Axcel has closed Elevate Fund I at its €459m hard cap after strong demand from investors, marking a rapid fundraise that deepens the firm’s reach in the Nordic lower mid-market.

The new vehicle focuses on small and mid-sized companies across technology, business services, and healthcare. It sits alongside Axcel’s larger mid-market funds and widens the firm’s coverage across Northern Europe. Most commitments came from returning LPs, including pension funds, funds of funds, foundations, and family offices.

“Investor interest in Axcel Elevate has exceeded our expectations, and we’re grateful for the continued trust placed in our team,” said Christian Schmidt-Jacobsen, Co-Managing Partner at Axcel and Head of Elevate. Co-Managing Partner Christian Bamberger Bro added that the fund broadens Axcel’s ability to cover the full market spectrum.

Elevate follows Axcel VII, which closed oversubscribed at €1.3bn in 2023. The Elevate team will be led by Schmidt-Jacobsen, who will shift from Managing Partner to Partner with responsibility for the strategy during the firm’s leadership transition in 2026, when Bamberger Bro becomes Managing Partner.

Axcel has strengthened the team ahead of the investment period. Swedish Partner Johan Lundén will join in spring 2026 after roles at Trill Impact and Nordic Capital. Partners Kasper Olesen and Jacob Drakenberg Walberg, both long-standing Axcel professionals, will also support deployment.

Fully integrated into Axcel’s platform, Elevate benefits from more than 30 investment professionals and the firm’s dedicated functions across investor relations, finance, sustainability, and compliance. PJT Park Hill advised on fundraising, and Kirkland & Ellis acted as legal counsel.

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