PKA AIP / Årsrapport / Annual Report / 2013

M M X I I IÅ R S R A P P O R T / A N N UA L R E P O R T / 2 0 1 3

Årsrapport

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C O N T E N T S

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A B O U T P K A A I P

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UK / English

Annual report 07

2 0 1 3 - O V E R B L I K

2013 - Overblik

5

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.

M I A . K R .

3

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

N Y E M E DA R B E J D E R E

7I 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.

M I A . K R .

3

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

C O - I N V E S T E R I N G E R

25

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

M I A . K R .

Der blev givet tilsagn til ni fondsinvesteringer i kapitalfonde med varieret geografisk og branche-

mæssigt fokus.

9F O N D S I N V E S T E R I N G E R

08

P K A A I P I 2 0 1 3 – O G I F R E M T I D E N

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-

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

antallet af transaktioner faldt 11%. I Nordamerika

var udviklingen negativ, mens aktiviteternes værdi

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

aktioner. I Asien steg antallet af transaktioner, og

aktiviteternes værdi faldt kun moderat.

Det amerikanske marked var domineret af

investeringer i privatejede virksomheder, mens

udviklingen i Europa i vidt omfang var præget af

transaktioner mellem kapitalfonde – og på begge

markeder steg gearingen. I løbet af året voksede

den kapital, der skal bringes i arbejde, efter et be-

tydeligt fald fra 2012 til 2013.

Indsatsen for at rejse kapital blandt kapital-

fonde var fortsat intensiv, og udviklingen ventes at

fortsætte i 2014.

Der vil også fremover være betydeligt pres på

kapitalfondene for at levere mérafkast i forhold til

de noterede markeder, dvs. alpha. Alpha vil fortsat

kunne findes i forskellige modeller, og der gene-

reres gode og dårlige transaktioner på tværs af alle

segmenter i markedet.

De afkast, kapitalfondene leverer, har således

ikke så meget at gøre med typen af transaktioner.

Afkastene skyldes i højere grad de særlige kom-

petencer, kapitalfondene anvender i hvert led af

værdikæden – fra sourcing og screening til forvalt-

ning og frasalg af aktiverne. De fonde, der forstår

konsistent at anvende et særlig sæt kompetencer

med matchende transaktioner, er også de fonde,

som forventes at klare sig bedst.

U D V I D E L S E A F F O K U S O M R Å D E

PKA AIP vil fremover fokusere yderligere på at øge

PKA’s deltagelse i co-investeringer med kapital-

fonde for at sikre PKA en mere omkostningseffek-

tiv adgang til attraktive, unoterede aktiver og der-

ved styrke mulighederne for mérafkast i forhold til

noterede markeder.

PKA vil derudover deltage i direkte virksom-

hedsinvesteringer, når særlige muligheder opstår

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

en periode frem mod et salg eller en børsnotering.

PKA vil kunne stille kapital til rådighed i form

af egenkapital (på minoritetsbasis) eller gæld. PKA

vil typisk gennemføre denne type investeringer

sammen med én eller flere ankerinvestorer, men

det er ikke en forudsætning.

Det er dog i alle tilfælde afgørende, at der er

en betroet kreds af eksisterende og/eller øvrige nye

ejere, som påtager sig både det operationelle ansvar

og et aktivt ejerskab.

Denne type investeringer har typisk en kor-

tere tidshorisont og et højere afkastkrav end direk-

te investeringer i energi og infrastruktur, og PKA

vil som udgangspunkt minimum placere 250 mio.

kr. pr. investering.

Med henblik på at øge fokus på de direkte in-

vesteringsmuligheder har PKA AIP i 2014 styrket

organisationen med ansættelse af en partner med

særligt ansvar for dette område.

U D S I G T E R F O R 2 0 1 4

I 2014 forventer PKA AIP at bistå PKA i forbindelse

med tilsagn til kapitalfonde, herunder co-inves-

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

marked, som fortsat kræver stærke kompetencer

og omfattende erfaring for at skabe attraktive

afkast. Tilsagnene vil således primært blive givet

til fonde, som kan dokumentere stærke resultater,

og som PKA allerede har positive erfaringer med.

Derudover vil udvalgte nye fonde også komme i be-

tragtning.

PKA AIP forventer endvidere på vegne af PKA

at gennemføre direkte investeringer i infrastruk-

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

Indsatsen for at rejse

kapital blandt kapitalfonde var fortsat intensiv, og udviklingen

ventes at fortsætte i 2014.

PKA AIP i 2013 - og i fremtiden 09

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

Pensionskassen For Sygeplejesker

Pensionskassen For Sundhedsfaglige

Pensionskassen For Kontorpersonale

Pensionskassen For Socialrådgivere Og Socialpædagoger

Pensionskassen For Lægesekretærer

Managementaftale

E T I S K E R E T N I N G S L I N J E R

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.

Et væsentligt fokusområde i PKA’s arbejde med ansvarlige investeringer er de globale klima-

udfordringer, 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.

I N V E S T E R I N G E R I DA N M A R K

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.

10

O M P K A A I P

PKA AIP har siden 2012 assisteret PKA med alter-

native investeringer via blandt andet kapitalfonde,

herunder co-investeringer, og direkte engage-

menter i energi- og infrastrukturaktiver med lige-

sindede, 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

2015-2017.

PKA administrerer og udvikler arbejds-

markedspensioner for fem selvstændige pensions-

kasser med ca. 260.000 medlemmer i den danske

social- og sundhedssektor under kollektiv overens-

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

der primært investeres i obligationer, aktier, reale

aktiver og absolut afkast.

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.

• Reducere omkostningerne ved alternative inves-

teringer, bl.a. gennem øgede co-investeringer

med kapitalfonde og direkte investeringer i visse

energi- og infrastrukturaktiver.

• Skabe gode rammebetingelser for at opnå mer-

afkast i forhold til investering i børsnoterede

aktiviteter.

• Sikre større gennemsigtighed og imødekomme

øgede myndighedskrav i forbindelse med alter-

native aktiviteter.

PKA AIP varetager PKA’s investeringer i kapi-

talfonde og virksomheder (co-investeringer med

kapitalfonde) med en forventning om at placere

ca. 4 mia. kr. årligt. Desuden overvåger og admini-

strerer PKA AIP løbende PKA’s eksisterende fonds-

portefølje 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 havmølle-

investeringer på vegne af PKA.

PKA AIP varetager PKA's investeringer i kapitalfonde, virksomheder

og infrastruktur med en

forventning om at placere ca. 6-7 mia. kr.

årligt

PKA administrerer og

udvikler arbejdsmarkeds-

pensioner for fem

selvstændige pensionskasser

med ca. 260.000 medlemmer

i den danske social- og

sundhedssektor under

kollektiv overenskomst.

Om PKA AIP 11

Fonde og co-investeringer

I N V E S T E R I N G S R A M M E F O R P K A A I P 1

Mia. kr.

11,9

4,1

4,5

3,3

11,9

7,7

29%67% 4%

39% 6%55%

2012

2013

2014

Total

Tilsigtet fordeling

Tilsagn pr.31/12 2013

Private equityTotal Energi & Infrastruktur Reale aktiver

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

F O N D E O G C O - I N V E S T E R I N G E R

P K A A I P 1

S TAT U S

PKA AIP varetager PKAs investeringer i kapital-

fonde og virksomheder (co-investeringer med ka-

pitalfonde) under investeringsprogrammet PKA

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

Investeringsprogrammet PKA AIP 1 har en samlet

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

og co-investeringer på tværs af private equity, energi

og infrastruktur.

Ved årets udgang var der givet tilsagn til 21 in-

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

det samlede fondsprogram. I 2013 foretog PKA 12 nye

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

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

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

12



N Y E T I L S A G N I N D G Å E T I 2 0 1 3

Mio. kr.

4.226

327

285

422

284

272

448

560

711

554

84

Adelis EquityPartners Fund I

Drug RoyaltyFund III

KohlbergInvestors VII

Landmark EquityPartners XV

Odyssey InvestmentPartners Fund V

TritonFund IV

Antin InfrastructurePartners Fund II

UTEX

Total

Tract Manager

Archroma

ISQGlobal Fund

Panda PowerFund II

1.9082.318

110

171

Ka

pit

alf

on

de

Co

-in

vest

eri

ng

er

Private equity Energi & Infrastruktur

13


N Y E F O N D S I N V E S T E R I N G E R

I 2013 investerede PKA i fondene Triton IV, Antin

Infrastructure Partners II og Landmark XV med

managers, som PKA tidligere har investeret igennem.

Derudover gav PKA tilsagn til følgende seks fonds-

investeringer med nye managers:

DRI Capital

Canadisk kapitalfond med speciale i royalties

relateret til modne farmaceutiske produkter. PKA

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

manageren DRI Capital's tredje fond.

Kohlberg

Amerikansk kapitalfond med primært fokus på

mellemstore virksomheder (100-750 mio. dollars).

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

managerens syvende fond med fokus på virksom-

heder med potentiale for vækst og driftsforbedringer

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.

I Squared Capital

Global infrastrukturfondsmanager med fokus på

aktiver og selskaber i energi- og transportsektor-

erne. Værdiskabelsen sker ved aktivt ejerskab, hvor

fonden drager fordel af en struktureret tilgang til

risiko, et globalt netværk, samt et omfattende setup

med operationelle, politiske, og sektorielle eksperter.

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

denne nyetablerede fond.

Panda Power Funds

Amerikansk energimanager med eksklusivt fokus

på udvikling og drift af højteknologiske gasværker i

Nordamerika. PKA har givet et samlet tilsagn på 100

mio. dollars til managerens anden fond.

Odyssey Investment Partners

Amerikansk kapitalfond med fokus på mellemstore

nordamerikanske virksomheder (100-750 mio. dol-

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

managerens femte fond.

14


N Y E C O - I N V E S T E R I N G E R

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 forseg-

lings- og boringsprodukter til gas- og olieindustrien.

UTEX kontrolleres af den globale energifond River-

stone 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 kontraktad-

ministration 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 selv-

stændige 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 yder-

ligere to fondstilsagn og en co-investering på i alt

1,1 mia. kr. inden for rammerne af investeringspro-

grammet PKA AIP 1.

15


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

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

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

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

opgjorte markedsværdi af fondenes investeringer.

PKA AIP 1-porteføljen er stadig i opbygningsfasen,

og selvom udviklingen er som forventet i aktivklas-

sen, kan de foreløbige resultater ikke vurderes end-

nu. Med udgangspunkt i valget af fonde forventes et

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.

11,9

7,7

2,1

Tilsagn givet

Program Kaldtkapital


0,65

0,27

16

Fonde og co-investeringer 17

P K A A I P 1

I N V E S T E R I N G S F O K U S

—

P R I VAT E E Q U I T Y

F O N D E

Der kan gives tilsagn til private equity fonde

globalt, men PKA’s primære fokus er på Nord-

amerika 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, institu-

tionelt produkt uden unødig afhængighed af en-

keltpersoner samt ii) at give PKA mulighed for at

investere mindst 400 mio. kr. pr. fond uden at opnå

en dominerende position. Selskaberne i dette seg-

ment har endvidere ofte en størrelse, der i løbet af

fondens ejerskab kan øges og gøre dem til strate-

giske 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 børsno-

terede 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.

18

Fonde og co-investeringer 19

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 investerings-

produkter. Dermed deltager fondens investorer i et

produkt, som er afgørende for managerens videre

succes.

E N E R G I - O G

I N F R A S T R U K T U R F O N D E

Investeringsstrategien for infrastruktur- og energi-

fonde 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. Ende-

lig er det væsentligt, at strategien bygger på ini-

tiativer, der vil kunne kontrolleres og gentages i

Investerings-strategien for infrastruktur-

og energifonde er koncentreret om uafhængige

europæiske, nord-

amerikanske og globale managers

med en typisk størrelse på

over 3 mia. kr.

Fonde og co-investeringer20


fremtiden. Også på dette område vil PKA primært

investere gennem uafhængige managers med ét

investeringsprodukt.

S KO V- O G

L A N D B R U G S F O N D E

PKA har opbygget en betydelig portefølje i dette

segment, som ikke forventes udbygget i den kom-

mende periode. Da porteføljen fortsat er relativt

ung, forventes der p.t. ikke yderligere tilsagn.

C O - I N V E S T E R I N G E R

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 omkost-

ningseffektivt at øge eksponeringen til selskaber,

som PKA allerede deltager i. PKA placerer typisk

100-250 mio. kr. i en co-investering.

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.

21


C A S E

S K C A P I TA L I I I

Investering: Primær private equity fond

Vintage-år: 2011

Fondsstørrelse: 500 mio. dollars

PKA-tilsagn: 50 mio. dollars

S T R AT E G I

SK Capital investerer overvejende i virksomheder

inden for specialmaterialer, kemikalier og sund-

hedsområdet med afsæt i operationelle industri- og

investeringserfaringer.

De primære investeringskriterier er en om-

sætning mellem 50 og 1.000 mio. dollars, EBITDA

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

op til 1 mia. dollars.

Typiske transaktioner inkluderer:

• Buyouts, re-kapitaliseringer og vækstkapital.

• Strategiske frasalg.

• Partnerskaber med familieejede selskaber eller

iværksættere.

P O R T E F Ø L J E I N V E S T E R I N G E R I


Calabrian Corporation

• Ledende producent af svovldioxid og relaterede

derivater til behandling af spildevand og brug i

andre applikationer.

