Oslo-based Verdane, a European specialist growth investment firm, on Monday announced the successful final close of Verdane Edda III (“Edda III” or “the Fund”) at €1.1B, surpassing its target.
The announcement comes six months after closing its Verdane Capital XI fund at €1.1B in September last year. In the past six months, Verdane closed two funds above target, totalling €2.2B.
Bjarne Kveim Lie, Co-Founder and Managing Partner of Verdane, says, “There has never been a better time to partner with ambitious companies that seek to digitise and decarbonise the European economy. We’re immensely proud to be pioneers in our field and of our 20-year track record. The close of the Edda III fund cements our position as a European mid-market growth leader. Verdane investors value our relentless focus on long-term structural growth trends, our north star of being the preferred partner, and our combination of deep local networks and world-class thematic knowledge. We are humbled by the continued trust placed in us by our investors and will do our utmost to deliver against their high expectations.”
Who backed Verdane Edda III?
Edda III includes backing from private and public pension funds, leading global university endowments, foundations, insurance companies, and family offices.
40 per cent of Edda III commitments come from non-profit organisations, says the company.
68 per cent of LPs from Verdane’s first fund established in 2003 continue to back current Verdane funds.
The company’s LP base is increasingly international, with 25 per cent of commitments to Edda III coming from US investors.
Across all Verdane funds, 70 per cent of LPs are now headquartered outside the Nordics.
Investing in digitalisation and decarbonisation
Verdane will continue to invest thematically in leading European companies that help digitalise and decarbonise the economy. In the past 12 months, the company has backed 19 European businesses.
Current holdings include CAIA Cosmetics, one of Northern Europe’s fastest-growing beauty brands; Evondos, the leader in automated medicine dispensing services for elderly home care clients, and Hornetsecurity, a market leader providing cloud-based cybersecurity services to business customers worldwide.
Verdane invests between €20 and €150+ million in equity tickets.
With the most flexible mandate in the market, Verdane funds can take majority or minority positions, or act as liquidity providers to owners of unlisted portfolios.
Verdane-backed companies benefit from deep sector expertise, a proven value-creation engine, and an unparalleled network of people and data to support scaling. They are also supported by Verdane’s Elevate team of operational experts, which covers data and technology, finance, and go-to-market strategy.
Aligning with its goal, Verdane also supports its portfolio companies in improving their Environmental, Social, and Governance (ESG) credentials. This way, businesses can become more sustainable than when the firm first invested.
Frida Einarson, Partner and Head of Investor Relations at Verdane says, “Verdane’s ability to close two funds past target in six months, raising over €2.2 billion, is a testament to our longstanding dialogues and relationships with our LPs. We are grateful for the strong backing from our LP base. The Verdane platform, our thematic focus, and proven value creation recipe have enabled us to consistently deliver strong financial returns to our investors, and we will endeavour to continue doing so.”
Read the orginal article: https://siliconcanals.com/news/startups/verdane-closes-edda-iii-fund-at-1-1b/
