# PE firms based in Denmark (2026 list)

> 57 PE firms based in Denmark, 9% active in the last 12 months. Led by DENA A/S, GRO, Nordic Biotech. Ranked by what they funded.

Source: https://millionrounds.com/lists/pe-firms-based-in-denmark (Millionrounds; every figure on the page links to its filing or article)

[Investor Lists](https://millionrounds.com/lists)

# PE firms based in Denmark

Updated 7 November 2026

PE firms headquartered in Denmark.

[See all 57 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-based-in-denmark)The top 25

**57** investors on the list No change this week

**5** cheques in 12 months Too few cheques to tell

**$10M** median round they joined *+25%* against the market median

**9%** wrote a cheque in 12 months

**4%** have led a round

## The Top 25

Ordered by cheques observed, never by anything anyone paid for

Deploying now (5)

- 1 [DENA A/S](https://millionrounds.com/fund/dena-a-s) quiet Private equity · Denmark **19** **$2.5M** median round **May 2017** last seen
- 2 [GRO](https://millionrounds.com/fund/gro) quiet Private equity · Denmark **3** **-** median round **Mar 2024** last seen
- 3 [Nordic Biotech](https://millionrounds.com/fund/nb-capital-aps) quiet Private equity · Denmark **3** **$10M** median round **Nov 2003** last seen
- 4 [Polaris](https://millionrounds.com/fund/polaris-private-equity) quiet Private equity · Denmark **3** **$7.4M** median round **Oct 2019** last seen
- 5 [A.P. Moller Capital](https://millionrounds.com/fund/a-p-moller-capital) *Deploying now* Private equity · Denmark **2** **$622M** median round **Jul 2026** last seen
- 6 [Heartland (DN)](https://millionrounds.com/fund/heartland-dn) quiet Private equity · Denmark **2** **$8.8M** median round **Apr 2018** last seen
- 7 [Capidea](https://millionrounds.com/fund/capidea) quiet Private equity · Denmark **1** **$3.4M** median round **Dec 2010** last seen
- 8 [Chr. Augustinus Fabrikker](https://millionrounds.com/fund/chr-augustinus-fabrikker) *Deploying now* Private equity · Denmark **1** **$63M** median round **Oct 2026** last seen
- 9 [NOON Ventures](https://millionrounds.com/fund/noon-ventures) quiet Private equity · Denmark **1** **$12M** median round **Feb 2025** last seen
- 10 [New Legacy](https://millionrounds.com/fund/new-legacy) *Deploying now* Growth equity · Denmark **1** **$5M** median round **Jun 2026** last seen
- 11 [RTX](https://millionrounds.com/fund/rtx) *Deploying now* Growth equity · Denmark **1** **$125M** median round **Feb 2026** last seen
- 12 [The Footprint Firm](https://millionrounds.com/fund/the-footprint-firm) *Deploying now* Private equity · Denmark **1** **$18M** median round **Nov 2025** last seen
- 13 [2T invest aps](https://millionrounds.com/fund/2t-invest-aps) unknown Private equity · Denmark **none observed** **-** median round **-** last seen
- 14 [Axcel](https://millionrounds.com/fund/axcel) unknown Private equity · Denmark **none observed** **-** median round **-** last seen
- 15 [BWB Partners](https://millionrounds.com/fund/bwb-partners) unknown Private equity · Denmark **none observed** **-** median round **-** last seen
- 16 [Bagger-Sørensen Equity](https://millionrounds.com/fund/bagger-s-rensen-equity) unknown Private equity · Denmark **none observed** **-** median round **-** last seen
- 17 [Blue Equity](https://millionrounds.com/fund/blue-equity-2) unknown Private equity · Denmark **none observed** **-** median round **-** last seen
- 18 [Brygge Partners](https://millionrounds.com/fund/brygge-partners) unknown Growth equity · Denmark **none observed** **-** median round **-** last seen
- 19 [CBS Private Equity](https://millionrounds.com/fund/cbs-private-equity) unknown Private equity · Denmark **none observed** **-** median round **-** last seen
- 20 [Carmel Management](https://millionrounds.com/fund/carmel-management) unknown Private equity · Denmark **none observed** **-** median round **-** last seen
- 21 [CataCap](https://millionrounds.com/fund/catacap) unknown Private equity · Denmark **none observed** **-** median round **-** last seen
- 22 [Catalyst Invest](https://millionrounds.com/fund/catalyst-invest) unknown Private equity · Denmark **none observed** **-** median round **-** last seen
- 23 [Copenhagen Infrastructure Partners K S](https://millionrounds.com/fund/copenhagen-infrast) unknown Private equity · Denmark **none observed** **-** median round **-** last seen
- 24 [CoreCapital](https://millionrounds.com/fund/corecapital) unknown Private equity · Denmark **none observed** **-** median round **-** last seen
- 25 [Cows Capital](https://millionrounds.com/fund/cows-capital) unknown Private equity · Denmark **none observed** **-** median round **-** last seen

