ETNA and Danish pension funds establish a new defence investment fund

The fund has been set up with the Danish pension funds PensionDanmark, AP Pension and AkademikerPension as anchor investors and is raising approximately EUR 220 million (approx. DKK 1.6 billion) in its initial closing.

The fund invests with a clear focus on small and medium-sized companies in the European defence industry. With a strong European mandate and a particular focus on, among others, the Nordic countries and the DACH region, the fund aims to contribute to increased European security as well as attractive long-term returns.

ETNA is a newly established fund manager founded by Frederik Oliver Busch (former partner of CataCap), Florian Funk (former partner of EQT) and Wolff van Sintern (former senior partner of McKinsey and Global Co-Head for McKinsey’s activities within the defence industry).

Bruun & Hjejle’s private equity team has advised ETNA in all phases of the structuring and establishment of the fund.