Carsten Mortensen, former CEO of both BW Group and D/S Norden, has launched a shipping fund which aims to reach USD 100 million this year.
Namely, Dee4 Capital Partners ApS has completed the first close of Dee4 Capital Fund I K/S at USD 41 million, with the final closing expected before the year end.
Managed by Mortensen and Freddie Lee, a private equity professional with experience in shipping, energy, infrastructure and logistics, the fund’s core strategy is to identify and execute transactions where Dee4 Capital sees short-term market dislocations coupled with long-term value, and hence a superior risk-reward balance. The short-term investment focus is on the product tanker market, given the attractive supply and demand dynamics.
Dee4 Capital expects to complete the acquisition of three second-hand product tankers in July 2019, to be financed in partnership with a leading Scandinavian bank.
“We are delighted to have first closed the fund with the backing, support and trust of 17 highly experienced professional investors, including family offices, foundations and maritime professionals,” Carsten Mortensen said.