CoreCapital I K/S
Helga Pedersens Gade 107
8000 Aarhus C
CVR No. 43281925
Annual report 2024
The Annual General Meeting adopted the
annual report on
Rolf Kragelund
Chairman of the General Meeting
CoreCapital I K/S | Contents 1
Contents
Fund details 2
Statement by the General Partner on the annual report 3
Management commentary 4
Independent auditor's report 7
Statement of comprehensive income 10
Statement of financial position as at 31.12.2024 11
Statement of changes in net assets attributable to the Limited Partners 13
Statement of cash flows 14
Table of notes 15
Notes to the financial statements 16
Appendix 1 - Supplementary report on disclosures in accordance with
the SFDR
26
2
CoreCapital I K/S | Fund details
Fund details
Fund
Business Registration No.: 43281925
Date of foundation: 24.05.2022
Registered office: Aarhus
Financial period: 01.01.2024 - 31.12.2024
General Partner
CoreCapital GP ApS
Board of Directors in CoreCapital GP ApS
CoreCapital GP ApS
Fund Manager
CoreCapital ApS
Auditors
Denmark
CoreCapital I K/S | Statement by the General Partner on the annual report 3
Statement by the General Partner on
the annual report
General Parner
CoreCapital GP ApS
CoreCapital I K/S | Management commentary 4
Management commentary
Financial highlights
2024
DKK'000
2023
DKK'000
2022
DKK'000
Key figures
Operating profit/(loss) (EBIT) (16,715) (6,387) (922)
Financial results, net (640) 2 0
Increase / (decrease) in net assets attributable to Limited
Partners
(17,355) (6,385) (922)
Net Assets attributable to Limited Partners 34,931 (1,064) (922)
Total Assets 39,162 553 0
Ratios
Liquidity ratio (%) 13.45 31.73 0.00
Solvency ratio (%) 89.20 (192.41) (Infinity)
Return on equity (%) (102.49) 643.00 200.00
Financial highlights are defined and calculated as below.
Ratios Calculation formula Ratios reflect
Liquidity ratio (%) Current assets x 100
Current liabilities
The Fund’s financial strength
Solvency ratio (%) Net assets x 100
Total assets
The Fund’s financial strength
Return on equity (%) Profit for the period x 100
Average net assets
The Fund’s profitability
Primary activity
CoreCapital I K/S is a private equity company that primarily invests in small and medium-sized primarily Danish-
based companies with the purpose of developing these commercially. CoreCapital I K/S is managed by
CoreCapital ApS.
CoreCapital Fund I K/S held its final closing on December 20, 2024, with total capital commitments of DKK 515
million from selected investors. By the end of 2024, investors had contributed DKK 59.6 million. The remaining
commitments will be called as investments are made.
Investments
CoreCapital I K/S has investments in the following three companies:
Ventherm (Broby, Denmark)
Ventherm is a Danish leader in providing advanced turnkey spray booth solutions for industries such as wind
energy, offshore, defense, transportation, and heavy machinery. The company specializes in designing,
CoreCapital I K/S | Management commentary 5
engineering, installing, and maintaining high-quality solutions that enhance operational efficiency and
sustainability.
DMTonline (Sæby, Denmark)
DMT is a communication and cable confectionary producer, distributor, and supplier to industries including
offshore wind energy, defense, satellite communication, drones, and robotics, serving clients across Denmark,
Norway, and Sweden. With a strong focus on high-quality solutions, DMT ensures seamless and effective
communication across complex environments.
Ventum (Gdansk, Poland)
Ventum is a leading independent service provider for the wind industry, specializing in blade inspection,
maintenance, repair, installation support, and HSE management. The company has rapidly expanded, leveraging
a flexible model for hiring and training skilled technicians, positioning itself as a preferred service provider in the
sector.
Development in activities and finances
The statement of comprehensive income of the Limited Partnership for 2024 shows a loss of DKK 17,355
thousand and the balance sheet of the Limited Partnership shows an equity of DKK 34,931 thousand as of 31
December 2024.
The loss primarily reflects the fund’s early-stage nature, where management fees and establishment costs
incurred in 2024 have driven the negative result. The equity position corresponds to the fact that three
investments have been made during the year.
Overall, the financial development is in line with expectations.
