ATP, the Danish Labour Market Supplementay Pension Fund, plans to invest several billion Danish Krone into venture capital companies.

Initially, it will invest in the domestic market but eventually the plan is for investment to include international developments. The DKr205bn (E27.8bn) Copenhagen-based fund wants to go in as a wholesaler rather than building up its own expertise, as this would not be cost efficient. "The fund already has some projects with venture capital firms but is now interested in finding new partners and projects,' said Leif Kvistgaard, public relations manager. He declined to specify any sums as the fund's most recent asset allocation figures are yet to be published. ATP is also looking to concentrate further in its own asset management expertise and outsource areas, where they believe it will be too expensive to try to build up in-house expertise. "We are good at managing both equities and bonds in our domestic market and the Nordic region, and even possibly in the Eurozone. In the Far East, the US and small-cap investments we will definitely use external managers,' Kvistgaard said. ATP already uses a roster of unnamed managers, including those in the domestic market. Kvistgaard declined to comment on the possibility of any managerial changes as of the new focus. "We are constantly reviewing our position,' he pointed out. ATP also plans to increase its international investments with an unspecified amount set aside for diversification. "It will reduce Danish bond holdings to fund the international increase. "Another important focus for the fund will be matching assets with liabilities,' Kvistgaard said