• I maj 2011 overtog SK Capital majoritetsejer-

skabet fra et familieejerskab.

IBA Molecular imaging

• Global leder på markedet for fremstilling og dis-

tribution af radiofarmaceutiske produkter til

brug for diagnostiske og terapeutiske visualise-

ringsprocesser.

• I april 2012 købte SK Capital en majoritetsandel

fra Ion Beam Applications S.A.

TPC Group

• Producent af værdiforædlede produkter fra

petrokemiske råmaterialer.

• SK Capital afnoterede TPC Group i partnerskab

med First Reserve Corporation i december 2012.

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 forretnings-

områder fra virksomheden Clariant.

23


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.

24


P K A - P O R T E F Ø L J E N – S TAT U S

—

T I L S A G N O G E KS P O N E R I N G

PKA’s samlede eksponering til kapitalfonde ud-

gjorde 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 markeds-

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

perioden.

Flere fonde forventes i de kommende år at

være fuldt realiserede og tilbagebetalt med attrak-

tive afkast, og de samlede tilsagn forventes således

at stige mindre end værdien af nye tilsagn.

U D V 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.

2010 20122009 2011 2013

15,717,7

20,124,3

28,2

U D V I K L I N G I P K A' S E KS P O N E R I N G

Mia. kr.

2010 20122009 2011 2013

8,011,8 12,4 14,2 15,6

6,4

6,4 7,19,2

10,2

14,3

18,219,5

23,4

25,8

Resttilsagn Markedsværdi

25


57% Private equity

2% Landbrug

13% Skov

13% Energi

14% Infrastruktur

E KS P O N E R I N G I F O R H O L D T I L

A K T I V K L A S S E R

Private equity udgjorde 57% af den samlede

eksponering efterfulgt af infrastrukturfonde på

14%.

Den resterende eksponering består af skov,

energi- og landbrugsfonde.

78% af eksponeringen ligger hos traditionelle

primære fonde efterfulgt af 14% hos primære

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

fonde og endelig 2% i co-investeringer.

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.

Den sidste gruppe dækker over fonde, der

investerer på tværs af regioner, herunder fonde,

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.

26



F O N D E N E S G E O G R A F I S K E F O K U S

41% USA/Canada

25% Europa

23% Globalt

2% Afrika

2% Latinamerika

2% Australien

6% Asien


F O N D S T Y P E

78% Kapitalfonde

14% FoF - Primære

2% Co-Investeringer

5% FoF - Sekundære

27


A F K A S T

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 P R I VAT 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

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 VAT E E Q U I T Y F O N D E

Efter vintage-år / Procent

IRR for kapitalfonde i alle aktivklasser IRR for private equity fonde

2006 200820052004 2007 2009 2010

7,3 8,5

13,8

*

11,0 9,75,6

13,8

3,26,4

10,213,8

1,0 0,6

2006 200820052004 2007 2009 2010

8,5

2,5

*

9,79,710,113,8

10,26,47,7

13,8

3,90,6

3,2

IRR for private equity fondePME+

* 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.

29


Fond Manager Program Vintage Valuta Fondsstørrelse PKA tilsagn Investeringstype Aktivklasse Region

Actis Emerging Markets 3 Actis Legacy Private Equity 2008 USD 1.614.100.000 50.000.000 Fond Private equity Globalt

Actis Energy 3 Actis PKA AIP 1 2013 USD 1.148.000.000 50.000.000 Fond Energi Globalt

Actis Energy 3 - Co-investment vehicle Actis PKA AIP 1 2013 USD 164.250.000 50.000.000 Co-investering Energi Globalt

Adelis Equity Partners Fund I Adelis Equity Partners PKA AIP 1 2013 SEK 3.724.100.000 380.000.000 Fond Private equity Europa

Amber Trust II Danske Capital Finland Legacy Private Equity 2005 EUR 146.700.000 15.000.000 Fond Private equity Europa

Antin Infrastructure Partners Antin Infrastructure Partners Legacy Infrastructure 2008 EUR 1.105.000.000 50.000.000 Fond Infrastruktur Europa

Antin Infrastructure Partners Fund II Antin Infrastructure Partners PKA AIP 1 2013 EUR 75.000.000 Fond Infrastruktur Europa

Arsenal Capital Partners II Arsenal Capital Partners Legacy Private Equity 2006 USD 500.000.000 20.000.000 Fond Private equity USA/Canada

Arsenal Capital Partners III Arsenal Capital Partners PKA AIP 1 2012 USD 875.000.000 75.000.000 Fond Private equity USA/Canada

Archroma SK Capital Partners PKA AIP 1 2013 USD 21.000.000 Co-investering Private equity Globalt

Audax Private Equity Fund IV Audax Group PKA AIP 1 2013 USD 1.250.000.000 75.000.000 Fond Private equity USA/Canada

Aureos Africa Fund Abraaj Capital (former Aureos) Legacy Private Equity 2008 USD 381.111.111 30.000.000 Fond Private equity Afrika

Axcel I Axcel Legacy Private Equity 1993 DKK 1.100.000.000 157.142.857 Fond Private equity Europa

Axcel II Axcel Legacy Private Equity 2001 DKK 2.390.000.000 188.485.805 Fond Private equity Europa

Axcel III Axcel Legacy Private Equity 2006 DKK 3.016.666.667 200.000.000 Fond Private equity Europa

Axcel IV Axcel Legacy Private Equity 2011 DKK 3.632.189.874 250.000.000 Fond Private equity Europa

Axiom Asia Private Capital III Axiom Asia Private Capital PKA AIP 1 2012 USD 1.161.500.000 75.000.000 FoF - primær Private equity Asien

Brookfield Brazil Timber Fund I Brookfield Asset Management Legacy Timber 2008 USD 280.000.000 22.500.000 Fond Skov Latinamerika

Brookfield Brazil Timber Fund II Brookfield Asset Management Legacy Timber 2008 USD 280.000.000 22.500.000 Fond Skov Latinamerika

Campbell Opportunity Timber Fund Campbell Group LLC Legacy Timber 2008 USD 1.774.100.000 40.000.000 Fond Skov USA/Canada

Campbell Timber Fund II Campbell Group LLC Legacy Timber 2007 USD 405.500.000 31.555.412 Fond Skov USA/Canada

Capricorn Forest Fund IWC (International Woodland Company A/S) Legacy Timber 2007 USD 209.647.000 37.371.015 Fond Skov Globalt

Care Capital Investments III Care Capital Legacy Private Equity 2006 USD 300.000.000 30.000.000 Fond Private equity USA/Canada

Comvest Partners IV Comvest Partners Legacy Private Equity 2010 USD 582.064.000 50.000.000 Fond Private equity USA/Canada

Cross Atlantic Partners IV Cross Atlantic Partners Legacy Private Equity 2001 USD 48,101,012 6.000.000 Fond Private equity USA/Canada

Danish Microfinance Partners Maj Invest Legacy Private Equity 2011 DKK 401.300.000 200.000.000 Fond Private equity Globalt

Dansk Vækstkapital Dansk Vækstkapital Legacy Fund of Funds 2013 DKK 4.786.800.000 75.000.000 FoF - primær Private equity Europa

Danske PE Partners II EUR Danske Private Equity Partners Legacy Fund of Funds 2002 EUR 249.875.390 32.633.308 FoF - primær Private equity Europa

Danske PE Partners II USD Danske Private Equity Partners Legacy Fund of Funds 2002 USD 224.571.859 29.325.618 FoF - primær Private equity USA/Canada

Danske PE Partners III EUR Danske Private Equity Partners Legacy Fund of Funds 2006 EUR 228.989.571 60.200.000 FoF - primær Private equity Europa

Danske PE Partners III USD Danske Private Equity Partners Legacy Fund of Funds 2006 USD 270.139.947 73.700.000 FoF - primær Private equity USA/Canada

Danske PE Partners IV EUR Danske Private Equity Partners Legacy Fund of Funds 2009 EUR 159.100.000 43.500.000 FoF - primær Private equity Europa

Danske PE Partners IV USD Danske Private Equity Partners Legacy Fund of Funds 2009 USD 211.646.300 69.596.300 FoF - primær Private equity USA/Canada

Danske PE Partners V EUR Danske Private Equity Partners Legacy Fund of Funds 2012 EUR 216.736.755 50.806.039 FoF - primær Private equity Europa

Danske PE Partners V USD Danske Private Equity Partners Legacy Fund of Funds 2012 USD 342.769.384 70.584.332 FoF - primær Private equity USA/Canada

Drug Royalty Fund III DRI Capital PKA AIP 1 2013 USD 1.446.195.000 75.000.000 Fond Private equity Globalt

Dunedin Buyout Fund III Dunedin LLP PKA AIP 1 2013 GBP 306.000.000 35.000.000 Fond Private equity Europa

Eastern Timberland Resources Timberland Investment Resources LLC Legacy Timber 2008 USD 112.854.710 29.338.313 Fond Skov USA/Canada

Edradour Regions Timberland Group Legacy Timber 2006 USD 86.800.000 20.450.000 Fond Skov USA/Canada

Energy Capital Partners I Energy Capital Partners Legacy Energy 2006 USD 2.250.000.000 50.000.000 Fond Energi USA/Canada

Energy Capital Partners II Energy Capital Partners Legacy Energy 2009 USD 4.335.000.000 75.000.000 Fond Energi USA/Canada

EQT VI EQT Partners Legacy Private Equity 2011 EUR 4.815.312.000 50.000.000 Fond Private equity Europa

European Clean Energy Fund EIG Global Energy Legacy Energy 2006 EUR 354.229.500 40.000.000 Fond Energi Europa

Global Timber Investors VII Global Forest Partners Legacy Timber 2004 USD 300.475.000 25.000.000 Fond Skov Globalt

Global Timber Investors VIII Institutional Investors Global Forest Partners Legacy Timber 2007 USD 700.100.000 35.000.000 Fond Skov Globalt

Goldman Sachs PEP 2004 Goldman Sachs Private Equity Group (AIMS) Legacy Fund of Funds 2004 USD 8.700.000.000 100.000.000 FoF - primær Private equity Globalt


GreenGold Equity Fund Romania I GreenGold Asset Management Legacy Timber 2008 EUR 53.291.615 25.000.000 Fond Skov Europa

GreenWood Tree Farm Fund GreenWood Resources Inc Legacy Timber 2007 USD 210.000.000 36.363.636 Fond Skov USA/Canada

H.I.G. Bioventures II H.I.G. Capital PKA AIP 1 2012 USD 256.140.119 50.000.000 Fond Private equity USA/Canada

Hancock Timberland VII Hancock Timber Resource Group Legacy Timber 2005 USD 631.920.000 10.000.000 Fond Skov USA/Canada

Hancock Timberland VIII Hancock Timber Resource Group Legacy Timber 2006 USD 552.800.000 35.000.000 Fond Skov USA/Canada

Hancock Viking Global Timber Fund Hancock Timber Resource Group Legacy Timber 2004 USD 123.701.955 28.799.362 Fond Skov Australien

P O R T E F Ø L J E O V E R S I G T

30



Actis Emerging Markets 3 Actis Legacy Private Equity 2008 USD 1.614.100.000 50.000.000 Fond Private equity Globalt

Actis Energy 3 Actis PKA AIP 1 2013 USD 1.148.000.000 50.000.000 Fond Energi Globalt

Actis Energy 3 - Co-investment vehicle Actis PKA AIP 1 2013 USD 164.250.000 50.000.000 Co-investering Energi Globalt

Adelis Equity Partners Fund I Adelis Equity Partners PKA AIP 1 2013 SEK 3.724.100.000 380.000.000 Fond Private equity Europa

Amber Trust II Danske Capital Finland Legacy Private Equity 2005 EUR 146.700.000 15.000.000 Fond Private equity Europa

Antin Infrastructure Partners Antin Infrastructure Partners Legacy Infrastructure 2008 EUR 1.105.000.000 50.000.000 Fond Infrastruktur Europa

Antin Infrastructure Partners Fund II Antin Infrastructure Partners PKA AIP 1 2013 EUR 75.000.000 Fond Infrastruktur Europa

Arsenal Capital Partners II Arsenal Capital Partners Legacy Private Equity 2006 USD 500.000.000 20.000.000 Fond Private equity USA/Canada

Arsenal Capital Partners III Arsenal Capital Partners PKA AIP 1 2012 USD 875.000.000 75.000.000 Fond Private equity USA/Canada

Archroma SK Capital Partners PKA AIP 1 2013 USD 21.000.000 Co-investering Private equity Globalt

Audax Private Equity Fund IV Audax Group PKA AIP 1 2013 USD 1.250.000.000 75.000.000 Fond Private equity USA/Canada

Aureos Africa Fund Abraaj Capital (former Aureos) Legacy Private Equity 2008 USD 381.111.111 30.000.000 Fond Private equity Afrika

Axcel I Axcel Legacy Private Equity 1993 DKK 1.100.000.000 157.142.857 Fond Private equity Europa

Axcel II Axcel Legacy Private Equity 2001 DKK 2.390.000.000 188.485.805 Fond Private equity Europa

Axcel III Axcel Legacy Private Equity 2006 DKK 3.016.666.667 200.000.000 Fond Private equity Europa

Axcel IV Axcel Legacy Private Equity 2011 DKK 3.632.189.874 250.000.000 Fond Private equity Europa

Axiom Asia Private Capital III Axiom Asia Private Capital PKA AIP 1 2012 USD 1.161.500.000 75.000.000 FoF - primær Private equity Asien