Uncertainty relating to recognition and measurement
When preparing the company’s annual report, the General Partner, in accordance with legislative provisions,
makes judgements and estimates that have a material effect on the annual report. The accounting judgements
and estimates made by the General Partner are described in the paragraph "Investments in portfolio companies"
and other paragraphs to which we refer. Such estimates and judgements primarily relate to the measurement of
investments in portfolio companies made on the basis of assumptions which the General Partner considers
reasonable and realistic, but which are uncertain by nature.
Events after the balance sheet date
No events have occurred after the balance sheet date to this date which would influence the evaluation of this
annual report.
Outlook
The outlook for the Limited Partnership is closely linked to the performance of its portfolio companies and the
execution of additional investments. With three investments to date, the Limited Partnership expects continued
satisfactory development of its portfolio companies and more investments to come in line with the fund’s overall
investment strategy.
CoreCapital I K/S | Management commentary 6
Supplementary report on disclosures in accordance with SFDR
The financial product is classified as being a financial product referred to in Article 8, paragraphs 1, 2, and 2a of
Regulation (EU) 2019/2088 and Article 6, first paragraph of Regulation (EU) 2020/852.
The product level periodic disclosure – Annex V of the Regulation (EU) 2022/1288, is found in Appendix 1.
CoreCapital I K/S | Independent auditor's report 7
Independent auditor's report
CoreCapital I K/S | Independent auditor's report 8
CoreCapital I K/S | Independent auditor's report 9
CVR No. 33963556
Identification No (MNE) mne35823
CoreCapital I K/S | Statement of comprehensive income 10
Statement of comprehensive income
Notes
2024
DKK
2023
DKK
Administrative expenses 3 (16,714,981 ) (6,386,815 )
Operating expenses (16,714,981 ) (6,386,815 )
Operating profit/(loss) (EBIT) (16,714,981 ) (6,386,815 )
Financial income 4 15,308 2,194
Financial expenses 5 (655,181 ) (65 )
Increase / (decrease) in net assets attributable to Limited
Partners
(17,354,854 ) (6,384,686 )
Comprehensive income (17,354,854 ) (6,384,686 )
CoreCapital I K/S | Statement of financial position as at 31.12.2024 11
Statement of financial position as at
31.12.2024
Assets
Notes
2024
DKK
2023
DKK
Investments in portfolio companies 6 38,593,115 40,000
Investments 38,593,115 40,000
Non-current assets 38,593,115 40,000
Other receivables 383,242 0
Cash and cash equivalents 185,976 512,937
Current assets 569,218 512,937
Total assets 39,162,333 552,937
CoreCapital I K/S | Statement of financial position as at 31.12.2024 12
Equity and liabilities
Notes
2024
DKK
2023
DKK
Limited partnership capital 7 59,592,989 6,242,859
Retained earnings (24,661,557 ) (7,306,703 )
Net assets attributable to Limited Partners 34,931,432 (1,063,844 )
Other payables 8 4,230,901 1,616,781
Current liabilities 4,230,901 1,616,781
Total liabilities 4,230,901 1,616,781
Total liabilities and net assets attributable to Limited
Partners
CoreCapital I K/S | Statement of changes in net assets attributable to the Limited Partners 13
Statement of changes in net assets
attributable to the Limited Partners
Limited
partnership
capital
DKK
Retained
earnings
DKK
Total
DKK
Net assets 01.01.2024 6,242,859 (7,306,703 ) (1,063,844 )
Contributions from Limited Partners 53,350,130 0 53,350,130
Profit/(loss) for the period 0 (17,354,854 ) (17,354,854 )
Net assets 31.12.2024 59,592,989 (24,661,557 ) 34,931,432
Limited
partnership
capital
DKK
Retained
earnings
DKK
Total
DKK
Net assets 01.01.2023 0 (922,017 ) (922,017 )
Contributions from Limited Partners 6,242,859 0 6,242,859
Profit/(loss) for the period 0 (6,384,686 ) (6,384,686 )
Net assets 31.12.2023 6,242,859 (7,306,703 ) (1,063,844 )
The total commited capital to the fund is DKK 515m divided into 515,000,000 limited partnership shares, of which
501,666,667 are class A shares and 13,333,333 are class B shares. Class B shares are associated with certain
carried interest rights regarding the distribution of capital from the fund to the limited partners, when the total
realised return from the fund exceeds an agreed minimum return of 8% p.a. on the limited partners'
contributions. The limited partnership shares with carried interest rights constitute 2.6% of the total limited
partnership capital, and the return is distributed 80/20, provided the minimum return is achieved in connection
with the closure of the fund.
