Denmark’s Dee4 Capital has made a first closing of its second fund Dee4 Capital Fund II with commitments of $92m.
The capital comes from 18 external investors and the Dee4 executive management team, according to a statement.
Any subsequent closings of Fund II will take place before March 2025.
“We are extremely grateful for the continued commitment and trust from both existing and new investors and will work continuously to make good investments on their behalf,” the private equity firm said.
Two major investors in the new fund, S41 and J Lauritzen, have also bought stakes of 10.1% each in the management company, Dee4 Capital Partners.
S41 and J Lauritzen have been long-time supporters of Dee4.
The deal follows the sale of Marubeni’s 25% shareholding at the end of 2023 and results in the executive management team owning 79.8% of Dee4.
“This strategic transaction cements the position of the management company going forward,” Dee4 said.
J Lauritzen said in a post on LinkedIn: “We are happy to announce our continued partnership with Dee4 Capital as investors in Fund II, building on our successful involvement in Fund I.
“Led by Carsten Mortensen and his team, Dee4 Capital Fund II marks another milestone in our shared journey of strategic collaboration and value creation in maritime investments, with the added benefit of also building the maritime industry activity in Denmark.”
In Dee4 Capital Fund I, one asset remains, the 49,700-dwt oil and chemical tanker Dee4 Larch (built 2016).
The firm will consider options for the vessel over the coming months, including a potential sale.
The estimated Fund I net return to investors after all costs is 26% annual internal rate of return since inception in 2019.
In addition, Dee4 continues to manage seven modern eco MR tankers.
Dee4, a private equity firm investing in shipping, transport & logistics, energy, offshore and infrastructure, was founded by Mortensen and Freddie Lee in 2019.
