Axcel announced that its new lower mid-market vehicle, Axcel Elevate I, has closed at its €459 million hard cap after an oversubscribed fundraising process. The funding round drew significant backing from existing Axcel LPs, reinforcing confidence in the firm’s long-term strategy and performance.
The Elevate fund targets lower mid-market companies across the Nordics, with a focus on technology, business services, and healthcare, complementing Axcel’s larger mid-market fund suite. The fund mirrors the investment strategy of Axcel VII, the firm’s €1.3 billion mid-market fund closed in 2023.
Leadership noted that Elevate creates new capacity for Axcel to invest in attractive Nordic companies that fall below the size threshold of its mid-market strategy.
Axcel Elevate I attracted commitments from a global mix of investors, including pension funds, funds of funds, foundations, and family offices.
The Elevate team is led by Christian Schmidt-Jacobsen, who has served as Axcel’s Managing Partner since 2016. As part of Axcel’s ongoing leadership transition, he will shift into a Partner role focused on Elevate, while Christian Bamberger Bro will become Managing Partner in the first half of 2026. The firm is also bringing on Johan Lundén as a new Partner in Spring 2026, strengthening Elevate’s presence in Sweden.
Axcel currently operates with more than 30 investment professionals across Copenhagen, Stockholm, and Frankfurt.
KEY QUOTES:
“Investor interest in Axcel Elevate has exceeded our expectations, and we’re grateful for the continued trust placed in our team. Elevate mirrors the investment strategy and sector focus of our mid-market funds and allows us to invest in attractive small and mid-sized Nordic companies that no longer fit within the scope of those funds. We’re excited about the opportunities ahead for Axcel Elevate.”
“We’re very pleased with the strong backing from our investors. The response to Axcel Elevate underlines the confidence in Axcel, the strength of our platform and the attractiveness of the Nordic lower mid-market. The new fund broadens our reach in the lower and middle market, allowing us to cover the full spectrum of the market.”
Christian Schmidt-Jacobsen, Co-Managing Partner & Head of Axcel Elevate