At the balance sheet date the investors have contributed DKK 59.6 m, and hence, the total outstanding
commitment is DKK 455.4m.
CoreCapital I K/S | Statement of cash flows 14
Statement of cash flows
Notes
2024
DKK
2023
DKK
Operating profit/(loss) (EBIT) (16,714,981 ) (6,386,815 )
Change in net working capital 2,230,879 694,764
(14,484,102 ) (5,692,051 )
Received financial income 4 15,308 2,194
Paid financial expenses (655,182 ) (65 )
Cash flows from operating activities (15,123,976 ) (5,689,922 )
Investments in portfolio companies 6 (38,553,115 ) (40,000 )
Cash flows from investing activities (38,553,115 ) (40,000 )
Cash flows from operating and investing activities (53,677,091 ) (5,729,922 )
Contributions from Limited Partners 53,350,130 6,242,859
Cash flows from financing activities 53,350,130 6,242,859
Increase/decrease in cash and cash equivalents (326,961 ) 512,937
Cash beginning of year 512,937 0
Cash end of year 185,976 512,937
CoreCapital I K/S | Table of notes 15
Table of notes
1 Accounting policies
2 Significant accounting estimates, assumptions and
uncertainties
3 Administrative expenses
4 Financial income
5 Financial expenses
6 Investments
7 Limited Partnership capital
8 Other payables
9 Financial instruments
10 Financial risk management
11 Financial instruments measured at fair value
12 Related parties
13 Contingent liabilities
14 Investors
15 Events after the balance sheet date
16 Authorisation of the annual report for issue
CoreCapital I K/S | Notes to the financial statements 16
Notes to the financial statements
Accounting policies1
Reporting class
The financial statements are prepared in accordance with the IFRS Accounting Standards as adopted by the EU
and additional disclosure requirements of the Danish Financial Statements Act governing reporting class B
enterprises with addition of a few provisions for reporting class C.
The financial period runs from 1 January to 31 December each year. The accounting policies applied to these
financial statements are consistent with those applied last year.
The financial statements are presented in , which is the functional currency of the Fund. DKK
The financial statements are presented on the basis of going concern.
The Fund's income consists of value increases on investments, and the Fund has no contracts covered by IFRS 15.
The Fund's has not entered into any leasing agreements subject to IFRS 16, Leases.
The financial statements are presented on the basis of historical cost, except for the investments and receivables
from investments, which are measured at fair value. Historical cost is based on the fair value of the consideration
given in exchange for assets.
All amounts in the financial statements are presented in whole amounts. Every figure is rounded off
separately and, for that reason, minor differences between the stated totals and the sum of underlying figures
may occur.
Judgements made by the General Partner in the application of the IFRS Accounting Standards that have had
significant effects on the financial statements are disclosed, where applicable, in the relevant notes to the
financial statements
DKK
Standards and Interpretations not yet in force
All of the new and amended Standards and Interpretations which are relevant to the Fund, and which came into
force with effect for financial years beginning have been applied when preparing the financial
statements.
These Standards have not had an impact on the Fund’s Annual Accounts.
01.01.2024
IFRS 18 amendments are effective for reporting periods beginning on or after 1 January 2027, with earlier
application permitted. IFRS 18 will apply retrospectively.
It is expected that the application of these amendments may have an impact on the Fund's financial statements
in future periods.
There are no other Standards, Interpretations or amendments to existing Standards that are not yet effective that
would be expected to have an impact on the Fund.
CoreCapital I K/S | Notes to the financial statements 17
Significant accounting judgment and estimates
As part of the preparation of the financial statements, the Fund Manager and made judgements and estimates
which affect the application of the Fund’s accounting policies and the reported amounts of assets, liabilities,
income and expenses. The most significant accounting judgements and estimates are evident from note to the
financial statements.
2
Recognition and measurement
Assets are recognised in the balance sheet when it is probable as a result of a prior event that future economic
benefits will flow to the Fund, and the value of the asset can be measured reliably. Assets are derecognised in the
balance sheet when it is no longer probable that future economic benefits will flow to the Fund.
