New fundJul 7, 2026, 09:32 UTC

P+ backs Danish growth fund with three-digit million to keep startups in Europe

What's the deal? Danish academic pension fund P+ has invested a small three-digit million amount in Dansk Vækstkapital IV, a growth fund under Danske Bank. The commitment makes P+ one of the fund's largest investors.

What's the endgame? The fund makes direct investments in small and medium-sized companies with growth potential headquartered or economically active in Denmark or the wider Nordics. For P+, it is a way to reach earlier-stage unlisted companies than it typically backs on its own.

Why now? P+ wants to keep promising Danish companies financed at home. “We would like to help finance Danish companies with growth potential and in this way, among other things, help ensure that they stay in Europe instead of looking to the USA for financing,” said investment director Jasper Riis.

What could go wrong? Backing smaller companies is hard for large institutional investors. “As a pension fund, we have to spend almost as much time on a small investment as on a large one, and the risk is typically greater,” Riis said. He noted that nearly half of new Danish companies fail within two years, and some that scale end up moving abroad.

The fund is classified as an Article 8 fund under the EU Disclosure Regulation, meaning it must promote environmental or social goals and back companies with sound management. Its first investment is United Fintech, a platform that acquires and scales fintechs selling technology to banks, asset managers, and other financial institutions.

The signal: The commitment fits P+'s broader pivot toward unlisted, domestically anchored growth, following a 2025 nine-figure DKK investment alongside GRO Capital into cybersecurity firm Omada. As the fund rolls out a new strategy for unlisted equities, capital is shifting toward local growth and sector themes that align with its evolving return targets.