Ambitious Danish biotech fund shuts down before first investment
Ambitions were high when Sund Capital, headed by the former Zealand Pharma CEO David Solomon, announced plans to raise up to DKK 2 billion (EUR 268 million) for investments in up-and-coming biotechs. But now the fund is closing down.
Mikkel Aabenhus Hemmingsen
With a total loss of DKK 2.9 million after 18 months, the end has come for Sund Capital which was founded in summer 2016 with the aim of investing up to DKK 2.2 billion in Nordic biotechs.
Farmland has performed well in an otherwise horrendous year for risky assets. Institutional investors generally search for uncorrelated return streams, potential green benefits and inflation hedges, and while the asset class ticks these boxes, it also comes with significant risks.
PFA’s real estate department is changing its strategy in expectation of more interest rate increases and recession, says the head of Nordic real estate, while three projects are being paused as ”it didn’t make sense to keep going.”
New opportunities to allocate more to riskier assets mean changes are being made at ATP. A restructuring of the central IT system has been the toughest nut to crack in the restructuring, which has been described as the most comprehensive change in the pension giant’s 60-year history.