Having launched fundraising this summer, Axcel Elevate I attracted strong interest from investors and has now closed after an efficient fundraising process. The majority of commitments have come from existing Axcel investors, reflecting continued support for Axcel’s platform and investment approach.

The Elevate fund will focus on lower mid-market businesses across the Nordics, particularly within technology, business services and healthcare, complementing Axcel’s mid-market funds.

“Investor interest in Axcel Elevate has exceeded our expectations, and we’re grateful for the continued trust placed in our team,” says Christian Schmidt-Jacobsen, Co-Managing Partner at Axcel and Head of Axcel Elevate. “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.”

Christian Bamberger Bro, Co-Managing Partner at Axcel, adds:
“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.”

Axcel Elevate I follows Axcel’s latest mid-market fund, Axcel VII, which closed at an oversubscribed hard cap of EUR 1.3 billion in 2023. Like Axcel VII, Axcel Elevate’s investor base consists of leading Nordic and international investors and includes pension funds, funds of funds, foundations and family offices.

An experienced team behind Axcel’s new fund
Axcel Elevate is headed by Christian Schmidt-Jacobsen, who has served as Axcel’s Managing Partner since 2016. Following an ongoing leadership transition at the firm, he will continue as Partner with responsibility for the Elevate strategy, while Christian Bamberger Bro will assume the role of Managing Partner during the first half of 2026.

Joining the Elevate team in Spring 2026 is a new Swedish Partner, Johan Lundén, who brings 15 years of private equity experience, most recently as Partner at Trill Impact and prior to that nine years at Nordic Capital. He will play an important role in executing the Elevate strategy and will be based in Stockholm.

The team also includes Kasper Olesen and Jacob Drakenberg Walberg, who were both promoted to Partner earlier this year. They joined Axcel in 2013 and 2017 respectively and have played key roles across several of the firm’s investments and exits.

Fully integrated into Axcel’s wider platform, the Elevate team benefits from the support of more than 30 investment professionals as well as dedicated functions for investor relations, finance, sustainability and compliance.

PJT Park Hill acted as Axcel’s global fundraising adviser, while Kirkland & Ellis acted as legal adviser.