of different strategies,

the exposure, followed by primary funds-of-funds

including funds focused on both North America

at 14%, secondary funds-of-funds at 5% and co-

and Europe and funds investing exclusively in

investments at 2%.

developing countries.

Divided by funds' main geographical focus, the United States and Canada account for 41% of total exposure, ahead of Europe at 25% and funds with a global investment focus at 23%.

EXPOSURE BY ASSET CLASS

2% Agriculture 13% Timber

13% Energy

57% Private equity

14% Infrastructure

Funds and co-investments

EXPOSURE BY TYPE OF FUND

2% Co-Investments 5% FoF - Secondary 14% FoF - Primary 78% Funds

EXPOSURE BY GEOGRAPHIC FOCUS OF THE FUND

2% Africa 2% Latin America 2% Australia 6% Asia

41% US/Canada

23% Global

25% Europe

Funds and co-investments

RETURN PERFORMANCE The primary private equity funds generally yielded a higher return than the portfolio overall over the lifetime of the fund, and for most vintage years, private equity returns have outperformed returns on publicly-listed assets.

A C C U M U L AT E D R E T U R N S F O R A L L A S S E T C L A S S E S A N D P R I V AT E E Q U I T Y F U N D S By vintage year / Percent

13.8 7.3

1.0 2004

13.8

10.2

8.5

3.2

0.6

2005

2006

6.4

13.8 9.7

5.6

2007

IRR for funds in all asset classes

11.0

2008

2009

2010

IRR for private equity funds

A C C U M U L AT E D R E T U R N F O R P R I V AT E E Q U I T Y F U N D S R E L AT I V E T O P M E + By vintage year / PME+ based on MSCI All Country World Index

13.8 8.5 2.5 2004

13.8 7.7

3.2

0.6

2005

3.9

2006

PME+

10.2 6.4

2007

2008

10.1

9.7

2009

9.7

2010

IRR for private equity funds

* The number can not be disclosed as it is based on only one fund's performance. Due to immaturity no returns are disclosed for funds beyond 2010.

Funds and co-investments

PORTFOLIO REVIEW

Fund

Manager

Program

Vintage

Actis Emerging Markets 3

Actis

Legacy Private Equity

2008

Actis Energy 3

Actis

PKA AIP 1

2013

Actis Energy 3 - Co-investment vehicle

Actis

PKA AIP 1

2013

Adelis Equity Partners Fund I

Adelis Equity Partners

PKA AIP 1

2013

Amber Trust II

Danske Capital Finland

Legacy Private Equity

2005 2008

Antin Infrastructure Partners

Legacy Infrastructure

Antin Infrastructure Partners Fund II

Antin Infrastructure Partners

PKA AIP 1

2013

Arsenal Capital Partners II

Arsenal Capital Partners

Legacy Private Equity

2006

Arsenal Capital Partners III

Arsenal Capital Partners

PKA AIP 1

2012

Archroma

SK Capital Partners

PKA AIP 1

2013

Audax Private Equity Fund IV

Audax Group

PKA AIP 1

2013

Aureos Africa Fund

Abraaj Capital (former Aureos)

Legacy Private Equity

2008

Axcel I

Axcel

Legacy Private Equity

1993

Axcel II

Axcel

Legacy Private Equity

2001 2006

Axcel III

Axcel

Legacy Private Equity

Axcel IV

Axcel

Legacy Private Equity

2011

Axiom Asia Private Capital III

Axiom Asia Private Capital

PKA AIP 1

2012

Brookfield Brazil Timber Fund I

Brookfield Asset Management

Legacy Timber

2008

Brookfield Brazil Timber Fund II

Brookfield Asset Management

Legacy Timber

2008

Campbell Opportunity Timber Fund

Campbell Group LLC

Legacy Timber

2008

Campbell Timber Fund II

Campbell Group LLC

Legacy Timber

2007

Capricorn Forest Fund

IWC (International Woodland Company A/S)