Acquisition and sale of financial assets and liabilities are recognised in the balance sheet at the commitment
date.
Liabilities are recognised in the balance sheet when the Company has a legal or constructive obligation as a
result of a prior event, and it is probable that future economic benefits will flow out of the Company, and the
value of the liability can be measured reliably. Liabilities are eliminated from the balance sheet when it is no
longer probable that future economic benefits will flow out of the Company.
On initial recognition, assets and liabilities are measured at cost; however, on initial recognition, investment
assets are measured at fair value, ordinarily corresponding to cost less direct expenses incurred. Measurement
subsequent to initial recognition is effected as described below for each financial statement item.
Consideration is made for events occurring during the period from the balance sheet date until the presentation
of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date.
Income is recognised in the statement of comprehensive income when earned, whereas costs are recognised by
the amounts attributable to this financial year.
Foreign currency translation
The functional currency reflects the currency in which the Limited Partners have committed themselves to the
Fund as well as the currency in which the Fund pays the Fund Manager for carrying out investment related
services. Investments and loans are carried out in different currencies and hence considered less relevant in
terms of influencing the choice of functional currency. The financial statements of the Fund are presented in the
currency unit , which is the Fund’s functional and presentation currency.
On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction
date. Receivables, payables and other monetary items denominated in foreign currencies that have not been
settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange
differences that arise between the rate at the transaction date and the rate in effect at the payment date or the
rate at the balance sheet date are recognised in the statement of comprehensive income as financial income or
financial expenses.
DKK
Statement of comprehensive income
Administrative expenses and other operating expenses
All expenses are recognised in the statement of comprehensive income on an accrual basis.
CoreCapital I K/S | Notes to the financial statements 18
Administrative expenses and other operating expenses comprise expenses incurred during the reporting period
not directly related to the Fund’s investment activities. The Fund pays the Fund Manager an annual fee for
carrying out investment related activities and administration. The fee is calculated in accordance with the criteria
set out in the Limited Partnership Agreement.
Financial income and expenses
Financial income and expenses comprise interest income and various expenses.
Interest income and interest expenses are recognised on an accrual basis.
Taxation
Under current Danish law governing the Fund, it is not independently taxable because the Fund’s profit/loss for
the year is included in the Limited Partners’ taxable income.
Balance sheet
Investments in and loans to portfolio companies
Financial assets and liabilities are recognised at fair value through profit or loss when the Fund becomes party to
the contractual provisions of the instrument. Recognition takes place on the trade date when the Fund
purchases or sells an investment under a contract whose terms require delivery of the investment within the time
frame established by the market.
On initial recognition, investments and receivables from investments are measured at fair value.
Financial assets and liabilities are derecognised when the contractual rights to the cash flows from the
investments have expired or the Fund has transferred substantially all risks and rewards of ownership.
Investments consist of equity investments and receivables from investments consist of loans. Furthermore,
investments consist of capitalised development costs, which increase the fair value of the invest-ments.
Capitalised development costs consist of expenses related to early-stage design and development of
infrastructure investments and primarily relates to advisory services provided to fund projects such as project
structuring, contracting and derisking etc. On initial recognition, both types of investment are measured at fair
value, and subsequently measured at fair value with recognition of fair value adjust-ments through profit or loss.
Receivables from investments are measured at fair value through profit or loss under IFRS 9, Financial
Instruments.
The fair value is calculated equivalent to an estimated fair value that is determined based on market information,
IPEV Valuation Guidelines and generally accepted valuation techniques, including benchmarking, DCF or other
relevant methods, which are considered to provide the best estimate of the fair value.
For further information about the measurement of fair values, please refer to note 4.
Other receivables (Current)
Other receivables relate to the Fund’s ordinary business activities.
Other receivables are measured at amortised cost, usually equaling nominal value.
Cash and cash equivalents
Cash comprises cash in bank deposits.
CoreCapital I K/S | Notes to the financial statements 19
Other financial liabilities
Other financial liabilities are measured at amortised cost, which usually corresponds to nominal value.
Cash flow statement
The cash flows statement of the Fund is presented using the indirect method and shows cash flows from
operating, investing, and financing activities as well as the Fund’s cash at the beginning and the end of the
financial period.
