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ATP Private Equity Partners shifts investment gears

ATP Private Equity Partners, the private equity unit of Denmark's largest pension fund, ATP, Hilleroed, will alter its investment strategy and move all of its resources to Copenhagen.

ATP PEP said in a news release announcing the final close of its ATP Private Equity Partners VI fund, at €800 million ($996 million), that "an adjustment of the investment strategy, the investment process as well as the organization has taken place."

The fund will target "fewer but larger allocations to a diversified portfolio of fund commitments within the buyout and distressed funds," the news release said. The fund will have an increasing focus on co-investments with general partners, which ATP PEP said was consistent with prior funds.

The changes reflect "a desire to reduce complexity and costs as well as working closer with our selected general partners to ensure that (environmental, social and governance) and tax matters are in compliance with ATP's policies," the release said.

The fund will focus on Europe and North America.

"As a consequence of changes to the investment mandate and focus for ATP PEP VI, it has been decide to unite all resources in one office in Copenhagen going forward," the release said.

ATP PEP's website lists four investment executives in a New York office. A spokeswoman for ATP confirmed the New York office will be closed and that staff have been offered relocation to ATP in Hilleroed, Denmark.

ATP PEP was founded in 2001 and manages more than €9.3 billion on behalf of ATP, which has 768.6 billion Danish kroner ($128.5 billion) in assets. The fun aims to invest 65% to 80% of commitments in buyout funds, 5% to 10% to distressed funds, and 15% to 20% is reserved for co-investments.

"We are excited about the launch of our sixth fund and very pleased by the continued backing from ATP. We look forward to investing with our existing general partners and in selected new ones," said Torben Vangstrup, managing partner, ATP PEP, in the release.