Polaris Private Equity, the Danish buy-out firm, has taken its funds to Dkr1.6bn (€215m) by raising €70m in the wake of a successful exit from Novasol Dansommer, a holiday cottage company.

Investors like to see some cash returns from investments before making further commitments to a firm's fund, and the dearth of exits in 2002 contributed to fundraisers' difficulties. But Polaris was able to give some cash back to its investors after selling Novasol Dansommer to US Cendant Corporation.