Brookfield Brazil Timber Fund I Brookfield Asset Management Legacy Timber 2008 USD 280.000.000 22.500.000 Fond Skov Latinamerika

Brookfield Brazil Timber Fund II Brookfield Asset Management Legacy Timber 2008 USD 280.000.000 22.500.000 Fond Skov Latinamerika

Campbell Opportunity Timber Fund Campbell Group LLC Legacy Timber 2008 USD 1.774.100.000 40.000.000 Fond Skov USA/Canada

Campbell Timber Fund II Campbell Group LLC Legacy Timber 2007 USD 405.500.000 31.555.412 Fond Skov USA/Canada

Capricorn Forest Fund IWC (International Woodland Company A/S) Legacy Timber 2007 USD 209.647.000 37.371.015 Fond Skov Globalt

Care Capital Investments III Care Capital Legacy Private Equity 2006 USD 300.000.000 30.000.000 Fond Private equity USA/Canada

Comvest Partners IV Comvest Partners Legacy Private Equity 2010 USD 582.064.000 50.000.000 Fond Private equity USA/Canada

Cross Atlantic Partners IV Cross Atlantic Partners Legacy Private Equity 2001 USD 48,101,012 6.000.000 Fond Private equity USA/Canada

Danish Microfinance Partners Maj Invest Legacy Private Equity 2011 DKK 401.300.000 200.000.000 Fond Private equity Globalt

Dansk Vækstkapital Dansk Vækstkapital Legacy Fund of Funds 2013 DKK 4.786.800.000 75.000.000 FoF - primær Private equity Europa

Danske PE Partners II EUR Danske Private Equity Partners Legacy Fund of Funds 2002 EUR 249.875.390 32.633.308 FoF - primær Private equity Europa

Danske PE Partners II USD Danske Private Equity Partners Legacy Fund of Funds 2002 USD 224.571.859 29.325.618 FoF - primær Private equity USA/Canada

Danske PE Partners III EUR Danske Private Equity Partners Legacy Fund of Funds 2006 EUR 228.989.571 60.200.000 FoF - primær Private equity Europa

Danske PE Partners III USD Danske Private Equity Partners Legacy Fund of Funds 2006 USD 270.139.947 73.700.000 FoF - primær Private equity USA/Canada

Danske PE Partners IV EUR Danske Private Equity Partners Legacy Fund of Funds 2009 EUR 159.100.000 43.500.000 FoF - primær Private equity Europa

Danske PE Partners IV USD Danske Private Equity Partners Legacy Fund of Funds 2009 USD 211.646.300 69.596.300 FoF - primær Private equity USA/Canada

Danske PE Partners V EUR Danske Private Equity Partners Legacy Fund of Funds 2012 EUR 216.736.755 50.806.039 FoF - primær Private equity Europa

Danske PE Partners V USD Danske Private Equity Partners Legacy Fund of Funds 2012 USD 342.769.384 70.584.332 FoF - primær Private equity USA/Canada

Drug Royalty Fund III DRI Capital PKA AIP 1 2013 USD 1.446.195.000 75.000.000 Fond Private equity Globalt

Dunedin Buyout Fund III Dunedin LLP PKA AIP 1 2013 GBP 306.000.000 35.000.000 Fond Private equity Europa

Eastern Timberland Resources Timberland Investment Resources LLC Legacy Timber 2008 USD 112.854.710 29.338.313 Fond Skov USA/Canada

Edradour Regions Timberland Group Legacy Timber 2006 USD 86.800.000 20.450.000 Fond Skov USA/Canada

Energy Capital Partners I Energy Capital Partners Legacy Energy 2006 USD 2.250.000.000 50.000.000 Fond Energi USA/Canada

Energy Capital Partners II Energy Capital Partners Legacy Energy 2009 USD 4.335.000.000 75.000.000 Fond Energi USA/Canada

EQT VI EQT Partners Legacy Private Equity 2011 EUR 4.815.312.000 50.000.000 Fond Private equity Europa

European Clean Energy Fund EIG Global Energy Legacy Energy 2006 EUR 354.229.500 40.000.000 Fond Energi Europa

Global Timber Investors VII Global Forest Partners Legacy Timber 2004 USD 300.475.000 25.000.000 Fond Skov Globalt

Global Timber Investors VIII Institutional Investors Global Forest Partners Legacy Timber 2007 USD 700.100.000 35.000.000 Fond Skov Globalt



GreenGold Equity Fund Romania I GreenGold Asset Management Legacy Timber 2008 EUR 53.291.615 25.000.000 Fond Skov Europa

GreenWood Tree Farm Fund GreenWood Resources Inc Legacy Timber 2007 USD 210.000.000 36.363.636 Fond Skov USA/Canada

H.I.G. Bioventures II H.I.G. Capital PKA AIP 1 2012 USD 256.140.119 50.000.000 Fond Private equity USA/Canada

Hancock Timberland VII Hancock Timber Resource Group Legacy Timber 2005 USD 631.920.000 10.000.000 Fond Skov USA/Canada

Hancock Timberland VIII Hancock Timber Resource Group Legacy Timber 2006 USD 552.800.000 35.000.000 Fond Skov USA/Canada

Hancock Viking Global Timber Fund Hancock Timber Resource Group Legacy Timber 2004 USD 123.701.955 28.799.362 Fond Skov Australien

31



Highstar Capital III Highstar Capital Legacy Infrastructure 2007 USD 1.739.222.222 100.000.000 Fond Infrastruktur USA/Canada

Highstar Capital IV Highstar Capital Legacy Infrastructure 2011 USD 820.166.680 75.000.000 Fond Infrastruktur USA/Canada

IFU Investment Partners IFU Legacy Private Equity 2012 DKK 250.000.000 125.000.000 Fond Private equity Globalt

ISQ Global Fund I Squared Capital PKA AIP 1 2013 USD 125.000.000 Fond Infrastruktur Globalt

Kohlberg Investors VII Kohlberg & Co. PKA AIP 1 2012 USD 1.596.849.998 50.000.000 Fond Private equity USA/Canada

Landmark Equity Partners XIV Landmark Partners Legacy Fund of Funds 2008 USD 1.997.242.424 50.000.000 FoF - sekundær Private equity USA/Canada

Landmark Equity Partners XV Landmark Partners PKA AIP 1 2013 USD 50.000.000 FoF - sekundær Private equity USA/Canada

Latin American Fund I Regions Timberland Group Legacy Timber 2010 USD 99.513.054 11.989.525 Fond Skov Latinamerika

LD Equity 2 Maj Invest Legacy Private Equity 2005 DKK 2.998.650.000 317.000.000 Fond Private equity Europa

LD Equity 3 Maj Invest Legacy Private Equity 2007 DKK 706.900.000 155.000.000 Fond Private equity Europa

LD Invest Vietnam Maj Invest Legacy Private Equity 2009 DKK 404.340.000 100.000.000 Fond Private equity Asien

Lindsay Goldberg III Lindsay Goldberg LLC Legacy Private Equity 2008 USD 4.680.850.000 70.000.000 Fond Private equity Globalt

LS Power Equity Partners II LS Power Legacy Energy 2007 USD 3.085.000.000 45.000.000 Fond Energi USA/Canada

Macquarie European Infrastructure II Macquarie Group Legacy Infrastructure 2006 EUR 4.634.841.727 25.000.000 Fond Infrastruktur Europa

Morgan Stanley Infrastructure Partners Morgan Stanley Infrastructure Partners Legacy Infrastructure 2008 USD 4.003.270.000 178.000.000 Fond Infrastruktur Globalt

New Energy Solutions I New Energy Solutions Partners Legacy Private Equity 2002 DKK 385.500.000 75.000.000 Fond Private equity Europa

New Energy Solutions II New Energy Solutions Partners Legacy Private Equity 2007 EUR 109.070.000 25.000.000 Fond Private equity Europa

Odin Equity Partners I Odin Equity Partners Legacy Private Equity 2005 DKK 1.094.191.919 197.570.349 Fond Private equity Europa

Odin Equity Partners II Odin Equity Partners Legacy Private Equity 2008 DKK 1.416.656.426 152.429.651 Fond Private equity Europa

Odyssey Investment Partners Fund V Odyssey Investment Partners PKA AIP 1 2014 USD 50.000.000 Fond Private equity USA/Canada

Panda Power Fund II Panda Power Funds PKA AIP 1 2013 USD 100.000.000 Fond Energi USA/Canada

Pantheon Global Secondary Fund II Pantheon Ventures Legacy Fund of Funds 2004 USD 676.900.000 40.000.000 FoF - sekundær Private equity Globalt

Partners Group Direct Investments 2006 Partners Group AG Legacy Private Equity 2006 EUR 510.050.000 40.000.000 Fond Private equity Globalt

Partners Group Secondary 2004 Partners Group AG Legacy Fund of Funds 2004 EUR 428.535.354 35.000.000 FoF - sekundær Private equity Globalt

Partners Group Secondary 2006 Partners Group AG Legacy Fund of Funds 2006 EUR 1.009.910.960 60.000.000 FoF - sekundær Private equity Globalt

Partners Group Secondary 2008 Partners Group AG Legacy Fund of Funds 2007 EUR 2.500.000.000 50.000.000 FoF - sekundær Private equity USA/Canada

PENM I Private Equity New Markets K/S Legacy Private Equity 2007 DKK 423.450.000 297.000.000 Fond Private equity Asien

PENM II Private Equity New Markets K/S Legacy Private Equity 2008 DKK 689.850.000 247.500.000 Fond Private equity Asien

PENM III Private Equity New Markets K/S Legacy Private Equity 2012 USD 143.700.000 48.100.000 Fond Private equity Asien

Pickwick Forest Regions Timberland Group Legacy Timber 2005 USD 69.912.609 26.000.000 Fond Skov USA/Canada

Resilience Fund III Resilience Capital Partners Legacy Private Equity 2011 USD 222.500.000 50.000.000 Fond Private equity USA/Canada

Riverstone Global Energy and Power Fund V Riverstone Holdings LLC PKA AIP 1 2012 USD 7.713.575.000 100.000.000 Fond Energi USA/Canada

RMK Select Timberland Investment Fund I Regions Timberland Group Legacy Timber 2004 USD 164.000.000 20.000.000 Fond Skov USA/Canada

RMK Select Timberland Investment Fund II Regions Timberland Group Legacy Timber 2007 USD 162.800.000 30.000.000 Fond Skov USA/Canada

SilverStreet Private Equity Strategies SilverStreet Capital Legacy Agriculture 2010 USD 201.953.100 50.000.000 Fond Landbrug Afrika

SK Capital Partners III SK Capital Partners Legacy Private Equity 2011 USD 500.000.000 50.000.000 Fond Private equity USA/Canada

SLM Australia Livestock SLM Partners PKA AIP 1 2012 AUD 75.750.000 75.000.000 Fond Landbrug Australien

Southern Cone Timber Holdings Regions Timberland Group Legacy Timber 2005 USD 210.000.000 37.500.000 Fond Skov Latinamerika

Spur Ventures III Spur Capital Partners Legacy Fund of Funds 2008 USD 129.900.000 50.000.000 FoF - primær Private equity USA/Canada

Sunstone Biomed Venture III SunStone Capital A/S Legacy Private Equity 2001 DKK 1.690.500.000 75.000.000 Fond Private equity Europa

Sunstone Biomedical Venture Annex II SunStone Capital A/S Legacy Private Equity 2004 DKK 70.913.831 6.300.000 Fond Private equity Europa

Sunstone Biomedical Venture Annex III SunStone Capital A/S Legacy Private Equity 2004 DKK 534.697.864 25.800.000 Fond Private equity Europa

Tenaska Power Fund II Tenaska Legacy Energy 2008 USD 2.444.550.000 75.000.000 Fond Energi USA/Canada

The Energy and Fertilizer Investment Fund K/S Maj Invest Legacy Energy 2013 USD 177.109.587 62.500.000 Fond Energi Globalt

The Fourth Cinven fund Cinven Partners LLP Legacy Private Equity 2006 EUR 6.500.000.000 35.000.000 Fond Private equity Europa

Thomas H. Lee Parallel Fund VI Thomas H. Lee Partners Legacy Private Equity 2006 USD 7.891.400.000 50.000.000 Fond Private equity USA/Canada

Timbervest Crossover Partners II Timbervest Legacy Timber 2008 USD 250.000.000 25.000.000 Fond Skov USA/Canada

Timbervest Partners II Timbervest Legacy Timber 2007 USD 374.950.000 30.000.000 Fond Skov USA/Canada

Timbervest Partners III Timbervest Legacy Timber 2010 USD 409.525.000 30.000.000 Fond Skov USA/Canada

TractManager Arsenal Capital Partners PKA AIP 1 2013 USD 30.000.000 Co-investering Private equity USA/Canada

Triton Fund II Triton Partners Legacy Private Equity 2006 EUR 1.126.000.000 35.000.000 Fond Private equity Europa

Triton Fund III Triton Partners Legacy Private Equity 2009 EUR 2.382.000.000 50.000.000 Fond Private equity Europa

Triton Fund IV Triton Partners PKA AIP 1 2013 EUR 3.468.000.000 60.000.000 Fond Private equity Europa

UTEX Industries Riverstone PKA AIP 1 2013 USD 15.000.000 Co-investering Energi

32



Highstar Capital III Highstar Capital Legacy Infrastructure 2007 USD 1.739.222.222 100.000.000 Fond Infrastruktur USA/Canada