Cash flows from operating activities are calculated as the operating profit/loss adjusted for non-cash operating
items and working capital changes.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
investment.
Cash flows from financing activities comprise cash changes in the size or composition of the contributed capital
and cash payment of distributions to the Limited Partners.
Cash comprises cash in bank deposits.
Significant accounting estimates, assumptions, and uncertainties2
When preparing the financial statements, the General Partner makes several accounting estimates forming the
basis for the presentation, recognition and measurement of the Company’s assets and liabilities.
Administrative expenses3
The Fund has no employees.
Administrative expenses include management fee for the period to , in accordance with the
Limited Partnership Agreement and management agreement. For further information about management fee,
please refer to note . Also, administrative expenses include fee to administration, audit, advisors, organisation
expenses and other professional fees.
CoreCapital ApS
12
Financial income4
2024
DKK
2023
DKK
Interest income 15,308 2,194
Financial income 15,308 2,194
Financial expenses5
2024
DKK
2023
DKK
Other interest expenses and fees 655,181 65
Interest expenses for financial liabilities 655,181 65
CoreCapital I K/S | Notes to the financial statements 20
Investments6
Investments
in portfolio
companies
2024
DKK
Fair value adjustments at beginning of period 40,000
Additions 38,553,115
Fair value at end of period 38,593,115
Carrying amount at end of period 38,593,115
Investments Corporate form Registered in
Equity
interest
%
Profit/(loss)
DKK
Equity
DKK
CC MidCo 1
(Ventum sp. z o.o.)
ApS Denmark 100.00 NA NA
CC NewCo 2
(DMTONLINE APS)
ApS Denmark 100.00 5,315,158 8,366,834
CC MidCo 3
(Ventherm A/S)
ApS Denmark 100.00 21,320,871 31,732,830
The overview of investments above is based on financial information from the most recent published annual
report at the time of the presentation of these financial statements.
Since the Fund’s activity is investing in portefolio companies, listing all the underlying investment entities related
to the portefolio companies would result in a comprehensive list. In order to maintain the clarity and readability
of the annual report, the list of entities to which the Fund has an equity interest has been limited to the entities to
which the Fund has a direct ownership. Furthermore, it is considered that listing all entities would not add
material additional information to the annual report.
Consistently with the accounting policies, the Fund regularly adjusts the value of the investments to the best
estimate of fair value. This means that the proportionate share of operating profit or loss for the Companies is
not recognised in profit or loss of the Fund, but rather a fair value adjustment of the investment.
The methods applied by the Fund to measure investments are evident from note to the financial statements. 11
Limited partnership capital7
2024
DKK
2023
DKK
Limited Partners’ contribution at beginning of year 6,242,859 0
Contributions from Limited partners 53,350,130 6,242,859
Limited Partners’ contribution at end of year 59,592,989 6,242,859
The Limited Partnership is owned by the Limited Partners in proportion to their respective capital commitments.
Specific Limited Partnership interest classes have an associated right to receive carried interest. In total there is
ultimately 5 participants holding interests with such rights through jointly owned companies.
CoreCapital I K/S | Notes to the financial statements 21
Other payables8
2024
DKK
2023
DKK
Other liabilities 4,230,901 1,616,781
Other payables 4,230,901 1,616,781
The carrying amount of payables relates to legal fees, auditor’s fees, travel costs etc. The amount recognised is
equal to the fair value of the liabilities.
Other payables fall due for payment within 12 months.
Financial instruments9
Categories of financial instruments:
2024
DKK
2023
DKK
Equity investments 38,593,115 40,000
Financial assets measured at fair value through profit or loss 38,593,115 40,000
Other receivables 383,242 0
Receivables measured at amortised cost 383,242 0
Other payables 4,230,901 1,616,781
Financial liabilities measured at amortised cost 4,230,901 1,616,781
All financial liabilities are due for payment within 12 months.
Financial risk management10
The General Partner is ultimately responsible for the overall risk management within the Company, but has
delegated the responsibility to the Company Manager.
The Fund pursues an investment strategy approved by the Limited partners and invests in small and
mediumsized primarily Danish based companies with the purpose of developing these commercially.
The Fund's risk management processes includes identification, measurement, monitoring, reporting and
mitigation of the identified risks to minimize the potential negative effects at Company level.