Legacy Timber

2007

Care Capital Investments III

Care Capital

Legacy Private Equity

2006

Comvest Partners IV

Comvest Partners

Legacy Private Equity

2010

Cross Atlantic Partners IV

Cross Atlantic Partners

Legacy Private Equity

2001

Danish Microfinance Partners

Maj Invest

Legacy Private Equity

2011

Dansk Vækstkapital

Legacy Fund of Funds

2013 2002

Danske PE Partners II EUR

Danske Private Equity Partners

Legacy Fund of Funds

Danske PE Partners II USD

Danske Private Equity Partners

Legacy Fund of Funds

2002

Danske PE Partners III EUR

Danske Private Equity Partners

Legacy Fund of Funds

2006

Danske PE Partners III USD

Danske Private Equity Partners

Legacy Fund of Funds

2006

Danske PE Partners IV EUR

Danske Private Equity Partners

Legacy Fund of Funds

2009

Danske PE Partners IV USD

Danske Private Equity Partners

Legacy Fund of Funds

2009

Danske PE Partners V EUR

Danske Private Equity Partners

Legacy Fund of Funds

2012

Danske PE Partners V USD

Danske Private Equity Partners

Legacy Fund of Funds

2012

Drug Royalty Fund III

DRI Capital

PKA AIP 1

2013

Dunedin Buyout Fund III

Dunedin LLP

PKA AIP 1

2013

Eastern Timberland Resources

Timberland Investment Resources LLC

Legacy Timber

2008

Edradour

Regions Timberland Group

Legacy Timber

2006

Energy Capital Partners I

Energy Capital Partners

Legacy Energy

2006

Energy Capital Partners II

Energy Capital Partners

Legacy Energy

2009

EQT VI

EQT Partners

Legacy Private Equity

2011

European Clean Energy Fund

EIG Global Energy

Legacy Energy

2006 2004

Global Timber Investors VII

Global Forest Partners

Legacy Timber

Global Timber Investors VIII Institutional Investors

Global Forest Partners

Legacy Timber

2007

Goldman Sachs PEP 2004

Goldman Sachs Private Equity Group (AIMS)

Legacy Fund of Funds

2004

Goldman Sachs PEP 2005

Goldman Sachs Private Equity Group (AIMS)

