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Laxman Pai, Opalesque Asia:

Nordic private equity group Axcel has closed its seventh fund, Axcel VII, at an oversubscribed hard cap of EUR 1.3 billion ($1.42bn), exceeding its target of EUR 1 billion.

The Danish firm said in a press release that the latest fund reflects a 60% increase on its predecessor, Axcel VI, which closed at a hard cap of EUR 807 million in 2021.

Axcel builds on its 30-year track record of creating profitable growth and lasting transformations in Nordic mid-market companies, it said.

Jesper Breitenstein, Head of Investor Relations at Axcel, said: "We're very pleased with the strong interest in Axcel VII. We'd like to thank our existing investors for their continued support and also welcome our new investors to Axcel."

Christian Schmidt-Jacobsen, Managing Partner at Axcel, considers the strong support for the latest fund an endorsement of Axcel's track record of building market leaders within stable sectors. "With Axcel VII, we've raised Axcel's largest fund to date. There was strong demand for the fund despite the challenging fundraising market - a clear testament to Axcel's proven value-creation approach. We're excited to leverage the unparalleled sourcing capabilities of our large Nordic investment team, continuing to build market-leading Nordic businesses, and creating profitable growth and lasting value for our investors and all our stakeholders," said Christian.

Axcel VII's investor base consists of leading investors from the......................

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