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Verdan, the Oslo-based European growth specialist investment firm, announced on Monday the successful final close of Verdan Edda III (“Edda III” or the “Fund”) at €1.1 billion, exceeding target.
The announcement comes six months after closing the Verdane Capital XI fund for €1.1 billion in September last year. In the past six months, Verdane has closed two of his funds above targets, bringing the total amount to his €2.2 billion.
Bjarne Kveim Lie, co-founder and managing partner of Verdane, said: “There has never been a better time to partner with ambitious companies aiming to digitize and decarbonise Europe’s economy. We are proud. The closing of the Edda III Fund solidifies our position as a growth leader in the European mid-market. Verdane investors are proud of our continued focus on long-term structural growth trends. , we value North Star as our preferred partner and our combination of deep local networks and world-class subject knowledge. We are humbled by the continued confidence of our investors and look forward to meeting their high expectations. I will do my best to do so.”
Who supported Verdun Edda III?
Edda III includes support from private and public pension funds, major global university endowments, foundations, insurance companies and family offices.
The company says 40% of the Edda III effort is coming from nonprofit organizations.
68% of the LPs from Verdane’s first fund, founded in 2003, continue to support the current Verdane funds.
The company’s LP base is increasingly international, with 25% of its commitments to Edda III coming from US investors.
Across the Verdane funds, 70% of LPs are currently headquartered outside the Nordics.
Investing in digitalization and decarbonization
Verdun will continue to make thematic investments in leading European companies that support the digitalization and decarbonization of the economy. In the past 12 months, the company has supported 19 of her European companies.
Current holdings include CAIA Cosmetics, one of the fastest growing beauty brands in Scandinavia. Evondos, a leader in automated dispensing services for senior home care customers, and Hornetsecurity, a market leader in providing cloud-based cybersecurity services to business customers around the world.
Verdane invests between €20 and more than €150 million in equity tickets.
With the most flexible mandates on the market, Verdane funds can take majority or minority positions and act as a liquidity provider to private portfolio owners.
Verdane-backed companies benefit from deep domain expertise, a proven value creation engine, and an unparalleled network of talent and data to help them scale. These are also supported by his Elevate team of Verdane operational experts covering data and technology, finance, and go-to-market strategy.
In line with its goals, Verdane also supports the improvement of the environmental, social and governance (ESG) credentials of its portfolio companies. This can help businesses become more sustainable than when they first invested.
Frieda Einarsson, Partner and Head of Investor Relations at Verdane, said: “The fact that Verdane was able to close two funds in six months above target and raise over €2.2 billion is a testament to our longstanding dialogue and relationships with our LPs. We are grateful for the strong support of our LP base. The Verdane platform, our focus and proven value creation recipe enable us to deliver consistently strong financial returns to our investors, and we remain committed to continuing to do so.”
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