Key financial risk factors and exposure regarding the financial statements for 2024 can be categorised as follows:
Financial risk factors
Liquidity risks
The Fund manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing
facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of
financial assets and liabilities. In addition, the Fund is able to draw on uncalled commitments from its investors to
meet its obligations if needed. In addition, no indication of the Limited Partners' inability to contribute the
CoreCapital I K/S | Notes to the financial statements 22
remaining fund commitment exists as well as future income from investments is expected to settle the
outstanding amount.
Credit risks
Credit risk is the risk that an issuer or counterparty will be unable or unwilling to meet a commitment that it has
entered into with the Fund. The credit risks of the Fund are considered limited.
The management manages its credit risk exposure by transacting the Fund’s contractual commitment activities
with well-established banks, regulated exchanges and business partners which the Management consider to be
reputable.
Currency risk
The currency risk of the Fund is related to the investments made in foreign portfolio companies. The Fund does
not hedge this risk, but considers it to be an integrated and less important part of the aggregate risk of a portfolio
company.
Financial instruments measured at fair value11
The fair values of the individual investments are calculated on the basis of methods that best reflect
individual investment risks, life cycle, and industry conditions. Generally applicable, the fair value is calculated
in accordance with IPEV valuation guidelines and accepted valuation methods, including multiple
analysis/benchmarking or other relevant methods
The fair value of the investments is measured on a quarterly basis, or more frequently if significant changes
occur.
The Fund Manager has implemented procedures and methodology to ensure that the valuation is carried out
consistently over time and across investments.
Methods applied in and assumptions underlying the determination of fair values of investments
Transaction multiple
At the transaction date, a transaction multiple is calculated based on the transaction value and the earnings at
the transaction date (EBITDA). The multiple is only changed when there are significant changes in the sur-
roundings of the companies, for example, industry conditions and micro- and macro-economic conditions, which
are expected to be of a long-term nature. The portfolio company's expected earnings are adjusted periodically on
the basis of underlying budgets, and an expected increase in future earnings may increase the valuation of the
portfolio companies.
In certain cases, when applying a transaction multiple analysis, comparable business transactions are al-so
assessed to identify which multiples would be relevant at a hypothetical sale of the Fund's portfolio companies at
the end of the accounting period.
Description of the valuation process
The valuation process is carried out in connection with the preparation of internal reporting to investors and in
connection with the preparation of the Fund's annual report. The valuation assesses the portfolio investments at
the end of the accounting period and must reflect the fair value of each portfolio company, based on reasonable
valuation methods and assumptions.
CoreCapital I K/S | Notes to the financial statements 23
Individual investments are assessed separately at the end of the accounting period and are in most cases
assessed on the basis of the market situation as follows: (i) determination of the Enterprise Value (EV) estimated
on the basis of a hypothetical sale of the investment at the time of the balancesheet date, based on one or more
of the valuation methods mentioned above, and (ii) calculation of the value of the equity investment by adjusting
EV for net debt and NWC adjustments as well as any equity related waterfall structures.
Fair value hierarchy for financial instruments measured at fair value in the balance sheet
Below, financial instruments measured at fair value are classified using the fair value hierarchy:
Quoted prices in active markets for identical instruments (Level 1)
Quoted prices in active markets for similar assets or liabilities or other valuation methods under which all
material inputs are based on observable market data (Level 2)
Valuation techniques under which any material inputs are not based on observable market data (Level 3)
All investments are classified as Level 3 investments and there have not been any transfers between the levels
during the financial year.
Material unobservable inputs for Level 3
Financial instruments measured at fair value in the balance sheet are based on valuation techniques that include
material unobservable input. Material unobservable inputs mean in this context that the valuation is dependent
on a return requirement that contains a number of components that cannot be observed on trading markets, for
example project-specific risks and illiquidity prices.
Level 1
DKK
Level 2
DKK
Level 3
DKK
Total
DKK
2024
Unlisted shares, equity investments 0 0 38,593,115 38,593,115
Financial assets measured at fair value
through profit or loss
0 0 38,593,115 38,593,115
Level 1
DKK
Level 2
DKK
Level 3
DKK
2023
Financial assets measured at fair value through profit or
loss
0 0 0
Material unobservable inputs
Fair value of the assets is determined based on both forward-looking information, current market and
geopolitical conditions, actuals e.g., contributions and distributions etc. as well as status on the specific assets.