Legacy Fund of Funds

2005

GreenGold Equity Fund Romania I

GreenGold Asset Management

Legacy Timber

2008

GreenWood Tree Farm Fund

GreenWood Resources Inc

Legacy Timber

2007

H.I.G. Bioventures II

H.I.G. Capital

PKA AIP 1

2012

Hancock Timberland VII

Hancock Timber Resource Group

Legacy Timber

2005

Hancock Timberland VIII

Hancock Timber Resource Group

Legacy Timber

2006

Hancock Viking Global Timber Fund

Hancock Timber Resource Group

Legacy Timber

2004

Funds and co-investments

Currency

Fund size

PKA commitment

Investment type

Asset class

Region

USD

1.614.100.000

USD

1.148.000.000

50.000.000

Fund

Private Equity

Global

50.000.000

Fund

Energy

USD

Global

164.250.000

50.000.000

Co-investment

Energy

SEK

Global

3.724.100.000

380.000.000

Fund

Private Equity

Europe

EUR

146.700.000

15.000.000

Fund

Private Equity

Europe

EUR

1.105.000.000

50.000.000

Fund

Infrastructure

Europe

75.000.000

Fund

Infrastructure

Europe

Fund

Private Equity

US/Canada US/Canada

EUR USD

500.000.000

20.000.000

USD

875.000.000

75.000.000

Fund

Private Equity

21.000.000

Co-investment

Private Equity

Global

1.250.000.000

75.000.000

Fund

Private Equity

US/Canada

USD USD USD

381.111.111

30.000.000

Fund

Private Equity

Africa

DKK

1.100.000.000

157.142.857

Fund

Private Equity

Europe

DKK

2.390.000.000

188.485.805

Fund

Private Equity

Europe

DKK

3.016.666.667

200.000.000

Fund

Private Equity

Europe

DKK

3.632.189.874

250.000.000

Fund

Private Equity

Europe

USD

1.161.500.000

75.000.000

FoF - primary

Private Equity

Asia

USD

280.000.000

22.500.000

Fund

Timber

Latin America

USD

280.000.000

22.500.000

Fund

Timber

Latin America

USD

1.774.100.000

40.000.000

Fund

Timber

US/Canada

USD

405.500.000

31.555.412

Fund

Timber

US/Canada

USD

209.647.000

37.371.015

Fund

Timber

Global

USD

300.000.000

30.000.000

Fund

Private Equity

US/Canada

USD

582.064.000

50.000.000

Fund

Private Equity

US/Canada

USD

48,101,012

6.000.000

Fund

Private Equity

US/Canada

DKK

401.300.000

200.000.000

Fund

Private Equity

Global

DKK

4.786.800.000

75.000.000

FoF - primary

Private Equity

Europe

EUR

249.875.390

32.633.308

FoF - primary

Private Equity

Europe

USD

224.571.859

29.325.618

FoF - primary

Private Equity

US/Canada

EUR

228.989.571

60.200.000

FoF - primary

Private Equity

Europe

USD

270.139.947

73.700.000

FoF - primary

Private Equity

US/Canada

EUR

159.100.000

43.500.000

FoF - primary

Private Equity

Europe

USD

211.646.300

69.596.300

FoF - primary

Private Equity

US/Canada

EUR

216.736.755

50.806.039

FoF - primary

Private Equity

Europe

USD

342.769.384

70.584.332

FoF - primary

Private Equity

US/Canada

USD

1.446.195.000

75.000.000

Fund

Private Equity

Global

GBP

306.000.000

35.000.000

Fund

Private Equity

Europe

USD

112.854.710

29.338.313

Fund

Timber

US/Canada

USD

86.800.000

20.450.000

Fund

Timber

US/Canada

USD

2.250.000.000

50.000.000

Fund

Energy

US/Canada

USD

4.335.000.000

75.000.000

Fund

Energy

US/Canada

EUR

4.815.312.000

50.000.000

Fund

Private Equity

Europe

EUR

354.229.500

40.000.000

Fund

Energy

Europe

USD

300.475.000

25.000.000

Fund

Timber

Global

USD

700.100.000

35.000.000

Fund

Timber

Global

USD

8.700.000.000

100.000.000

FoF - primary

Private Equity

Global

USD

3.000.000.000

50.000.000

FoF - primary

Private Equity

Global

EUR

53.291.615

25.000.000

Fund

Timber

Europe

USD

210.000.000

36.363.636

Fund

Timber

US/Canada

USD

256.140.119

50.000.000

Fund

Private Equity

US/Canada

USD

631.920.000

10.000.000

Fund

Timber

US/Canada

USD

552.800.000

35.000.000

Fund

Timber

US/Canada

USD

123.701.955

28.799.362

Fund

Timber

Australia

Funds and co-investments

Fund

Manager

Program

Vintage

2007

Highstar Capital III

Highstar Capital

Legacy Infrastructure

Highstar Capital IV

Highstar Capital

Legacy Infrastructure

2011

IFU Investment Partners

IFU

Legacy Private Equity

2012

ISQ Global Fund

I Squared Capital

PKA AIP 1

2013

Kohlberg Investors VII

Kohlberg & Co.

