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Axcel has successfully closed its new lower mid-market fund on November 28, 2025. Axcel Elevate I, at its hard cap of €459 million, following strong investor demand. The fund was oversubscribed and completed an efficient fundraising process after launching earlier this summer.
The majority of commitments came from existing Axcel investors, underlining continued confidence in the firm’s platform, strategy, and long-term track record.
Axcel Elevate I will focus on lower mid-market companies across the Nordics, particularly within technology, business services, and healthcare. The strategy complements Axcel’s mid-market funds by targeting attractive smaller Nordic businesses that fall outside the scope of its larger vehicles.
Christian Schmidt-Jacobsen, Co-Managing Partner at Axcel and Head of Axcel Elevate, commented:
“Investor interest in Axcel Elevate has exceeded our expectations. The fund mirrors the investment strategy and sector focus of our mid-market funds and enables us to invest in compelling small and mid-sized Nordic companies.”
Christian Bamberger Bro, Co-Managing Partner at Axcel, added:
“The strong backing from our investors highlights the confidence in Axcel and the attractiveness of the Nordic lower mid-market. Elevate broadens our reach, allowing us to cover the full spectrum of the market.”
The launch follows Axcel VII, which closed in 2023 at its €1.3 billion hard cap. Like its predecessor, Axcel Elevate I is backed by leading Nordic and international institutional investors, including pension funds, funds of funds, foundations, and family offices.
Axcel Elevate is led by Christian Schmidt-Jacobsen, who has served as Managing Partner since 2016. As part of an ongoing leadership transition, Christian Bamberger Bro will assume the role of Managing Partner in the first half of 2026, while Schmidt-Jacobsen continues as Partner overseeing the Elevate strategy.
The Elevate team will be further strengthened in Spring 2026 by Swedish Partner Johan Lundén, formerly Partner at Trill Impact and previously at Nordic Capital. He will be based in Stockholm. The team also includes Partners Kasper Olesen and Jacob Drakenberg Walberg, both long-standing members of Axcel.
Fully integrated within Axcel’s broader platform, the Elevate team is supported by more than 30 investment professionals and dedicated functions across investor relations, finance, sustainability, and compliance.
PJT Park Hill acted as global fundraising adviser, and Kirkland & Ellis served as legal adviser.
About Axcel
Founded in the Nordics, Axcel is a leading private equity firm investing across Northern Europe, with a focus on four sectors: Technology, Business Services & Industrials, Healthcare, and Consumer. With offices in Copenhagen, Stockholm, and Frankfurt, Axcel leverages more than 30 years of experience in building market leaders through a collaborative approach and structured value creation strategy.
The firm has raised nine funds with committed capital exceeding €4.8 billion from Nordic and international investors. Axcel currently owns 22 companies and has completed 76 platform investments, more than 400 add-on acquisitions, and 53 exits.
