Christian Frigast has long been the name on everybody's lips when it comes to private equity fund management in Denmark – and for good reason.

In 1994, he founded Axcel, which is the country's largest private equity fund.

But after 27 years as a partner there, Frigast is now stepping down. A few days ago, he sold his remaining shares in the management company behind the firm to Christian Schmidt-Jacobsen, who took over the position of leading partner at Axcel from Frigast in 2016.

"It is true that I have sold my remaining shares in Axcel Management, which has happened as the final step in the succession process that we have been going through over the past year, and which I have helped to plan myself to put the future team in place at Axcel," Frigast says.

How does it feel to step down as partner after so many years?

"It is what it is. It is important to have an orderly succession at equity funds, and I am glad that that was possible in this case. It has been a pleasure to follow the current partners' work at Axcel," he responds.

Frigast owns Frigast A/S, a company with DKK 661.9m (EUR 89m) in equity, alongside his two adult children.

In connection with the establishment of Axcel's fifth fund in 2017, Frigast sold some of his shares in the management company. His recent divestment comes after the firm raised a record starting capital of DKK 6bn (EUR 810m) for its sixth fund.

Axcel now has seven partners, who solely focus on the fund's everyday operations.

"I have huge confidence in our partners, and naturally, they are motivated to run Axcel as well as possible for the next many years, and have complete ownership," Frigast says.