PKA AIP 1

2012

Landmark Equity Partners XIV

Landmark Partners

Legacy Fund of Funds

2008

Landmark Equity Partners XV

Landmark Partners

PKA AIP 1

2013

Latin American Fund I

Regions Timberland Group

Legacy Timber

2010

LD Equity 2

Maj Invest

Legacy Private Equity

2005

LD Equity 3

Maj Invest

Legacy Private Equity

2007

LD Invest Vietnam

Maj Invest

Legacy Private Equity

2009 2008

Lindsay Goldberg III

Lindsay Goldberg LLC

Legacy Private Equity

LS Power Equity Partners II

LS Power

Legacy Energy

2007

Macquarie European Infrastructure II

Macquarie Group

Legacy Infrastructure

2006

Morgan Stanley Infrastructure Partners

Legacy Infrastructure

2008

New Energy Solutions I

New Energy Solutions Partners

Legacy Private Equity

2002

New Energy Solutions II

New Energy Solutions Partners

Legacy Private Equity

2007

Odin Equity Partners I

Odin Equity Partners

Legacy Private Equity

2005 2008

Odin Equity Partners II

Odin Equity Partners

Legacy Private Equity

Odyssey Investment Partners Fund V

Odyssey Investment Partners

PKA AIP 1

2014

Panda Power Fund II

Panda Power Funds

PKA AIP 1

2013

Pantheon Global Secondary Fund II

Pantheon Ventures

Legacy Fund of Funds

2004

Partners Group Direct Investments 2006

Partners Group AG

Legacy Private Equity

2006

Partners Group Secondary 2004

Partners Group AG

Legacy Fund of Funds

2004

Partners Group Secondary 2006

Partners Group AG

Legacy Fund of Funds

2006

Partners Group Secondary 2008

Partners Group AG

Legacy Fund of Funds

2007

PENM I

Private Equity New Markets K/S

Legacy Private Equity

2007

PENM II

Private Equity New Markets K/S

Legacy Private Equity

2008

PENM III

Private Equity New Markets K/S

Legacy Private Equity

2012

Pickwick Forest

Regions Timberland Group

Legacy Timber

2005

Resilience Fund III

Resilience Capital Partners

Legacy Private Equity

2011

Riverstone Global Energy and Power Fund V

Riverstone Holdings LLC

PKA AIP 1

2012

RMK Select Timberland Investment Fund I

Regions Timberland Group

Legacy Timber

2004

RMK Select Timberland Investment Fund II

Regions Timberland Group

Legacy Timber

2007

SilverStreet Private Equity Strategies

SilverStreet Capital

Legacy Agriculture

2010

SK Capital Partners III

SK Capital Partners

Legacy Private Equity

2011

SLM Australia Livestock

SLM Partners

PKA AIP 1

2012

Southern Cone Timber Holdings

Regions Timberland Group

Legacy Timber

2005

Spur Ventures III

Spur Capital Partners

Legacy Fund of Funds

2008

Sunstone Biomed Venture III

SunStone Capital A/S

Legacy Private Equity

2001

Sunstone Biomedical Venture Annex II

SunStone Capital A/S

Legacy Private Equity

2004

Sunstone Biomedical Venture Annex III

SunStone Capital A/S

Legacy Private Equity

2004

Tenaska Power Fund II

Tenaska

Legacy Energy

2008

The Energy and Fertilizer Investment Fund K/S

Maj Invest

Legacy Energy

2013

The Fourth Cinven fund

Cinven Partners LLP

Legacy Private Equity

2006

Thomas H. Lee Parallel Fund VI

Thomas H. Lee Partners

Legacy Private Equity

2006

Timbervest Crossover Partners II

Timbervest

Legacy Timber

2008

Timbervest Partners II

Timbervest

Legacy Timber

2007

Timbervest Partners III

Timbervest

Legacy Timber

2010

TractManager

Arsenal Capital Partners

PKA AIP 1

2013

Triton Fund II

Triton Partners

Legacy Private Equity

2006

Triton Fund III

Triton Partners

Legacy Private Equity

2009

Triton Fund IV

Triton Partners

PKA AIP 1

2013

UTEX Industries

Riverstone

PKA AIP 1

2013

Funds and co-investments

Currency

Fund size

PKA commitment

USD