**32 more on this list**

All 57 are in the app, with filters for stage, sector and market. A free account shows 10 per search, Pro up to 1,000.

[See the whole list *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-based-in-denmark)

## The Newest Cheques

Rounds this list's investors joined most recently

- **19** Oct **[PSV Tech](https://millionrounds.com/company/psv-tech)** Pre-seed · $63M *With* [Chr. Augustinus Fabrikker](https://millionrounds.com/fund/chr-augustinus-fabrikker)
- **2** Jul **[Quantum Systems](https://millionrounds.com/company/quantum-systems)** Series D+ · $1.2B *With* [A.P. Moller Capital](https://millionrounds.com/fund/a-p-moller-capital)
- **9** Jun **[Orbital](https://millionrounds.com/company/orbital)** Seed · $5M *With* [New Legacy](https://millionrounds.com/fund/new-legacy)
- **20** Feb **[Code Metal](https://millionrounds.com/company/code-metal)** Series B · $125M *With* [RTX](https://millionrounds.com/fund/rtx)
- **27** Nov **[Enerin](https://millionrounds.com/company/enerin)** Series A · $18M *With* [The Footprint Firm](https://millionrounds.com/fund/the-footprint-firm)
- **7** Nov **[Upway](https://millionrounds.com/company/upway)** Series C · $45M *Led by* [A.P. Moller Capital](https://millionrounds.com/fund/a-p-moller-capital)

## Stages This Year

6 rounds

- Pre-seed **17%**
- Seed **17%**
- Series A **17%**
- Series B **17%**
- Series C **17%**
- Other **17%**

## What They Backed

Sectors, last 12 months

- AI **2**
- Climate Tech **2**
- Defence Tech **2**
- Software **2**
- Cleantech **1**
- Manufacturing **1**

## Cheques by Quarter

Led Joined

1 Q1 25

Q2 25

Q3 25

2 Q4 25

1 Q1 26

1 Q2 26

1 Q3 26

1 Q4 26

The last bar is the quarter still running.

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[All investor lists *→*](https://millionrounds.com/lists)

## Quick answers about PE firms based in Denmark

### Who are the most active PE firms based in Denmark?

By cheques observed, the most active are DENA A/S, GRO, Nordic Biotech, Polaris and A.P. Moller Capital.

### How many PE firms based in Denmark are there?

57 are on record. 9% made an investment in the last 12 months and 4% have led a round.

### Which stages do PE firms based in Denmark back?

Of the rounds with a named stage in the last 12 months, mostly Pre-seed (17%) and Seed (17%).

### How big are the rounds PE firms based in Denmark join?

The typical (median) round among the leading investors here is $10M.

### Which sectors do PE firms based in Denmark back most?

In the last 12 months, mostly AI, Climate Tech and Defence Tech.

### Which PE firms based in Denmark lead the most rounds?

GRO (3 led) and A.P. Moller Capital (1 led).

### What have PE firms based in Denmark invested in recently?

Recent rounds include PSV Tech (Pre-seed, Oct 2026, with Chr. Augustinus Fabrikker), Quantum Systems (Series D+, Jul 2026, with A.P. Moller Capital) and Orbital (Seed, Jun 2026, with New Legacy).

### How is this list of PE firms based in Denmark ranked?

By cheques observed, from the rounds and filings we watched, and never by anything anyone paid for. It is rebuilt every night.

Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)