​Danish pension fund trio in $350m fundraising for ship leasing fund

Three Danish pension funds have invested the bulk of a $350m (€228.6m) fundraising for Navigare Capital’s 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’s first close, and it is understood most was invested by Danica Pension, PensionDanmark and Lægernes 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 invested in the first such fund back in 2017.

Rune Gade Holm, head of private markets at PensionDanmark, said: “We are pleased to expand our commitment to Navigare’s funds, which have proven to be an attractive investment opportunity for our members’ pension savings.

“We 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,” he said.

At Lægernes Pension, deputy CIO Jan Willard said: “Our new commitment reflects our confidence in Navigare Capital’s 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.”

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 Mærsk Uggla, the CEO of AP Møller Holding and a member of the Møller family.

Henrik Ramskov, the firm’s managing partner, said: “Shipping assets have a low correlation between shipping segments and also compared to other investment assets.

“We believe that the fund’s 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,” he said.

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