1.739.222.222

USD

820.166.680

DKK

250.000.000

USD

Investment type

Asset class

Region

100.000.000

Fund

Infrastructure

US/Canada

75.000.000

Fund

Infrastructure

US/Canada

125.000.000

Fund

Private Equity

Global

125.000.000

Fund

Infrastructure

Global

USD

1.596.849.998

50.000.000

Fund

Private Equity

US/Canada

USD

1.997.242.424

50.000.000

FoF - secondary

Private Equity

US/Canada

50.000.000

FoF - secondary

Private Equity

US/Canada

11.989.525

Fund

Timber

Latin America

USD USD

99.513.054

DKK

2.998.650.000

317.000.000

Fund

Private Equity

Europe

DKK

706.900.000

155.000.000

Fund

Private Equity

Europe

DKK

404.340.000

100.000.000

Fund

Private Equity

Asia

USD

4.680.850.000

70.000.000

Fund

Private Equity

Global

USD

3.085.000.000

45.000.000

Fund

Energy

US/Canada

EUR

4.634.841.727

25.000.000

Fund

Infrastructure

Europe

USD

4.003.270.000

178.000.000

Fund

Infrastructure

Global

DKK

385.500.000

75.000.000

Fund

Private Equity

Europe

EUR

109.070.000

25.000.000

Fund

Private Equity

Europe

DKK

1.094.191.919

197.570.349

Fund

Private Equity

Europe

DKK

1.416.656.426

152.429.651

Fund

Private Equity

Europe

50.000.000

Fund

Private Equity

US/Canada

USD USD

100.000.000

Fund

Energy

US/Canada

USD

676.900.000

40.000.000

FoF - secondary

Private Equity

Global

EUR

510.050.000

40.000.000

Fund

Private Equity

Global

EUR

428.535.354

35.000.000

FoF - secondary

Private Equity

Global

EUR

1.009.910.960

60.000.000

FoF - secondary

Private Equity

Global

EUR

2.500.000.000

50.000.000

FoF - secondary

Private Equity

US/Canada

DKK

423.450.000

297.000.000

Fund

Private Equity

Asia

DKK

689.850.000

247.500.000

Fund

Private Equity

Asia

USD

143.700.000

48.100.000

Fund

Private Equity

Asia

USD

69.912.609

26.000.000

Fund

Timber

US/Canada

USD

222.500.000

50.000.000

Fund

Private Equity

US/Canada

USD

7.713.575.000

100.000.000

Fund

Energy

US/Canada

USD

164.000.000

20.000.000

Fund

Timber

US/Canada

USD

162.800.000

30.000.000

Fund

Timber

US/Canada

USD

201.953.100

50.000.000

Fund

Agriculture

Africa

USD

500.000.000

50.000.000

Fund

Private Equity

US/Canada

AUD

75.750.000

75.000.000

Fund

Agriculture

Australia

USD

210.000.000

37.500.000

Fund

Timber

Latin America

USD

129.900.000

50.000.000

FoF - primary

Private Equity

US/Canada

DKK

1.690.500.000

75.000.000

Fund

Private Equity

Europe

DKK

70.913.831

6.300.000

Fund

Private Equity

Europe

DKK

534.697.864

25.800.000

Fund

Private Equity

Europe

USD

2.444.550.000

75.000.000

Fund

Energy

US/Canada

USD

177.109.587

62.500.000

Fund

Energy

Global

EUR

6.500.000.000

35.000.000

Fund

Private Equity

Europe

USD

7.891.400.000

50.000.000

Fund

Private Equity

US/Canada

USD

250.000.000

25.000.000

Fund

Timber

US/Canada

USD

374.950.000

30.000.000

Fund

Timber

US/Canada

USD

409.525.000

30.000.000

Fund

Timber

US/Canada

30.000.000

Co-investment

Private Equity

US/Canada

USD EUR

1.126.000.000

35.000.000

Fund

Private Equity

Europe

EUR

2.382.000.000

50.000.000

Fund

Private Equity

Europe

EUR

3.468.000.000

60.000.000

Fund

Private Equity

Europe

15.000.000

Co-investment

Energy

USD

Funds and co-investments

DIRECT INVESTMENTS

M A N D AT E

C U R R E N T S TAT U S

PKA AIP is in charge of PKA’s direct investments

PKA had total direct investment commitments for

in energy and infrastructure assets and manages

energy and infrastructure assets of approximately

PKA's two existing offshore wind farm investments.

