Axcel has closed an oversubscribed fund, Axcel VIII, at NOK 22.8 billion, the firm said in a press release reported by Shifter. The firm says the new fund is larger than its fully invested predecessor.
Axcel said Axcel VIII will continue to pursue mid-market investments in the Nordics and Germany, Austria and Switzerland, focusing on four sectors: technology, business services and industry, health, and consumer goods and services. The company has offices in Copenhagen, Stockholm and Frankfurt.
In the press release Axcel noted that four of five of its technology investments over the past two years have been in Norwegian companies, and that Axcel VI and VII together led to 93 add-on acquisitions of Norwegian firms through its portfolio companies. Christian Bamberger Bro, managing partner, said the firm will work closely with management teams to build market leaders and is now seeking new investment opportunities in the Nordics and Northern Europe.