Highstar Capital IV Highstar Capital Legacy Infrastructure 2011 USD 820.166.680 75.000.000 Fond Infrastruktur USA/Canada

IFU Investment Partners IFU Legacy Private Equity 2012 DKK 250.000.000 125.000.000 Fond Private equity Globalt

ISQ Global Fund I Squared Capital PKA AIP 1 2013 USD 125.000.000 Fond Infrastruktur Globalt

Kohlberg Investors VII Kohlberg & Co. PKA AIP 1 2012 USD 1.596.849.998 50.000.000 Fond Private equity USA/Canada

Landmark Equity Partners XIV Landmark Partners Legacy Fund of Funds 2008 USD 1.997.242.424 50.000.000 FoF - sekundær Private equity USA/Canada

Landmark Equity Partners XV Landmark Partners PKA AIP 1 2013 USD 50.000.000 FoF - sekundær Private equity USA/Canada

Latin American Fund I Regions Timberland Group Legacy Timber 2010 USD 99.513.054 11.989.525 Fond Skov Latinamerika

LD Equity 2 Maj Invest Legacy Private Equity 2005 DKK 2.998.650.000 317.000.000 Fond Private equity Europa

LD Equity 3 Maj Invest Legacy Private Equity 2007 DKK 706.900.000 155.000.000 Fond Private equity Europa

LD Invest Vietnam Maj Invest Legacy Private Equity 2009 DKK 404.340.000 100.000.000 Fond Private equity Asien

Lindsay Goldberg III Lindsay Goldberg LLC Legacy Private Equity 2008 USD 4.680.850.000 70.000.000 Fond Private equity Globalt

LS Power Equity Partners II LS Power Legacy Energy 2007 USD 3.085.000.000 45.000.000 Fond Energi USA/Canada

Macquarie European Infrastructure II Macquarie Group Legacy Infrastructure 2006 EUR 4.634.841.727 25.000.000 Fond Infrastruktur Europa

Morgan Stanley Infrastructure Partners Morgan Stanley Infrastructure Partners Legacy Infrastructure 2008 USD 4.003.270.000 178.000.000 Fond Infrastruktur Globalt

New Energy Solutions I New Energy Solutions Partners Legacy Private Equity 2002 DKK 385.500.000 75.000.000 Fond Private equity Europa

New Energy Solutions II New Energy Solutions Partners Legacy Private Equity 2007 EUR 109.070.000 25.000.000 Fond Private equity Europa

Odin Equity Partners I Odin Equity Partners Legacy Private Equity 2005 DKK 1.094.191.919 197.570.349 Fond Private equity Europa

Odin Equity Partners II Odin Equity Partners Legacy Private Equity 2008 DKK 1.416.656.426 152.429.651 Fond Private equity Europa

Odyssey Investment Partners Fund V Odyssey Investment Partners PKA AIP 1 2014 USD 50.000.000 Fond Private equity USA/Canada

Panda Power Fund II Panda Power Funds PKA AIP 1 2013 USD 100.000.000 Fond Energi USA/Canada

Pantheon Global Secondary Fund II Pantheon Ventures Legacy Fund of Funds 2004 USD 676.900.000 40.000.000 FoF - sekundær Private equity Globalt

Partners Group Direct Investments 2006 Partners Group AG Legacy Private Equity 2006 EUR 510.050.000 40.000.000 Fond Private equity Globalt

Partners Group Secondary 2004 Partners Group AG Legacy Fund of Funds 2004 EUR 428.535.354 35.000.000 FoF - sekundær Private equity Globalt

Partners Group Secondary 2006 Partners Group AG Legacy Fund of Funds 2006 EUR 1.009.910.960 60.000.000 FoF - sekundær Private equity Globalt

Partners Group Secondary 2008 Partners Group AG Legacy Fund of Funds 2007 EUR 2.500.000.000 50.000.000 FoF - sekundær Private equity USA/Canada

PENM I Private Equity New Markets K/S Legacy Private Equity 2007 DKK 423.450.000 297.000.000 Fond Private equity Asien

PENM II Private Equity New Markets K/S Legacy Private Equity 2008 DKK 689.850.000 247.500.000 Fond Private equity Asien

PENM III Private Equity New Markets K/S Legacy Private Equity 2012 USD 143.700.000 48.100.000 Fond Private equity Asien

Pickwick Forest Regions Timberland Group Legacy Timber 2005 USD 69.912.609 26.000.000 Fond Skov USA/Canada

Resilience Fund III Resilience Capital Partners Legacy Private Equity 2011 USD 222.500.000 50.000.000 Fond Private equity USA/Canada

Riverstone Global Energy and Power Fund V Riverstone Holdings LLC PKA AIP 1 2012 USD 7.713.575.000 100.000.000 Fond Energi USA/Canada

RMK Select Timberland Investment Fund I Regions Timberland Group Legacy Timber 2004 USD 164.000.000 20.000.000 Fond Skov USA/Canada

RMK Select Timberland Investment Fund II Regions Timberland Group Legacy Timber 2007 USD 162.800.000 30.000.000 Fond Skov USA/Canada

SilverStreet Private Equity Strategies SilverStreet Capital Legacy Agriculture 2010 USD 201.953.100 50.000.000 Fond Landbrug Afrika

SK Capital Partners III SK Capital Partners Legacy Private Equity 2011 USD 500.000.000 50.000.000 Fond Private equity USA/Canada

SLM Australia Livestock SLM Partners PKA AIP 1 2012 AUD 75.750.000 75.000.000 Fond Landbrug Australien

Southern Cone Timber Holdings Regions Timberland Group Legacy Timber 2005 USD 210.000.000 37.500.000 Fond Skov Latinamerika

Spur Ventures III Spur Capital Partners Legacy Fund of Funds 2008 USD 129.900.000 50.000.000 FoF - primær Private equity USA/Canada

Sunstone Biomed Venture III SunStone Capital A/S Legacy Private Equity 2001 DKK 1.690.500.000 75.000.000 Fond Private equity Europa

Sunstone Biomedical Venture Annex II SunStone Capital A/S Legacy Private Equity 2004 DKK 70.913.831 6.300.000 Fond Private equity Europa

Sunstone Biomedical Venture Annex III SunStone Capital A/S Legacy Private Equity 2004 DKK 534.697.864 25.800.000 Fond Private equity Europa

Tenaska Power Fund II Tenaska Legacy Energy 2008 USD 2.444.550.000 75.000.000 Fond Energi USA/Canada

The Energy and Fertilizer Investment Fund K/S Maj Invest Legacy Energy 2013 USD 177.109.587 62.500.000 Fond Energi Globalt

The Fourth Cinven fund Cinven Partners LLP Legacy Private Equity 2006 EUR 6.500.000.000 35.000.000 Fond Private equity Europa

Thomas H. Lee Parallel Fund VI Thomas H. Lee Partners Legacy Private Equity 2006 USD 7.891.400.000 50.000.000 Fond Private equity USA/Canada

Timbervest Crossover Partners II Timbervest Legacy Timber 2008 USD 250.000.000 25.000.000 Fond Skov USA/Canada

Timbervest Partners II Timbervest Legacy Timber 2007 USD 374.950.000 30.000.000 Fond Skov USA/Canada

Timbervest Partners III Timbervest Legacy Timber 2010 USD 409.525.000 30.000.000 Fond Skov USA/Canada

TractManager Arsenal Capital Partners PKA AIP 1 2013 USD 30.000.000 Co-investering Private equity USA/Canada

Triton Fund II Triton Partners Legacy Private Equity 2006 EUR 1.126.000.000 35.000.000 Fond Private equity Europa

Triton Fund III Triton Partners Legacy Private Equity 2009 EUR 2.382.000.000 50.000.000 Fond Private equity Europa

Triton Fund IV Triton Partners PKA AIP 1 2013 EUR 3.468.000.000 60.000.000 Fond Private equity Europa

UTEX Industries Riverstone PKA AIP 1 2013 USD 15.000.000 Co-investering Energi

33

Direkte investeringer

M A N DAT E T

PKA AIP varetager PKA’s direkte investeringer i

energi- og infrastrukturaktiver samt overvåger

og administrerer PKA’s to eksisterende havmølle-

investeringer.

U D V I K L I N G I T I L S A G N

Mia. kr.

2,5

0,8

3,1

3,6

10,0

2011Anholt

2012

2013Butendiek

2014Forventet

2015Forventet

Total

D I R E K T E I N V E S T E R I N G E R

S TAT U S

PKA’s samlede tilsagn til direkte investeringer i

energi- og infrastrukturaktiver udgjorde ca. 3,4

mia. kr. ved årets udgang fordelt på de to havmølle-

parker 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.

PKA forventer i løbet af de

kommende år at investere

ca. 2-3 mia. kr. årligt direkte i energi- og

infrastrukturaktiver.

34

Direkte investeringer 35


C A S E

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 ka-

pacitet 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 produ-

cere 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%. Medinve-

storerne Siemens Financial Services, Marguerite

Infrastructure Fund og Industriens Pension har

36


ligeledes hver erhvervet 22,5%. Projektudvikleren

WPD ejer de resterende 10%. Den samlede egen-

kapitalinvestering udgør ca. 3,2 mia. kr. I tillæg

til egenkapitalinvesteringen er der opnået eks-

tern 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 in-

vestering med ekstern projektfinansiering. Samti-

dig 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 pen-

sionsmidler og bidrager til et bæredygtigt miljø.

37


C A S E

A N H O LT H AV M Ø L L E PA 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% ejeran-

del 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 for-

ventes – grundet produktionsprofilen og den faste

elpris i støtteperioden – at have lav korrelation med

det overordnede marked.

Rationalet

Samme rationale som Butendiek.

38


I N V E S T E R I N G S S T R AT E G I -

E N E R G I O G I N F R A S T R U K T U R

PKA’s direkte investeringer i energi- og infra-

strukturaktiver skal skabe et fornuftigt, risiko-

justeret afkast med et lavt omkostningsniveau, og

aktivklassen udgør derfor et attraktivt supplement

til obligationer.

Investeringsstrategien fokuserer på at iden-

tificere aktiver med obligationslignende karakte-

ristika såsom lang løbetid og stabile udbytter.

Derudover har aktiverne ofte afkast med lav grad

af korrelation til det generelle marked. Dermed

sikres det, at der investeres i aktiver, som passer

ind i PKA’s overordnede portefølje og kan imøde-

komme de langsigtede forpligtelser over for pen-

sionskassemedlemmerne.

Det er afkast- og risikoprofilen, der er af-

gørende for tilsagn til en given investering, og

profilen passer ofte på essentielle infrastrukturak-

tiver på regulerede og politisk stabile markeder.

PKA AIP identificerer aktiver med en stabil efter-

spørgsel i brancher, der på grund af høj kapitalin-

tensitet 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

sig om projekter i både anlægs- og driftsfasen, hvor

deltagelse kan ske via gæld eller egenkapital.

PKA sigter primært efter at deltage med en mi-

noritetsandel i et konsortium af ligesindede inves-

torer. For at sikre en passende incitamentsstruktur

forventes det derudover, at projektforvalteren (typ-

isk udvikleren, entreprenøren og/eller aktivets op-

eratør) selv er egenkapitalinvestor.

Havmølleparker betragtes som attraktive

investeringsaktiver som følge af stabile støtte-

regimer, og dermed en afkastprofil med begræns-

et markedskorrelation. PKA har således gennem

de senere år øget aktiviteten inden for direkte

infrastrukturinvesteringer med tilsagn til Anholt

Havmøllepark i 2011 og Butendiek Havmøllepark i

2013. PKA ønsker også i fremtiden aktivt at inve-

stere i grøn infrastruktur.

Investerings-strategien

fokuserer på at identificere aktiver med obligations-

lignende karakteristika

såsom lang løbetid

og stabile udbytter.

PKA’s direkte investeringer i energi- og infrastruktur-

aktiver skal skabe et fornuftigt, risikojusteret

afkast med et lavt omkostningsniveau, og aktivklassen

udgør derfor et attraktivt supplement til obligationer.

39

Organisation40

Organisation


PKA AIP har etableret en effektiv og handlekraftig

organisation bestående af syv specialiserede med-

arbejdere med relevant og komplementær erfaring

fra en række rådgivningsområder, herunder man-

agement consulting, investment banking, private

equity og jura samt ansættelse i førende virksom-

heder og organisationer.

—

A N D E R S DA L H O F F

Managing Partner

Cand. jur. fra Aarhus Universitet og MBA fra

INSEAD. Tidligere managementkonsulent hos

Quartz+Co og advokat hos Kromann Reumert og

Plesner.

—

J A KO B F I N K

Partner

Cand. oecon. fra Aarhus Universitet. Tidligere CFO i

DONG Energy Wind Power samt corporate finance-

rådgiver i Svenska Handelsbanken (Handelsbanken

Capital Markets) og Alfred Berg ABN AMRO.

—

B R I A N S C H L E I M A N N N O R D L U N D

Investment Director

Cand. merc. FIR fra Copenhagen Business School.

Tidligere managementkonsulent hos Quartz+Co.

—

J O H A N B E R N T N O R DA N G

Investment Director

Cand. polit. Københavns Universitet. Tidligere

M&A-roller hos DONG Energy, Macquarie Invest-

ment Bank og Københavns Lufthavn.

—

C H R I S T I A N D R E W S - O L E S E N

Investment Manager

Cand. merc. AEF fra Copenhagen Business School.