DKK 3.4bn at 31 December 2013, distributed on the PKA expects to invest DKK 2–3bn annually directly to energy and infrastructure assets in the years ahead.

Anholt and Butendiek offshore wind farms. PKA provided a commitment of approximately DKK 750m to the Butendiek wind farm in 2013. PKA expects to invest DKK 2–3bn annually directly to energy and infrastructure assets in the years ahead.

EXPECTED COMMITMENTS TO DIRECT INVESTMENTS DKK bn

2011 Anholt

2.5

2012

2013 Butendiek

2014 Expected

0.8

3.1

2015 Expected

3.6

Total

10.0

Direct investments

CASE THE BUTENDIEK OFFSHORE W I N D FA R M Background PKA AIP invested in 2013 on behalf of PKA in the German offshore wind farm Butendiek (total capacity of 288 MW). Located in the North Sea on the German-Danish border and 32 km off the island of Sylt, the wind farm will consist of 80 Siemens 3.6 MW turbines. Butendiek is being built by WPD, a leading German wind farm developer. Construction is scheduled for 2013â&#x20AC;&#x201C;2015, and the right to produce power will run for 25 years. In its operational phase, the wind farm will produce enough CO2-free energy to cover the annual consumption of 370,000 households. The investment PKA allocated approximately DKK 750m in equity for a 22.5% ownership interest. Co-investors Siemens Financial Services, Marguerite Infrastructure Fund and Industriens Pension also acquired

Direct investments

a 22.5% interest each. WPD, the project developer, holds the remaining 10%. The total equity investment amounts to DKK 3.2bn. In addition to the equity investments, the project has obtained external project financing from banks and various credit institutions, such as EKF, the Danish export credit agency. External financing amounts to DKK 6.3bn, for total construction costs of approximately DKK 9.5bn. Butendiek is PKA's first investment involving external project financing. This is also the first time PKA has assumed a construction risk in its direct infrastructure investment programme. The project is nevertheless expected to have an attractive, risk/return profile, in part due to the comprehensive insurance package which addresses a number of construction risks. Investment rationale: The investment is consistent with the increasing priority PKA gives to making direct investments in infrastructure, a focus that will ensure its members of an attractive return on their pension savings while also contributing to a sustainable environment.

Direct investments

CASE T H E A N H O LT O F F S H O R E W I N D FA R M Background PKA invested in the Anholt offshore wind farm in 2011. Located between Jutland and the island of Anholt, this is Denmark's largest offshore wind farm. It has a nameplate capacity of 400 MW and consists of 111 3.6 MW Siemens turbines. The wind farm was built in 2012 and 2013. It is expected to supply CO2free power corresponding to the annual consumption of some 400,000 Danish households, equal to about 4% of Denmarkâ&#x20AC;&#x2122;s power consumption. DONG Energy developed the project and currently operates the wind farm. The investment PKA invested DKK 2.5bn in return for a 20% interest in the overall project. Other investors in the project are PensionDanmark (30%) and DONG Energy (50%). There is no external project financing. The project has a scheduled duration of up to 25 years and is expected to generate stable annual returns throughout that period. Due to the production profile and the fixed tariffs during the subsidy period, the investment return is expected to have low correlation with the general market. Investment rationale Same rationale as for Butendiek.

Direct investments

The main objective for PKA is to have a miI N V E S T M E N T S T R AT E G Y â&#x20AC;&#x201C;

nority stake in consortia of peer group investors.

ENERGY AND

In order to have a suitable incentive structure, PKA

INFRASTRUCTURE

expects the project manager, i.e. typically the developer, contractor and/or the operator of the asset,

PKA's direct investments in energy and infrastruc-

to take an equity interest as well.

ture assets should generate attractive, low-cost

Offshore wind farms have historically been

risk-adjusted returns, making the asset class an at-

attractive investments supported by stable subsidy

tractive supplement to bonds.

schemes and return profiles with limited market

The investment strategy is to identify assets

correlation. PKA has stepped up its infrastructure

with bond-like characteristics such as long dura-

investments in recent years, through its commit-

tion and stable returns. In addition, the returns on

ments to the Anholt offshore wind farm in 2011 and

certain energy and infrastructure assets typically

the Butendiek offshore wind farm in 2013. PKA in-

have a low degree of correlation with the general

tends to remain an active investor in green infra-

market.

structure going forward.

