Danske Private Equity, the private equity subsidiary of Danske Bank, has announced new hires in preparation for the launch of its new life sciences fund, having secured a Dkr100m (€13m) commitment for its IT fund from the European Investment Fund.

The new life sciences fund follows the launch of Danske Private Equity's second fund of funds in October, which aims to raise €600m ($541m) to invest in around 15 private equity funds. The new life science fund will be a venture capital fund targeting the life science and biotechnology sectors in the Nordic region. The firm will begin fundraising in the new year, and anticipates closing the first round during the first half of 2002.