Tidligere porteføljemanager hos PKA og manage-

mentkonsulent hos Quartz+Co.

—

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

Investment Manager

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

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

roller hos Dako, Implement Consulting Group og

Macquarie Investment Bank.

—

U L R I K PA L L I S Ø B O R N Ø

Investment Manager

Cand. merc. AEF fra Copenhagen Business School.

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

da Corporate Finance og Credit Suisse.

41

Ordforklaring

A L P H A

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

A N K E R I N V E S TO R

C O - I N V E S T E R I N G

D I R E K T E I N V E S T E R I N G

F O N D - A F - F O N D E ( F O F )

F O N D S T I L S A G N

I R R

K A L DT K A P I TA L

P M E +

T R A C K R E C O R D

V I N TA G E - Å R

Et udtryk for den del af afkastet, som

ikke kan forklares af udsving i det ge-

nerelle marked.

Investeringer i ikke-børsnoterede aktiver

eller selskaber.

En eller flere investorer, der driver in-

vesteringsprocessen og typisk tegner sig

for den største del af investeringen.

En investering foretaget direkte i en

virksomhed sammen med en kapital-

fond, man allerede deltager i.

En investering foretaget direkte i et aktiv

eller selskab.

En fond som investerer i investerings-

fonde.

En forpligtelse til at levere kapital til

fremtidige investeringer i en kapital-

fond.

Internal Rate of Return. Det gennem-

snitlige årlige afkast for en given inves-

tering.

Andelen af et tilsagn, som er blevet ind-

krævet af en fond.

Det markedsækvivalente afkast hvis

indbetalingerne til fondene havde været

investeret på det børsnoterede marked.

Oversigt over en fonds historiske invest-

eringer og tilhørende afkast.

Det år, hvor den første indbetaling til en

fond finder sted.

O R D F O R K L A R I N G

42

2 0 1 3 - H I G H L I G H T S

2013 - Highlights

5

PKA AIP was in charge of PKA’s placing of approximately DKK 5bn in funds and co-investments as well as direct

investments in energy and infrastructure assets.

D K K B N

3

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

N E W T E A M M E M B E R S

7PKA 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.

D K K B N

3

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

C O - I N V E S T M E N T S

25

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

D K K B N

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

9C O M M I T M E N T S

44

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

PKA AIP was in charge of PKA’s placing of approxi-

mately DKK 5bn in alternative investments in 2013.

DKK 4.2bn were invested through funds and co-

investments while DKK 750m were direct invest-

ments in infrastructure.

According to Bain & Company, the value of

buyout activity in the global market rose by 22% in

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

was a negative trend in North America, whereas

deal making in Europe was up by value despite a

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

deal count and slightly down by value.

The main source of activity in the US market

was acquisitions of privately-owned companies,

whereas in Europe, buyout activity mainly involved

transactions between funds. Gearing increased in

both markets.

Commitments from investors rose as the year

wore on, following a significant drop from 2012

to 2013. Funds continued their intensive chase for

new capital commitments and are expected to con-

tinue to do so in 2014.

Funds will remain under substantial pres-

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

to the public markets. Various models will still be

able to provide alpha, and both good and bad deals

are being made across all market segments.

In other words, transaction types have very

little influence on the returns generated by funds.

Rather, the returns are driven more by the par-

ticular competencies the funds apply repeatedly

in each link of the value chain from sourcing and

screening to management and exit.

The funds expected to perform the best are

those capable of consistently matching special

skills with specific deals.

E X PA N D I N G

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

An added priority for PKA AIP going forward will

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

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

unlisted company is seeking growth capital for a

given period until it can be sold or listed.

PKA will be able to provide capital in the form

of equity (minority interest) or debt. PKA would

typically approach an investment of this type in co-

operation with one or more anchor investors, but

this is not a requirement.

It is essential, however, that a trusted circle of

existing and/or new owners are committed to the

operational responsibility with an active owner-

ship approach.

Such investments typically have a shorter

time horizon and a higher required rate of return

than direct investments in energy or infrastruc-

ture, and PKA would expect to place at least DKK

250m per investment.

In order to step up its focus on direct invest-

ment opportunities, PKA AIP strengthened its or-

ganisation in 2014 by appointing a new partner

specifically responsible for this business area.

O U T LO O K

F O R 2 0 1 4

PKA AIP expects to assist PKA in giving commit-

ments to funds and co-investments for a total of

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

erful skills and extensive experience in creating

attractive returns remain essential requirements.

Commitments will mainly be issued to funds with a

documented track record and with which PKA has

prior positive experience. Selected new funds will

also be considered.

PKA AIP also expects to make direct invest-

ments in infrastructure and other assets on behalf

of PKA for up to DKK 3bn.

Funds continued their intensive chase for new capital commitments

and are expected to

continue to do so in 2014.

PKA AIP in 2013 – and going forward 45

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

The State Registered Nurses' Pension Fund

The Healthcare Professionals' Pension Fund

The Medical Secretaries' Pension Fund

The Office Staff Pension Fund

The Social Workers' and Social Pedagogues' Pension Fund

Management agreement

E T H I C A L G U I D E L I N E S

The alternative investments are subject to the guide-lines 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.

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.

I N V E S T M E N T S I N D E N M A R K

The aggregate number of investments in Denmark constitute approximately DKK 4.6bn, which

corre sponds to approximately 15% of the total investments within private equity, energy,

infrastructure, timber and agriculture. PKA has collectively made commit ments 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.

46

A B O U T P K A A I P

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 institu-

tional investors. Currently, PKA AIP advises only

PKA. The parties have concluded a management

agreement for 2012–2014 and expect to extend it for

the period 2015–2017 by the end of this year.

PKA provides administration services and

develops labour market pension plans for five in-

dependent pension funds, who between them have

about 260,000 members working under collective

agreements in the public social and healthcare sec-

tors in Denmark. The pension funds have total as-

sets of about DKK 195bn invested mainly in bonds,

equities, real assets and absolute returns.

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 pur-

pose of:

• Strengthening and professionalising the selec-

tion and management of alternative investments.

• Reducing the costs of alternative investments,

including increasingly co-investing with funds

and investing directly in certain energy and in-

frastructure assets.

• Creating a supporting framework for achieving

premium returns relative to investing in publicly

listed assets.

• Creating greater transparency and meeting add-

ed regulatory requirements applying to alterna-

tive investments.

PKA AIP manages PKA’s investments in funds

and companies (co-investing with funds) and ex-

pects 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 invest-

ments worth DKK 2-3bn annually in these assets.

Lastly, PKA AIP monitors and manages two existing

offshore wind farm investments on behalf of PKA.

PKA AIP manages PKA's

investments in funds,

companies and infrastructure and expects

to place DKK 6-7bn per year.

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

Om PKA AIP 47

Funds and co-investments

P K A A I P 1 I N V E S T M E N T M A N DAT E

DKK bn

11,9

4,1

4,5

3,3

11,9

7,7

29%67% 4%

39% 6%55%

2012

2013

2014

Total

Targetallocation

Commitments31/12 2013

Private equityTotal Energy & Infrastructure Real assets

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

F U N D S A N D C O - I N V E S T M E N T S

P K A A I P 1

C U R R E N T S TAT U S

PKA AIP manages PKA’s investments in funds and

companies (co-investments with funds) under the

PKA AIP 1 investment programme, which was es-

tablished in 2012 and runs through 2014.

The PKA AIP 1 investment programme has a

total investment mandate of DKK 11.9bn covering all

fund commitments and co-investments across private

equity funds, energy and infrastructure. At the end of

2013, PKA AIP had made commitments for 21 invest-

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

overall fund programme. PKA provided 12 new com-

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

Nine commitments (DKK 3.9bn) were for funds and

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

48


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

C O M M I T M E N T S M A D E I N P K A A I P 1 I N 2 0 1 3

DKK m

4.226

327

285

422

284

272

448

560

711

554

84

Adelis EquityPartners Fund I

Drug RoyaltyFund III

KohlbergInvestors VII

Landmark EquityPartners XV

Odyssey InvestmentPartners Fund V

TritonFund IV

Antin InfrastructurePartners Fund II

UTEX

Total

Tract Manager

Archroma

ISQGlobal Fund

Panda PowerFund II

1.9082.318

110

171

Fu

nd

sC

o-i

nve

stm

en

ts

Private equity Energy & Infrastructure

49


N E W F U N D I N V E S T M E N T S

PKA invested in the Triton IV, Antin Infrastruc-

ture Partners II and Landmark XV funds in 2013

through managers that have previously managed

PKA investments. PKA also provided these six fund

commitments with new managers:

DRI Capital

A Canadian private equity fund specialising in roy-

alties related to mature pharmaceuticals. PKA has

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

Royalty III Fund.

Kohlberg

US-based private equity fund focused mainly on

mid-sized businesses with an enterprise value of

USD 100–750m. PKA has committed USD 50m for

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

panies with a potential for growth and operational

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 re-

gion. PKA has committed a total of SEK 380m to

Adelis' first fund.

I Squared Capital

Global infrastructure fund manager focused on

assets and companies in the energy and transport

sectors. I Squared Capital achieves value creation

through an active ownership approach, capitalis-

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

work and a strong team of operational, political and

sectoral experts. PKA has committed a total of USD

125m to this newly-established fund.

Panda Power Funds

US energy manager focused on developing and op-

erating advanced technology gas plants in North

America. PKA has committed a total of USD 100m to

the manager's second fund.

Odyssey Investment Partners

US private equity fund focused on mid-sized North

American companies with an enterprise value of

USD 100–750m. PKA has committed USD 50m to the

manager's fifth fund.

50


N E W C O - I N V E S T M E N T S

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 pro-

vided 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 Capi-

tal Partners, a US private equity firm, through their

third fund. PKA has provided commitments to Ar-

senal's last two funds.

Archroma

PKA co-invested with SK Capital when chemicals

company Clariant divested three independent busi-

ness 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 invest-

ment programme.

51


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

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

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

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

the rest represents the market value of the invest-

ments.

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

phase, and while the performance to date is in line

with expectations, no evaluation of the prelimi-

nary performance should be made. Considering the

funds selected, PKA AIP 1 is expected to provide an

attractive return.

P K A A I P 1 I N V E S T M E N T P R O G R A M M E

DKK bn

11.9

7.7

2.1

Commitedcapital

Programme Paid-in capital

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

0.65

0.27

52

Funds and co-investments 53

P K A A I P 1

I N V E S T M E N T F O C U S

—

P R I VAT E E Q U I T Y

F U N D S

PKA's primary focus is North America and Europe,

but does also make commitments to private equity

funds under global mandates. PKA maintains ex-

posure to South America, Asia and Africa mainly

through commitments to global funds and to a

fund-of-funds.

Investments are generally made through mid-

sized funds with total assets of DKK 3–12bn for the

purpose of (i) achieving a professional institutional

product without undue reliance on specific indi-

viduals, and (ii) enabling PKA to invest at least DKK

400m per fund without obtaining a dominant posi-

tion. In many cases, companies targeted by funds

in this segment are of a size suitable for expansion

during the ownership period to make them attrac-

tive targets of strategic acquisitions by major com-

petitors.

PKA invests in private equity funds with a

proven track record that outperforms both com-

peting 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.

54

Funds and co-investments 55

that the funds have repeatedly demonstrated their

ability to create value by optimizing the underly-

ing 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.

E N E R G Y A N D

I N F R A S T R U C T U R E F U N D S

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.

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.

Funds and co-investments56


This is also a field where PKA will mainly in-

vest through independent managers with a single

investment product.

T I M B E R A N D

A G R I C U LT U R E F U N D S

PKA has built up a substantial portfolio in this seg-

ment, and it is not expected to be expanded in the

foreseeable future. This is still a relatively young

portfolio, and no additional commitments are ex-

pected.

C O - I N V E S T M E N T S

PKA aims to increase the extent of its co-invest-

ments with funds that PKA is already invested in,

and in which PKA AIP already has in-depth know-

ledge of the team, the strategy and its investment

and value-creation processes.

Co-investments offer an opportunity to cost-

efficiently increase exposure to companies that

PKA is already participating in. Typically, PKA

invests DKK 100–250m in a co-investment.

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.

57


C A S E


Investment: Primary private equity fund

Vintage year: 2011

Fund size: USD 500m

PKA commitment: USD 50m

S T R AT E G Y

SK Capital has a disciplined focus on the specialty

materials, chemicals and healthcare sectors utilis-

ing its team's industry, operating and investment

experience.

Core investment criteria are revenue of USD

50–1,000m, EBITDA of up to USD 150m and total

capitalisation of up to USD 1bn.

Typical SK Capital transactions include:

• Buyouts, re-capitalisations and growth equity

investments.

• Strategic divestments.

• Partnerships with family-owned businesses or

entrepreneurs.


P O R T F O L I O I N V E S T M E N T S

Calabrian Corporation

• A leading manufacturer of sulphur dioxide and

related derivatives used in wastewater treatment

and other applications.

• SK Capital recapitalized Calabrian in partnership

with members of the founding family in May 2011.

IBA Molecular imaging

• IBA Molecular is a leading global developer, man-

ufacturer and distributor of radiopharmaceuti-

cal products used for diagnostic and therapeutic

imaging processes.

• SK Capital acquired a majority interest from Ion

Beam Applications S. A. in April 2012.

TPC Group

• A processor and service provider of value-added

products derived from niche petrochemical raw

materials.

• SK Capital took TPC Group private in partnership

with First Reserve Corporation in December 2012.

