DENMARK - The DKK 93bn (e12.5bn) Pensionskassernes Administration A/S (PKA), Denmark's third largest pension fund, has committed US$100m to a Goldman Sachs Asset Management private equity fund.
PKA spokesperson Claus Jorgensen said one of the elements in PKA’s private equity strategy was to establish a globally diversified portfolio. The allocation to the GSAM Private Equity Partners (PEP) 2004 fund was part of this strategy.
PKA’s total allocation to private equity in 2004 was DKK2.6bn, including outstanding commitments, or 2.8% of total assets. The long term target for private equity investment is 5%.
Caroline Bradley (pictured), Nordic institutional relationship management, GSAM, said: “This appointment confirms the growing interest we are seeing in private equity in the Nordic markets.
“Our principal focus is on creating portfolios of the highest quality private equity funds. Given the long-term nature of the asset class, we look to establish a strategic relationship with our private equity investors, and build on that relationship over time. We are very much looking forward to working with the PKA pension fund on that basis.”
GSAM said PEP is its primary fund of funds product and is a strategically and geographically diversified portfolio consisting of 18 – 25 underlying private equity partnerships along with direct co-investments.
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