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ATP

Pension fund · Founded 1964 · Hillerød, Denmark

#63 LP Ranking #1 European pension fund · early-stage VCs

Serves citizens and companies in Denmark as a pension provider, investor, and welfare benefits administrator

119 VC firms backed
$116B AUM
~$5.8B Allocated to VC (est. 5%)
01 · Background

Who ATP is.

Historical Background
ATP, also known as the Labour Market Supplementary Pension, was established by the Danish Parliament in 1964. The fund was created to provide a supplement to the state-funded old-age pension for Danish citizens.
Source of Capital
ATP is a mandatory pension scheme for the citizens of Denmark. Capital is sourced from contributions made by employers and employees.
Major Events
In 2002, ATP conducted a strategic review that resulted in a decision to significantly increase the fund's allocation to private equity and alternative investments.
Allocation Strategy
ATP's investment portfolio is divided into two main sub-portfolios: a hedging portfolio that protects pension guarantees and a return-seeking portfolio that invests for upside. The investment portfolio has a diversified allocation across equities, government and mortgage bonds, inflation-linked instruments, real estate, and infrastructure. As of the end of 2023, the investment portfolio had a market value of DKK 636 billion.
02 · Fund commitments

The funds ATP backs.

ATP is a limited partner in 119 funds. 8 of them place in the Power Law Investor Ranking; those lead, best-ranked first.

Y Combinator
United States
#1 Power Law
Sequoia Capital
United States
#2 Power Law
Index Ventures
United Kingdom
#11 Power Law
Bessemer Venture Partners
United States
#17 Power Law
IVP
United States
#84 Power Law
Silver Lake Partners
United States
#180 Power Law
Peak XV Partners
India
#207 Power Law
Spectrum Equity
United States
#486 Power Law
3i Group
United Kingdom
Aberdeen Asset Management
United Kingdom
Abingworth
United Kingdom
Accel-KKR
United States
03 · Allocation

How ATP’s fund book is spread.

The 119 funds ATP backs, by where the manager is headquartered and how many funds that manager has raised.

Where those managers are based

By fund headquarters.

  • North America 5849%
  • Europe 5143%
  • Rest of world 108%

United States 55 · United Kingdom 15 · Denmark 10 · Germany 7

How established those managers are

Managers grouped by how many funds they have raised — across the 77 of 119 with a fund history on record.

Emerging funds · 36
Established funds · 41
14 1
13 2
9 3
7 4
9 5-6
11 7-9
8 10-14
6 15+
Funds raised by the manager
05 · Direct investments

The companies ATP backs directly.

ATP holds 14 companies directly, separate from the funds it commits to as a limited partner. Broken down by headquarters country, sector, entry stage and current growth stage. "Stage entered" is the first priced round the investor joined, derived from the investor’s transaction history.

By countryCount
  1. Denmark9
  2. Germany2
  3. China1
  4. Netherlands1
  5. Sweden1
By sectorCount
  1. Transportation4
  2. Energy3
  3. Health2
  4. Media2
  5. Enterprise Software1
  6. Gaming1
  7. Music1
  8. Robotics1
  9. Security1
  10. Semiconductors1
  11. Sports1
  12. Telecom1
By stage enteredCount
  1. Series B+7
  2. Series A1
By growth stageCount
  1. Late Growth5
  2. Breakout Stage4
  3. Mature3
  4. Early Growth2
06 · Portfolio market map

Inside ATP’s portfolio.

The 14 highest-funded portfolio companies, of 7 tracked.

Northvolt
Energy
ByteDance
Media · Centicorn
$550B
Veo
Sports
$323M
MedTrace
Health
$44M
Green Hydrogen Systems
Energy
$103M
Visiopharm
Health
$59M
FOM Technologies
Semiconductors
$25M
CarNext.com
Transportation · Unicorn
$2.8B
Better Energy
Energy
Trophy Games Development
Gaming
XCI
Security
Terma
Robotics
DSV
Transportation · Decacorn
$60B
Bang & Olufsen
Music
$243M
07 · Portfolio founders

Where ATP’s portfolio founders come from.

19 founders across the 14 highest-funded portfolio companies — by current location, university attended, and the companies they worked at before founding. Sourced from the founder records the API links to each portfolio company.

LocationCount
  1. Denmark11
  2. Sweden3
  3. China2
  4. Brazil1
  5. United States1
UniversityCount
  1. Technical University of Denmark5
  2. Aarhus University2
  3. Nankai University2
  4. Roskilde University2
  5. University of Copenhagen2
  6. Brown University1
  7. Carnegie Mellon University1
  8. CBS Bestyrelsesuddannelserne1
  9. CentraleSupélec - Paris-Saclay University1
  10. Copenhagen Business School1
Previous companyCount
  1. Banijay Entertainment1
  2. Book&ME1
  3. Booz Allen Hamilton1
  4. Carlsberg Group1
  5. Cestek1
  6. CIM Industrial Systems1
  7. CNN1
  8. Copenhagen Institute of Interaction Design1
  9. Copenhagenfashionsummit1
  10. Danish Broadcast1