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 in-

dustries.

• SK Capital acquired three business areas from

Clariant in September 2013.

59


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.

60


P K A P O R T F O L I O –


—

C O M M I T M E N T S A N D E X P O S U R E

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.

Overall commitments rose from DKK 24.3bn

to DKK 28.2bn, as none of the funds were terminat-

ed during the reporting period.

Several funds are expected to be fully realised

and repaid with attractive returns over the coming

years, implying that the value of new commitments

is expected to outgrow total commitments.

D E V E LO P M E N T I N P K A' S TOTA L C O M M I T M E N T

DKK bn

2010 20122009 2011 2013

15.717.7

20.124.3

28.2

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

2010 20122009 2011 2013

8.011.8 12.4 14.2 15.6

6.4

6.4 7.19.2

10.2

14.3

18.219.5

23.4

25.8

Remaining commitments Market value

61


The private equity segment accounted for 57% of

the total exposure, with infrastructure funds at

14%. Timber, energy and agriculture funds make

up the remaining exposure.

Traditional primary funds account for 78% of

the exposure, followed by primary funds-of-funds

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

investments at 2%.

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%. The latter

group covers a wide range of different strategies,

including funds focused on both North America

and Europe and funds investing exclusively in

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%.

57% Private equity

2% Agriculture

13% Timber

13% Energy

14% Infrastructure

E X P O S U R E

BY A S S E T C L A S S

62


E X P O S U R E

BY G E O G R A P H I C F O C U S O F T H E F U N D

41% US/Canada

25% Europe

23% Global

2% Africa

2% Latin America

2% Australia

6% Asia

E X P O S U R E

BY T Y P E O F F U N D

78% Funds

14% FoF - Primary

2% Co-Investments

5% FoF - Secondary

63


R E T U R N

P E R F O R M A N C E

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 F O R P R I VAT E E Q U I T Y F U N D S R E L AT I V E TO P M E +

By vintage year / PME+ based on MSCI All Country World Index

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 VAT E E Q U I T Y F U N D S

By vintage year / Percent

IRR for funds in all asset classes IRR for private equity funds

2006 200820052004 2007 2009 2010

7.3 8.5

13.8

*

11.0 9.75.6

13.8

3.26.4

10.213.8

1.0 0.6

2006 200820052004 2007 2009 2010

8.5

2.5

*

9.79.710.113.8

10.26.47.7

13.8

3.90.6

3.2

IRR for private equity fundsPME+

* 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.

65


Fund Manager Program Vintage Currency Fund size PKA commitment Investment type Asset class Region

Actis Emerging Markets 3 Actis Legacy Private Equity 2008 USD 1.614.100.000 50.000.000 Fund Private Equity Global

Actis Energy 3 Actis PKA AIP 1 2013 USD 1.148.000.000 50.000.000 Fund Energy Global

Actis Energy 3 - Co-investment vehicle Actis PKA AIP 1 2013 USD 164.250.000 50.000.000 Co-investment Energy Global

Adelis Equity Partners Fund I Adelis Equity Partners PKA AIP 1 2013 SEK 3.724.100.000 380.000.000 Fund Private Equity Europe

Amber Trust II Danske Capital Finland Legacy Private Equity 2005 EUR 146.700.000 15.000.000 Fund Private Equity Europe

Antin Infrastructure Partners Antin Infrastructure Partners Legacy Infrastructure 2008 EUR 1.105.000.000 50.000.000 Fund Infrastructure Europe

Antin Infrastructure Partners Fund II Antin Infrastructure Partners PKA AIP 1 2013 EUR 75.000.000 Fund Infrastructure Europe

Arsenal Capital Partners II Arsenal Capital Partners Legacy Private Equity 2006 USD 500.000.000 20.000.000 Fund Private Equity US/Canada

Arsenal Capital Partners III Arsenal Capital Partners PKA AIP 1 2012 USD 875.000.000 75.000.000 Fund Private Equity US/Canada

Archroma SK Capital Partners PKA AIP 1 2013 USD 21.000.000 Co-investment Private Equity Global

Audax Private Equity Fund IV Audax Group PKA AIP 1 2013 USD 1.250.000.000 75.000.000 Fund Private Equity US/Canada

Aureos Africa Fund Abraaj Capital (former Aureos) Legacy Private Equity 2008 USD 381.111.111 30.000.000 Fund Private Equity Africa

Axcel I Axcel Legacy Private Equity 1993 DKK 1.100.000.000 157.142.857 Fund Private Equity Europe

Axcel II Axcel Legacy Private Equity 2001 DKK 2.390.000.000 188.485.805 Fund Private Equity Europe

Axcel III Axcel Legacy Private Equity 2006 DKK 3.016.666.667 200.000.000 Fund Private Equity Europe

Axcel IV Axcel Legacy Private Equity 2011 DKK 3.632.189.874 250.000.000 Fund Private Equity Europe

Axiom Asia Private Capital III Axiom Asia Private Capital PKA AIP 1 2012 USD 1.161.500.000 75.000.000 FoF - primary Private Equity Asia

Brookfield Brazil Timber Fund I Brookfield Asset Management Legacy Timber 2008 USD 280.000.000 22.500.000 Fund Timber Latin America

Brookfield Brazil Timber Fund II Brookfield Asset Management Legacy Timber 2008 USD 280.000.000 22.500.000 Fund Timber Latin America

Campbell Opportunity Timber Fund Campbell Group LLC Legacy Timber 2008 USD 1.774.100.000 40.000.000 Fund Timber US/Canada

Campbell Timber Fund II Campbell Group LLC Legacy Timber 2007 USD 405.500.000 31.555.412 Fund Timber US/Canada

Capricorn Forest Fund IWC (International Woodland Company A/S) Legacy Timber 2007 USD 209.647.000 37.371.015 Fund Timber Global

Care Capital Investments III Care Capital Legacy Private Equity 2006 USD 300.000.000 30.000.000 Fund Private Equity US/Canada

Comvest Partners IV Comvest Partners Legacy Private Equity 2010 USD 582.064.000 50.000.000 Fund Private Equity US/Canada

Cross Atlantic Partners IV Cross Atlantic Partners Legacy Private Equity 2001 USD 48,101,012 6.000.000 Fund Private Equity US/Canada

Danish Microfinance Partners Maj Invest Legacy Private Equity 2011 DKK 401.300.000 200.000.000 Fund Private Equity Global

Dansk Vækstkapital Dansk Vækstkapital Legacy Fund of Funds 2013 DKK 4.786.800.000 75.000.000 FoF - primary Private Equity Europe

Danske PE Partners II EUR Danske Private Equity Partners Legacy Fund of Funds 2002 EUR 249.875.390 32.633.308 FoF - primary Private Equity Europe

Danske PE Partners II USD Danske Private Equity Partners Legacy Fund of Funds 2002 USD 224.571.859 29.325.618 FoF - primary Private Equity US/Canada

Danske PE Partners III EUR Danske Private Equity Partners Legacy Fund of Funds 2006 EUR 228.989.571 60.200.000 FoF - primary Private Equity Europe

Danske PE Partners III USD Danske Private Equity Partners Legacy Fund of Funds 2006 USD 270.139.947 73.700.000 FoF - primary Private Equity US/Canada

Danske PE Partners IV EUR Danske Private Equity Partners Legacy Fund of Funds 2009 EUR 159.100.000 43.500.000 FoF - primary Private Equity Europe

Danske PE Partners IV USD Danske Private Equity Partners Legacy Fund of Funds 2009 USD 211.646.300 69.596.300 FoF - primary Private Equity US/Canada

Danske PE Partners V EUR Danske Private Equity Partners Legacy Fund of Funds 2012 EUR 216.736.755 50.806.039 FoF - primary Private Equity Europe

Danske PE Partners V USD Danske Private Equity Partners Legacy Fund of Funds 2012 USD 342.769.384 70.584.332 FoF - primary Private Equity US/Canada

Drug Royalty Fund III DRI Capital PKA AIP 1 2013 USD 1.446.195.000 75.000.000 Fund Private Equity Global

Dunedin Buyout Fund III Dunedin LLP PKA AIP 1 2013 GBP 306.000.000 35.000.000 Fund Private Equity Europe

Eastern Timberland Resources Timberland Investment Resources LLC Legacy Timber 2008 USD 112.854.710 29.338.313 Fund Timber US/Canada

Edradour Regions Timberland Group Legacy Timber 2006 USD 86.800.000 20.450.000 Fund Timber US/Canada

Energy Capital Partners I Energy Capital Partners Legacy Energy 2006 USD 2.250.000.000 50.000.000 Fund Energy US/Canada

Energy Capital Partners II Energy Capital Partners Legacy Energy 2009 USD 4.335.000.000 75.000.000 Fund Energy US/Canada

EQT VI EQT Partners Legacy Private Equity 2011 EUR 4.815.312.000 50.000.000 Fund Private Equity Europe

European Clean Energy Fund EIG Global Energy Legacy Energy 2006 EUR 354.229.500 40.000.000 Fund Energy Europe

Global Timber Investors VII Global Forest Partners Legacy Timber 2004 USD 300.475.000 25.000.000 Fund Timber Global

Global Timber Investors VIII Institutional Investors Global Forest Partners Legacy Timber 2007 USD 700.100.000 35.000.000 Fund Timber Global

Goldman Sachs PEP 2004 Goldman Sachs Private Equity Group (AIMS) Legacy Fund of Funds 2004 USD 8.700.000.000 100.000.000 FoF - primary Private Equity Global


GreenGold Equity Fund Romania I GreenGold Asset Management Legacy Timber 2008 EUR 53.291.615 25.000.000 Fund Timber Europe

GreenWood Tree Farm Fund GreenWood Resources Inc Legacy Timber 2007 USD 210.000.000 36.363.636 Fund Timber US/Canada

H.I.G. Bioventures II H.I.G. Capital PKA AIP 1 2012 USD 256.140.119 50.000.000 Fund Private Equity US/Canada

Hancock Timberland VII Hancock Timber Resource Group Legacy Timber 2005 USD 631.920.000 10.000.000 Fund Timber US/Canada

Hancock Timberland VIII Hancock Timber Resource Group Legacy Timber 2006 USD 552.800.000 35.000.000 Fund Timber US/Canada

Hancock Viking Global Timber Fund Hancock Timber Resource Group Legacy Timber 2004 USD 123.701.955 28.799.362 Fund Timber Australia

P O R T F O L I O R E V I E W

66



Actis Emerging Markets 3 Actis Legacy Private Equity 2008 USD 1.614.100.000 50.000.000 Fund Private Equity Global

Actis Energy 3 Actis PKA AIP 1 2013 USD 1.148.000.000 50.000.000 Fund Energy Global

Actis Energy 3 - Co-investment vehicle Actis PKA AIP 1 2013 USD 164.250.000 50.000.000 Co-investment Energy Global

Adelis Equity Partners Fund I Adelis Equity Partners PKA AIP 1 2013 SEK 3.724.100.000 380.000.000 Fund Private Equity Europe

Amber Trust II Danske Capital Finland Legacy Private Equity 2005 EUR 146.700.000 15.000.000 Fund Private Equity Europe

Antin Infrastructure Partners Antin Infrastructure Partners Legacy Infrastructure 2008 EUR 1.105.000.000 50.000.000 Fund Infrastructure Europe

Antin Infrastructure Partners Fund II Antin Infrastructure Partners PKA AIP 1 2013 EUR 75.000.000 Fund Infrastructure Europe

Arsenal Capital Partners II Arsenal Capital Partners Legacy Private Equity 2006 USD 500.000.000 20.000.000 Fund Private Equity US/Canada

Arsenal Capital Partners III Arsenal Capital Partners PKA AIP 1 2012 USD 875.000.000 75.000.000 Fund Private Equity US/Canada

Archroma SK Capital Partners PKA AIP 1 2013 USD 21.000.000 Co-investment Private Equity Global

Audax Private Equity Fund IV Audax Group PKA AIP 1 2013 USD 1.250.000.000 75.000.000 Fund Private Equity US/Canada

Aureos Africa Fund Abraaj Capital (former Aureos) Legacy Private Equity 2008 USD 381.111.111 30.000.000 Fund Private Equity Africa

Axcel I Axcel Legacy Private Equity 1993 DKK 1.100.000.000 157.142.857 Fund Private Equity Europe

Axcel II Axcel Legacy Private Equity 2001 DKK 2.390.000.000 188.485.805 Fund Private Equity Europe

Axcel III Axcel Legacy Private Equity 2006 DKK 3.016.666.667 200.000.000 Fund Private Equity Europe

Axcel IV Axcel Legacy Private Equity 2011 DKK 3.632.189.874 250.000.000 Fund Private Equity Europe

Axiom Asia Private Capital III Axiom Asia Private Capital PKA AIP 1 2012 USD 1.161.500.000 75.000.000 FoF - primary Private Equity Asia

Brookfield Brazil Timber Fund I Brookfield Asset Management Legacy Timber 2008 USD 280.000.000 22.500.000 Fund Timber Latin America

Brookfield Brazil Timber Fund II Brookfield Asset Management Legacy Timber 2008 USD 280.000.000 22.500.000 Fund Timber Latin America

Campbell Opportunity Timber Fund Campbell Group LLC Legacy Timber 2008 USD 1.774.100.000 40.000.000 Fund Timber US/Canada

Campbell Timber Fund II Campbell Group LLC Legacy Timber 2007 USD 405.500.000 31.555.412 Fund Timber US/Canada