Valuations are conducted by an inhouse valuation expert team and approved quarterly in the Valuation
Committee and subsequently by the Board of Directors as part of the quarterly report. A number of material
unobservable input is applied in the valuation and is ongoingly assessed on a on a Fund specific level. An
elaboration of the assessed material unobservable inputs is outlined below.
CoreCapital I K/S | Notes to the financial statements 24
Sensitivity analysis
In accordance with the accounting policies, the investments are measured at fair value. However, due to that the
investments has been acquired within 12 months of the balance sheet date and considering the development in
the market and in the performance in the underlying portfolio companies, it is management's assessment that
there is no changes to the multiples, and hence the transaction multiples are considered the best estimate the
balance sheet date. As a result, a sensitivity analysis has not prepared.
Related parties12
Related parties with a controlling interest
The Limited Partnership is managed by the company CoreCapital ApS (”Fund Manager”). Under the management
agreement dated 30 June 2024, the Fund appointed the company CoreCapital ApS to act as Fund
Manager and provide management services to the Limited Partnership.
CoreCapital ApS receives a Management fee which is paid semi-annually based on investment commitments
made by the Limited Partners. The agreement is valid undtil the date og completion of the Partnership's last
disposal.
Related party transactions
2024
DKK
2023
DKK
CoreCapital GP ApS receives a fee for its obligation towards as
per limited partnership agreement
CoreCapital I K/S
Payment to the General Partner 30,874 51,544
Fund Manager (the Fund Manager) is considered a related party of the Fund
due to its role as being Fund Manager
Management fee 11,931,085 3,974,109
Management fee is calculated as a percentage of the total committed capital to the Fund.
Furthermore, there is a recievable from CoreCapital ApS (the Fund Manager) at the amount of DKK 1.4m.
In addition to this, no transactions with related parties have been conducted during the year.
Contingent liabilities13
There are no other guarantees or contingent liabilities of the Fund.
Investors14
The Limited Partnership has registered the following Limited Partner as holding more than 2% of the voting rights
or nominal value of the contributed capital:
CoreCapital I K/S | Notes to the financial statements 25
Limited Partner Residence Ownership percentage
CIP CC Invest ApS Amerika Plads 29, 2., 2100
Copenhagen K, Denmark
18.77
Nordea-Fonden Overgaden Neden Vandet 11, 1414
Copenhagen K, Denmark
19.42
Systematic Holding ApS Lindevangsvej 17, 8240 Risskov,
Denmark
4.85
E. Bank Lauridsen Holding A/S Willemoesgade 2, 3., 6700 Esbjerg,
Denmark
4.85
European Investment Fund 37B, avenue J.F. Kennedy, L-2968
Luxenbourg Grand-Duchy of
Luxembourg
44.66
CoreCapital Sponsor Invest K/S Helga Pedersens Gade 107 , 8000
Aarhus C, Denmark
2.59
Claus Sørensens Fond Holding A/S Torskekaj 1, 2. tv 6700 Esbjerg,
Denmark
4.98
Events after the balance sheet date15
No events have occurred after the balance sheet date to this date which would influence the evaluation of this
annual report.
Authorisation of the annual report for issue16
At the meeting held on 28.03.2025 the General Partner authorized this annual report for issue on 28.03.2025.
CoreCapital I K/S | Appendix 1 - Supplementary report on disclosures in accordance with the SFDR 26
Appendix 1 - Supplementary report on
disclosures in accordance with the
SFDR
CoreCapital I K/S | Appendix 1 - Supplementary report on disclosures in accordance with the SFDR 27
CoreCapital I K/S | Appendix 1 - Supplementary report on disclosures in accordance with the SFDR 28
CoreCapital I K/S | Appendix 1 - Supplementary report on disclosures in accordance with the SFDR 29
CoreCapital I K/S | Appendix 1 - Supplementary report on disclosures in accordance with the SFDR 30
CoreCapital I K/S | Appendix 1 - Supplementary report on disclosures in accordance with the SFDR 31
CoreCapital I K/S | Appendix 1 - Supplementary report on disclosures in accordance with the SFDR 32
CoreCapital I K/S | Appendix 1 - Supplementary report on disclosures in accordance with the SFDR 33