This ensures that investments are made in assets suitable for PKA's general portfolio and matching its long-term obligations to its pension fund members. The return and risk profile is the crucial factor when providing a commitment for a given investment. In many cases, it is a good match with essential infrastructure assets in regulated and politically stable markets. PKA AIP targets assets attracting stable demand in industries that, being capital intensive and having regulatory protection, have high barriers to entry. Currently, PKA invests directly in assets in Northern Europe with minimum tickets of DKK 750m per investment. Current projects are in the construction and operational phase, and PKA is invested through debt or equity.

The investment strategy is to identify assets with bond-like characteristics such as long duration and stable returns.

PKA's direct investments in energy and infrastructure assets should generate attractive, low-cost risk-adjusted returns, making the asset class an attractive supplement to bonds.

Direct investments

Organisation

O R G A N I S AT I O N

PKA AIP has built an efficient and dynamic organisation consisting of seven highly-skilled specialists

CHRISTIAN DREWS-OLESEN

with relevant and mutually complementary experi-

Investment Manager

ence from a range of advisory fields, including management consulting, investment banking, private

MSc AEF, Copenhagen Business School. Formerly

equity and legal affairs, as well as from past posi-

portfolio manager with PKA and management con-

tions with leading businesses and organisations.

sultant with Quartz+Co.

—

ANDERS DALHOFF

J A C O B LY N G S G A A R D M A D S E N

Managing Partner

Investment Manager

LL.M from Aarhus University and MBA from IN-

MSc FSM and

MSc CEMS, Copenhagen Business

SEAD. Formerly management consultant with

School. Formerly held M&A and strategy positions

Quartz+Co and attorney-at-law with Kromann

with Dako, Implement Consulting Group and Mac-

Reumert and Plesner

quarie Investment Bank. —

—

JA KO B F I N K

U L R I K PA L L I S Ø B O R N Ø

Partner

Investment Manager

MSc (Economics), Aarhus University. Formerly CFO

MSc AEF, Copenhagen Business School. Formerly

of DONG Energy Wind Power, corporate finance ad-

held M&A positions with DONG Energy, SEB Enskil-

viser with Svenska Handelsbanken (Handelsbank-

da Corporate Finance and Credit Suisse

en Capital Markets) and Alfred Berg ABN AMRO — BRIAN SCHLEIMANN NORDLUND Investment Director

MSc Finance and accounting. Formerly management consultant with Quartz+Co. — JOHAN BERNT NORDANG Investment Director

MSc (Economics), University of Copenhagen. Formerly held M&A positions with DONG Energy, Macquarie Investment Bank and Copenhagen Airports. —

Organisation

GLOSSARY

ALPHA

Expresses the component of a return that cannot be explained by general market movements.

A LT E R N AT I V E I N V E S T M E N T S

Investment in non-listed assets or companies.

ANCHOR INVESTOR

One or more investors driving an investment process and typically holding most of the investment.

CO-INVESTMENT

Investment made directly in a business in partnership with a fund the investor is already invested in .

DIRECT INVESTMENT

Investment made directly in an asset or a business.

FUND-OF-FUNDS (FOF) FUND COMMITMENT

A fund investing in funds. Obligation to provide capital to future investments in a fund.

IRR

Internal Rate of Return. Expresses the average annual return on a given investment.

P A I D I N C A P I TA L

The part of the commitment that a fund has called from the investor.

PME+

The market equivalent return had the payments to the funds been invested the public markets.

TRACK RECORD

A fund's historical record of investments and corresponding returns.

V I N TA G E Y E A R

The year that a fund receives its initial infusion of capital.

Glossary

PKA AIP A/S · Rosenborggade 1B DK-1130 Copenhagen · Denmark — pkaaip.dk