Capricorn Forest Fund IWC (International Woodland Company A/S) Legacy Timber 2007 USD 209.647.000 37.371.015 Fund Timber Global

Care Capital Investments III Care Capital Legacy Private Equity 2006 USD 300.000.000 30.000.000 Fund Private Equity US/Canada

Comvest Partners IV Comvest Partners Legacy Private Equity 2010 USD 582.064.000 50.000.000 Fund Private Equity US/Canada

Cross Atlantic Partners IV Cross Atlantic Partners Legacy Private Equity 2001 USD 48,101,012 6.000.000 Fund Private Equity US/Canada

Danish Microfinance Partners Maj Invest Legacy Private Equity 2011 DKK 401.300.000 200.000.000 Fund Private Equity Global

Dansk Vækstkapital Dansk Vækstkapital Legacy Fund of Funds 2013 DKK 4.786.800.000 75.000.000 FoF - primary Private Equity Europe

Danske PE Partners II EUR Danske Private Equity Partners Legacy Fund of Funds 2002 EUR 249.875.390 32.633.308 FoF - primary Private Equity Europe

Danske PE Partners II USD Danske Private Equity Partners Legacy Fund of Funds 2002 USD 224.571.859 29.325.618 FoF - primary Private Equity US/Canada

Danske PE Partners III EUR Danske Private Equity Partners Legacy Fund of Funds 2006 EUR 228.989.571 60.200.000 FoF - primary Private Equity Europe

Danske PE Partners III USD Danske Private Equity Partners Legacy Fund of Funds 2006 USD 270.139.947 73.700.000 FoF - primary Private Equity US/Canada

Danske PE Partners IV EUR Danske Private Equity Partners Legacy Fund of Funds 2009 EUR 159.100.000 43.500.000 FoF - primary Private Equity Europe

Danske PE Partners IV USD Danske Private Equity Partners Legacy Fund of Funds 2009 USD 211.646.300 69.596.300 FoF - primary Private Equity US/Canada

Danske PE Partners V EUR Danske Private Equity Partners Legacy Fund of Funds 2012 EUR 216.736.755 50.806.039 FoF - primary Private Equity Europe

Danske PE Partners V USD Danske Private Equity Partners Legacy Fund of Funds 2012 USD 342.769.384 70.584.332 FoF - primary Private Equity US/Canada

Drug Royalty Fund III DRI Capital PKA AIP 1 2013 USD 1.446.195.000 75.000.000 Fund Private Equity Global

Dunedin Buyout Fund III Dunedin LLP PKA AIP 1 2013 GBP 306.000.000 35.000.000 Fund Private Equity Europe

Eastern Timberland Resources Timberland Investment Resources LLC Legacy Timber 2008 USD 112.854.710 29.338.313 Fund Timber US/Canada

Edradour Regions Timberland Group Legacy Timber 2006 USD 86.800.000 20.450.000 Fund Timber US/Canada

Energy Capital Partners I Energy Capital Partners Legacy Energy 2006 USD 2.250.000.000 50.000.000 Fund Energy US/Canada

Energy Capital Partners II Energy Capital Partners Legacy Energy 2009 USD 4.335.000.000 75.000.000 Fund Energy US/Canada

EQT VI EQT Partners Legacy Private Equity 2011 EUR 4.815.312.000 50.000.000 Fund Private Equity Europe

European Clean Energy Fund EIG Global Energy Legacy Energy 2006 EUR 354.229.500 40.000.000 Fund Energy Europe

Global Timber Investors VII Global Forest Partners Legacy Timber 2004 USD 300.475.000 25.000.000 Fund Timber Global

Global Timber Investors VIII Institutional Investors Global Forest Partners Legacy Timber 2007 USD 700.100.000 35.000.000 Fund Timber Global



GreenGold Equity Fund Romania I GreenGold Asset Management Legacy Timber 2008 EUR 53.291.615 25.000.000 Fund Timber Europe

GreenWood Tree Farm Fund GreenWood Resources Inc Legacy Timber 2007 USD 210.000.000 36.363.636 Fund Timber US/Canada

H.I.G. Bioventures II H.I.G. Capital PKA AIP 1 2012 USD 256.140.119 50.000.000 Fund Private Equity US/Canada

Hancock Timberland VII Hancock Timber Resource Group Legacy Timber 2005 USD 631.920.000 10.000.000 Fund Timber US/Canada

Hancock Timberland VIII Hancock Timber Resource Group Legacy Timber 2006 USD 552.800.000 35.000.000 Fund Timber US/Canada

Hancock Viking Global Timber Fund Hancock Timber Resource Group Legacy Timber 2004 USD 123.701.955 28.799.362 Fund Timber Australia

67



Highstar Capital III Highstar Capital Legacy Infrastructure 2007 USD 1.739.222.222 100.000.000 Fund Infrastructure US/Canada

Highstar Capital IV Highstar Capital Legacy Infrastructure 2011 USD 820.166.680 75.000.000 Fund Infrastructure US/Canada

IFU Investment Partners IFU Legacy Private Equity 2012 DKK 250.000.000 125.000.000 Fund Private Equity Global

ISQ Global Fund I Squared Capital PKA AIP 1 2013 USD 125.000.000 Fund Infrastructure Global

Kohlberg Investors VII Kohlberg & Co. PKA AIP 1 2012 USD 1.596.849.998 50.000.000 Fund Private Equity US/Canada

Landmark Equity Partners XIV Landmark Partners Legacy Fund of Funds 2008 USD 1.997.242.424 50.000.000 FoF - secondary Private Equity US/Canada

Landmark Equity Partners XV Landmark Partners PKA AIP 1 2013 USD 50.000.000 FoF - secondary Private Equity US/Canada

Latin American Fund I Regions Timberland Group Legacy Timber 2010 USD 99.513.054 11.989.525 Fund Timber Latin America

LD Equity 2 Maj Invest Legacy Private Equity 2005 DKK 2.998.650.000 317.000.000 Fund Private Equity Europe

LD Equity 3 Maj Invest Legacy Private Equity 2007 DKK 706.900.000 155.000.000 Fund Private Equity Europe

LD Invest Vietnam Maj Invest Legacy Private Equity 2009 DKK 404.340.000 100.000.000 Fund Private Equity Asia

Lindsay Goldberg III Lindsay Goldberg LLC Legacy Private Equity 2008 USD 4.680.850.000 70.000.000 Fund Private Equity Global

LS Power Equity Partners II LS Power Legacy Energy 2007 USD 3.085.000.000 45.000.000 Fund Energy US/Canada

Macquarie European Infrastructure II Macquarie Group Legacy Infrastructure 2006 EUR 4.634.841.727 25.000.000 Fund Infrastructure Europe

Morgan Stanley Infrastructure Partners Morgan Stanley Infrastructure Partners Legacy Infrastructure 2008 USD 4.003.270.000 178.000.000 Fund Infrastructure Global

New Energy Solutions I New Energy Solutions Partners Legacy Private Equity 2002 DKK 385.500.000 75.000.000 Fund Private Equity Europe

New Energy Solutions II New Energy Solutions Partners Legacy Private Equity 2007 EUR 109.070.000 25.000.000 Fund Private Equity Europe

Odin Equity Partners I Odin Equity Partners Legacy Private Equity 2005 DKK 1.094.191.919 197.570.349 Fund Private Equity Europe

Odin Equity Partners II Odin Equity Partners Legacy Private Equity 2008 DKK 1.416.656.426 152.429.651 Fund Private Equity Europe

Odyssey Investment Partners Fund V Odyssey Investment Partners PKA AIP 1 2014 USD 50.000.000 Fund Private Equity US/Canada

Panda Power Fund II Panda Power Funds PKA AIP 1 2013 USD 100.000.000 Fund Energy US/Canada

Pantheon Global Secondary Fund II Pantheon Ventures Legacy Fund of Funds 2004 USD 676.900.000 40.000.000 FoF - secondary Private Equity Global

Partners Group Direct Investments 2006 Partners Group AG Legacy Private Equity 2006 EUR 510.050.000 40.000.000 Fund Private Equity Global

Partners Group Secondary 2004 Partners Group AG Legacy Fund of Funds 2004 EUR 428.535.354 35.000.000 FoF - secondary Private Equity Global

Partners Group Secondary 2006 Partners Group AG Legacy Fund of Funds 2006 EUR 1.009.910.960 60.000.000 FoF - secondary Private Equity Global

Partners Group Secondary 2008 Partners Group AG Legacy Fund of Funds 2007 EUR 2.500.000.000 50.000.000 FoF - secondary Private Equity US/Canada

PENM I Private Equity New Markets K/S Legacy Private Equity 2007 DKK 423.450.000 297.000.000 Fund Private Equity Asia

PENM II Private Equity New Markets K/S Legacy Private Equity 2008 DKK 689.850.000 247.500.000 Fund Private Equity Asia

PENM III Private Equity New Markets K/S Legacy Private Equity 2012 USD 143.700.000 48.100.000 Fund Private Equity Asia

Pickwick Forest Regions Timberland Group Legacy Timber 2005 USD 69.912.609 26.000.000 Fund Timber US/Canada

Resilience Fund III Resilience Capital Partners Legacy Private Equity 2011 USD 222.500.000 50.000.000 Fund Private Equity US/Canada

Riverstone Global Energy and Power Fund V Riverstone Holdings LLC PKA AIP 1 2012 USD 7.713.575.000 100.000.000 Fund Energy US/Canada

RMK Select Timberland Investment Fund I Regions Timberland Group Legacy Timber 2004 USD 164.000.000 20.000.000 Fund Timber US/Canada

RMK Select Timberland Investment Fund II Regions Timberland Group Legacy Timber 2007 USD 162.800.000 30.000.000 Fund Timber US/Canada

SilverStreet Private Equity Strategies SilverStreet Capital Legacy Agriculture 2010 USD 201.953.100 50.000.000 Fund Agriculture Africa

SK Capital Partners III SK Capital Partners Legacy Private Equity 2011 USD 500.000.000 50.000.000 Fund Private Equity US/Canada

SLM Australia Livestock SLM Partners PKA AIP 1 2012 AUD 75.750.000 75.000.000 Fund Agriculture Australia

Southern Cone Timber Holdings Regions Timberland Group Legacy Timber 2005 USD 210.000.000 37.500.000 Fund Timber Latin America

Spur Ventures III Spur Capital Partners Legacy Fund of Funds 2008 USD 129.900.000 50.000.000 FoF - primary Private Equity US/Canada

Sunstone Biomed Venture III SunStone Capital A/S Legacy Private Equity 2001 DKK 1.690.500.000 75.000.000 Fund Private Equity Europe

Sunstone Biomedical Venture Annex II SunStone Capital A/S Legacy Private Equity 2004 DKK 70.913.831 6.300.000 Fund Private Equity Europe

Sunstone Biomedical Venture Annex III SunStone Capital A/S Legacy Private Equity 2004 DKK 534.697.864 25.800.000 Fund Private Equity Europe

Tenaska Power Fund II Tenaska Legacy Energy 2008 USD 2.444.550.000 75.000.000 Fund Energy US/Canada

The Energy and Fertilizer Investment Fund K/S Maj Invest Legacy Energy 2013 USD 177.109.587 62.500.000 Fund Energy Global

The Fourth Cinven fund Cinven Partners LLP Legacy Private Equity 2006 EUR 6.500.000.000 35.000.000 Fund Private Equity Europe

Thomas H. Lee Parallel Fund VI Thomas H. Lee Partners Legacy Private Equity 2006 USD 7.891.400.000 50.000.000 Fund Private Equity US/Canada

Timbervest Crossover Partners II Timbervest Legacy Timber 2008 USD 250.000.000 25.000.000 Fund Timber US/Canada

Timbervest Partners II Timbervest Legacy Timber 2007 USD 374.950.000 30.000.000 Fund Timber US/Canada

Timbervest Partners III Timbervest Legacy Timber 2010 USD 409.525.000 30.000.000 Fund Timber US/Canada

TractManager Arsenal Capital Partners PKA AIP 1 2013 USD 30.000.000 Co-investment Private Equity US/Canada

Triton Fund II Triton Partners Legacy Private Equity 2006 EUR 1.126.000.000 35.000.000 Fund Private Equity Europe

Triton Fund III Triton Partners Legacy Private Equity 2009 EUR 2.382.000.000 50.000.000 Fund Private Equity Europe

Triton Fund IV Triton Partners PKA AIP 1 2013 EUR 3.468.000.000 60.000.000 Fund Private Equity Europe

UTEX Industries Riverstone PKA AIP 1 2013 USD 15.000.000 Co-investment Energy

68



Highstar Capital III Highstar Capital Legacy Infrastructure 2007 USD 1.739.222.222 100.000.000 Fund Infrastructure US/Canada

Highstar Capital IV Highstar Capital Legacy Infrastructure 2011 USD 820.166.680 75.000.000 Fund Infrastructure US/Canada

IFU Investment Partners IFU Legacy Private Equity 2012 DKK 250.000.000 125.000.000 Fund Private Equity Global

ISQ Global Fund I Squared Capital PKA AIP 1 2013 USD 125.000.000 Fund Infrastructure Global

Kohlberg Investors VII Kohlberg & Co. PKA AIP 1 2012 USD 1.596.849.998 50.000.000 Fund Private Equity US/Canada

Landmark Equity Partners XIV Landmark Partners Legacy Fund of Funds 2008 USD 1.997.242.424 50.000.000 FoF - secondary Private Equity US/Canada

