DENMARK Trends and Developments Contributed by: Dan Moalem, Jakob Skafte-Pedersen, Poul Guo and Thomas Enevoldsen, Moalem Weitemeyer
International interest International private equity funds have established a substantial presence in the Danish market, often com - peting directly with domestic players for high-quality assets. Major global and European funds including EQT, Nordic Capital, Adelis, Bridgepoint, General Atlantic, KKR and CVC have completed significant Danish transactions in recent years. These foreign entrants typically focus on larger deals where their capital base and international networks provide com - petitive advantages. Foreign funds face several challenges when invest - ing in Denmark. Cultural differences, while less pro - nounced than in some markets, still require naviga - tion, particularly around Danish consensus-building approaches and work-life balance expectations. The relatively small size of the Danish market can also limit add-on acquisition opportunities for buy-and-build strategies. To address these challenges, many international funds have established local presence through dedicated Nordic teams or partnerships with Danish advisers. Some have recruited senior professionals with Dan - ish market experience or developed relationships with local co-investment partners who provide market intelligence and operational support. Regulatory and tax landscape The regulatory framework is relatively “light-touch” compared to some other EU jurisdictions, in the sense that the regulation primarily applies at the level of the manager (AIFM) rather than at the product or fund level. As an EU member state, Denmark is subject to all EU-level financial legislation relating to the internal market, including the AIFMD (Alternative Investment Fund Managers Directive, or FAIF in Danish), the SFDR (Sustainable Finance Disclosure Regulation), and ESG reporting standard through the CSRD (Corporate Sus - tainability Reporting Directive). The revised AIFMD regime (often referred to as AIFMD II) entered into force in Denmark in June 2025 and introduced more detailed requirements for expense transparency, liquidity management tools and delega - tion oversight. Danish managers operating under the Danish Alternative Investment Fund Manager Act must
scalable platforms and a track record of interna - tional commercialisation. The majority investment in Trackunit in January 2025 – a vertical SaaS platform with global reach – exemplifies this trend, reflecting investor appetite for sector-specific soft - ware solutions supported by local innovation and international distribution. • Healthcare and life sciences continue to attract interest, supported by Denmark’s established pharmaceutical cluster and medical research infra - structure. The investment in Minerva Imaging by Nordic Capital in June 2025 and the take-private of MapsPeople by Round13 Capital, whose digital mapping tools support hospital logistics, highlights investors’ confidence in the sector. • Transport and infrastructure have regained momen - tum. The purchase of ferry operator Molslinjen by EQT Infrastructure underscores continued interest in strategic transport assets where decarbonisation roadmaps are credible and operational visibility is high. • Defence and dual-use technologies are emerg - ing as a more visible theme. Rising NATO-related budgets and a broader focus on resilience have increased investor attention toward the defence- sector, including cyber security, secure communi - cations and industrial components with dual-use potential. While still limited in volume, activity in this segment has grown. An example of this is Bridgepoint’s acquisition of Danish counter-drone systems provider MyDefence. • Buy-and-build strategies remain prevalent across sectors such as software, healthcare and industrial services. Sponsors pursue add-on acquisitions that support geographic expansion, operational integration and product breadth. Denmark’s SME landscape offers access to specialised targets, making it well-suited for platform-led consolidation strategies. • Public-to-private transactions have occurred in the past year. Valuation gaps between listed and private markets, coupled with the relative simplic - ity of the Danish delisting framework, have made selected public companies attractive targets for financial sponsors with a clear operational thesis and longer holding horizon. An example of this was Visma acquiring and subsequently delisting Danish digital signature provider, Penneo.
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