Three Danish pension funds have invested the bulk of a $350m (鈧�228.6m) fundraising for Navigare Capital鈥檚 third ship leasing fund, Maritime Investment Fund III.
The Copenhagen-based alternative investment fund manager announced the sum had been raised from investors at the fund鈥檚 first close, and it is understood most was invested by Danica Pension, PensionDanmark and L忙gernes Pension, the Danish pension fund for doctors.
The pension fund trio were cornerstone investors in 2019 in Maritime Investment Fund II, with the first two having also back in 2017.
Rune Gade Holm, head of private markets at PensionDanmark, said: 鈥淲e are pleased to expand our commitment to Navigare鈥檚 funds, which have proven to be an attractive investment opportunity for our members鈥� pension savings.
鈥淲e find it positive as well that the new fund has an increased focus on ship segments that can contribute actively to the green transformation of the energy sector,鈥� he said.
At L忙gernes Pension, deputy CIO Jan Willard said: 鈥淥ur new commitment reflects our confidence in Navigare Capital鈥檚 ability to deliver competitive and attractive returns to our members, and furthermore we are aware that it is important for our members that we invest in assets that possess attractive ESG characteristics.鈥�
The fund has a target of $650m for its final close, which is expected to happen in February next year.
Navigare Capital was co-founded in 2017 by Robert M忙rsk Uggla, the CEO of AP M酶ller Holding and a member of the M酶ller family.
Henrik Ramskov, the firm鈥檚 managing partner, said: 鈥淪hipping assets have a low correlation between shipping segments and also compared to other investment assets.
鈥淲e believe that the fund鈥檚 return profile is an attractive offering for professional investors, and the asset class is supported by strong underlying demand drivers, demographics and decarbonisation, which has demonstrated resilience against macroeconomic turmoil,鈥� he said.
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