Landmark Equity Partners XV Landmark Partners PKA AIP 1 2013 USD 50.000.000 FoF - secondary Private Equity US/Canada

Latin American Fund I Regions Timberland Group Legacy Timber 2010 USD 99.513.054 11.989.525 Fund Timber Latin America

LD Equity 2 Maj Invest Legacy Private Equity 2005 DKK 2.998.650.000 317.000.000 Fund Private Equity Europe

LD Equity 3 Maj Invest Legacy Private Equity 2007 DKK 706.900.000 155.000.000 Fund Private Equity Europe

LD Invest Vietnam Maj Invest Legacy Private Equity 2009 DKK 404.340.000 100.000.000 Fund Private Equity Asia

Lindsay Goldberg III Lindsay Goldberg LLC Legacy Private Equity 2008 USD 4.680.850.000 70.000.000 Fund Private Equity Global

LS Power Equity Partners II LS Power Legacy Energy 2007 USD 3.085.000.000 45.000.000 Fund Energy US/Canada

Macquarie European Infrastructure II Macquarie Group Legacy Infrastructure 2006 EUR 4.634.841.727 25.000.000 Fund Infrastructure Europe

Morgan Stanley Infrastructure Partners Morgan Stanley Infrastructure Partners Legacy Infrastructure 2008 USD 4.003.270.000 178.000.000 Fund Infrastructure Global

New Energy Solutions I New Energy Solutions Partners Legacy Private Equity 2002 DKK 385.500.000 75.000.000 Fund Private Equity Europe

New Energy Solutions II New Energy Solutions Partners Legacy Private Equity 2007 EUR 109.070.000 25.000.000 Fund Private Equity Europe

Odin Equity Partners I Odin Equity Partners Legacy Private Equity 2005 DKK 1.094.191.919 197.570.349 Fund Private Equity Europe

Odin Equity Partners II Odin Equity Partners Legacy Private Equity 2008 DKK 1.416.656.426 152.429.651 Fund Private Equity Europe

Odyssey Investment Partners Fund V Odyssey Investment Partners PKA AIP 1 2014 USD 50.000.000 Fund Private Equity US/Canada

Panda Power Fund II Panda Power Funds PKA AIP 1 2013 USD 100.000.000 Fund Energy US/Canada

Pantheon Global Secondary Fund II Pantheon Ventures Legacy Fund of Funds 2004 USD 676.900.000 40.000.000 FoF - secondary Private Equity Global

Partners Group Direct Investments 2006 Partners Group AG Legacy Private Equity 2006 EUR 510.050.000 40.000.000 Fund Private Equity Global

Partners Group Secondary 2004 Partners Group AG Legacy Fund of Funds 2004 EUR 428.535.354 35.000.000 FoF - secondary Private Equity Global

Partners Group Secondary 2006 Partners Group AG Legacy Fund of Funds 2006 EUR 1.009.910.960 60.000.000 FoF - secondary Private Equity Global

Partners Group Secondary 2008 Partners Group AG Legacy Fund of Funds 2007 EUR 2.500.000.000 50.000.000 FoF - secondary Private Equity US/Canada

PENM I Private Equity New Markets K/S Legacy Private Equity 2007 DKK 423.450.000 297.000.000 Fund Private Equity Asia

PENM II Private Equity New Markets K/S Legacy Private Equity 2008 DKK 689.850.000 247.500.000 Fund Private Equity Asia

PENM III Private Equity New Markets K/S Legacy Private Equity 2012 USD 143.700.000 48.100.000 Fund Private Equity Asia

Pickwick Forest Regions Timberland Group Legacy Timber 2005 USD 69.912.609 26.000.000 Fund Timber US/Canada

Resilience Fund III Resilience Capital Partners Legacy Private Equity 2011 USD 222.500.000 50.000.000 Fund Private Equity US/Canada

Riverstone Global Energy and Power Fund V Riverstone Holdings LLC PKA AIP 1 2012 USD 7.713.575.000 100.000.000 Fund Energy US/Canada

RMK Select Timberland Investment Fund I Regions Timberland Group Legacy Timber 2004 USD 164.000.000 20.000.000 Fund Timber US/Canada

RMK Select Timberland Investment Fund II Regions Timberland Group Legacy Timber 2007 USD 162.800.000 30.000.000 Fund Timber US/Canada

SilverStreet Private Equity Strategies SilverStreet Capital Legacy Agriculture 2010 USD 201.953.100 50.000.000 Fund Agriculture Africa

SK Capital Partners III SK Capital Partners Legacy Private Equity 2011 USD 500.000.000 50.000.000 Fund Private Equity US/Canada

SLM Australia Livestock SLM Partners PKA AIP 1 2012 AUD 75.750.000 75.000.000 Fund Agriculture Australia

Southern Cone Timber Holdings Regions Timberland Group Legacy Timber 2005 USD 210.000.000 37.500.000 Fund Timber Latin America

Spur Ventures III Spur Capital Partners Legacy Fund of Funds 2008 USD 129.900.000 50.000.000 FoF - primary Private Equity US/Canada

Sunstone Biomed Venture III SunStone Capital A/S Legacy Private Equity 2001 DKK 1.690.500.000 75.000.000 Fund Private Equity Europe

Sunstone Biomedical Venture Annex II SunStone Capital A/S Legacy Private Equity 2004 DKK 70.913.831 6.300.000 Fund Private Equity Europe

Sunstone Biomedical Venture Annex III SunStone Capital A/S Legacy Private Equity 2004 DKK 534.697.864 25.800.000 Fund Private Equity Europe

Tenaska Power Fund II Tenaska Legacy Energy 2008 USD 2.444.550.000 75.000.000 Fund Energy US/Canada

The Energy and Fertilizer Investment Fund K/S Maj Invest Legacy Energy 2013 USD 177.109.587 62.500.000 Fund Energy Global

The Fourth Cinven fund Cinven Partners LLP Legacy Private Equity 2006 EUR 6.500.000.000 35.000.000 Fund Private Equity Europe

Thomas H. Lee Parallel Fund VI Thomas H. Lee Partners Legacy Private Equity 2006 USD 7.891.400.000 50.000.000 Fund Private Equity US/Canada

Timbervest Crossover Partners II Timbervest Legacy Timber 2008 USD 250.000.000 25.000.000 Fund Timber US/Canada

Timbervest Partners II Timbervest Legacy Timber 2007 USD 374.950.000 30.000.000 Fund Timber US/Canada

Timbervest Partners III Timbervest Legacy Timber 2010 USD 409.525.000 30.000.000 Fund Timber US/Canada

TractManager Arsenal Capital Partners PKA AIP 1 2013 USD 30.000.000 Co-investment Private Equity US/Canada

Triton Fund II Triton Partners Legacy Private Equity 2006 EUR 1.126.000.000 35.000.000 Fund Private Equity Europe

Triton Fund III Triton Partners Legacy Private Equity 2009 EUR 2.382.000.000 50.000.000 Fund Private Equity Europe

Triton Fund IV Triton Partners PKA AIP 1 2013 EUR 3.468.000.000 60.000.000 Fund Private Equity Europe

UTEX Industries Riverstone PKA AIP 1 2013 USD 15.000.000 Co-investment Energy

69

Direct investments

M A N DAT E

PKA AIP is in charge of PKA’s direct investments

in energy and infrastructure assets and manages

PKA's two existing offshore wind farm investments.

D I R E C T I N V E S T M E N T S


PKA had total direct investment commitments for

energy and infrastructure assets of approximately

DKK 3.4bn at 31 December 2013, distributed on the

Anholt and Butendiek offshore wind farms.

PKA provided a commitment of approximate-

ly 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.

PKA expects to invest DKK

2–3bn annually directly to energy and

infrastructure assets in the years ahead.

E X P E C T E D C O M M I T M E N T S TO D I R E C T I N V E S T M E N T S

DKK bn

2.5

0.8

3.1

3.6

10.0

2011Anholt

2012

2013Butendiek

2014Expected

2015Expected

Total

70

Direct investments 71

Direct investments

C A S E

T H E B U T E N D I E K O F F S H O R E

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. Construc-

tion is scheduled for 2013–2015, and the right to

produce power will run for 25 years. In its opera-

tional 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 Sie-

mens Financial Services, Marguerite Infrastruc-

ture Fund and Industriens Pension also acquired

72

Direct investments

a 22.5% interest each. WPD, the project developer,

holds the remaining 10%. The total equity invest-

ment amounts to DKK 3.2bn. In addition to the

equity investments, the project has obtained ex-

ternal 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 attrac-

tive, risk/return profile, in part due to the com-

prehensive insurance package which addresses a

number of construction risks.

Investment rationale:

The investment is consistent with the increasing pri-

ority PKA gives to making direct investments in in-

frastructure, a focus that will ensure its members of

an attractive return on their pension savings while

also contributing to a sustainable environment.

73

Direct investments

C A S E

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 An-

holt, 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 CO2-

free power corresponding to the annual consump-

tion of some 400,000 Danish households, equal to

about 4% of Denmark’s power consumption. DONG

Energy developed the project and currently oper-

ates the wind farm.

The investment

PKA invested DKK 2.5bn in return for a 20% inter-

est in the overall project. Other investors in the pro-

ject 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 pro-

file and the fixed tariffs during the subsidy period,

the investment return is expected to have low cor-

relation with the general market.

Investment rationale

Same rationale as for Butendiek.

74

Direct investments

I N V E S T M E N T S T R AT E G Y –

E N E R G Y A N D

I N F R A S T R U C T U R E

PKA's direct investments in energy and infrastruc-

ture assets should generate attractive, low-cost

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

tractive supplement to bonds.

The investment strategy is to identify assets

with bond-like characteristics such as long dura-

tion and stable returns. In addition, the returns on

certain energy and infrastructure assets typically

have a low degree of correlation with the general

market.

This ensures that investments are made in as-

sets suitable for PKA's general portfolio and match-

ing its long-term obligations to its pension fund

members.

The return and risk profile is the crucial fac-

tor when providing a commitment for a given in-

vestment. 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 main objective for PKA is to have a mi-

nority stake in consortia of peer group investors.

In order to have a suitable incentive structure, PKA

expects the project manager, i.e. typically the de-

veloper, contractor and/or the operator of the asset,

to take an equity interest as well.

Offshore wind farms have historically been

attractive investments supported by stable subsidy

schemes and return profiles with limited market

correlation. PKA has stepped up its infrastructure

investments in recent years, through its commit-

ments to the Anholt offshore wind farm in 2011 and

the Butendiek offshore wind farm in 2013. PKA in-

tends to remain an active investor in green infra-

structure going forward.

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.

75

Organisation76

Organisation


PKA AIP has built an efficient and dynamic organi-

sation consisting of seven highly-skilled specialists

with relevant and mutually complementary experi-

ence from a range of advisory fields, including man-

agement consulting, investment banking, private

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

tions with leading businesses and organisations.

—

A N D E R S DA L H O F F

Managing Partner

LL.M from Aarhus University and MBA from IN-

SEAD. Formerly management consultant with

Quartz+Co and attorney-at-law with Kromann

Reumert and Plesner

—

J A KO B F I N K

Partner

MSc (Economics), Aarhus University. Formerly CFO

of DONG Energy Wind Power, corporate finance ad-

viser with Svenska Handelsbanken (Handelsbank-

en Capital Markets) and Alfred Berg ABN AMRO

—

B R I A N S C H L E I M A N N N O R D L U N D

Investment Director

MSc Finance and accounting. Formerly manage-

ment consultant with Quartz+Co.

—

J O H A N B E R N T N O R DA N G

Investment Director

MSc (Economics), University of Copenhagen. For-

merly held M&A positions with DONG Energy, Mac-

quarie Investment Bank and Copenhagen Airports.

—

C H R I S T I A N D R E W S - O L E S E N

Investment Manager

MSc AEF, Copenhagen Business School. Formerly

portfolio manager with PKA and management con-

sultant with Quartz+Co.

—

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

Investment Manager

MSc FSM and MSc CEMS, Copenhagen Business

School. Formerly held M&A and strategy positions

with Dako, Implement Consulting Group and Mac-

quarie Investment Bank.

—

U L R I K PA L L I S Ø B O R N Ø

Investment Manager

MSc AEF, Copenhagen Business School. Formerly

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

da Corporate Finance and Credit Suisse

77

Glossary

A L P H A

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

A N C H O R I N V E S TO R

C O - I N V E S T M E N T

D I R E C T I N V E S T M E N T

F U N D - O F - F U N D S ( F O F )

F U N D C O M M I T M E N T

I R R

PA I D I N C A P I TA L

P M E +

T R A C K R E C O R D

V I N TA G E Y E A R

Expresses the component of a return that

cannot be explained by general market

movements.

Investment in non-listed assets or

companies.

One or more investors driving an invest-

ment process and typically holding most

of the investment.

Investment made directly in a business

in partnership with a fund the investor is

already invested in .

Investment made directly in an asset or a

business.

A fund investing in funds.

Obligation to provide capital to future

investments in a fund.

Internal Rate of Return. Expresses the

average annual return on a given invest-

ment.

The part of the commitment that a fund

has called from the investor.

The market equivalent return had the

payments to the funds been invested the

public markets.

A fund's historical record of investments

and corresponding returns.

The year that a fund receives its initial

infusion of capital.

G LO S S A RY

78

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

PKA AIP / Årsrapport / Annual Report / 2013

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