The Verdane Edda III fund has closed significantly past its target at €1.1 billion, doubling its predecessor fund, Edda II. And this is the firm’s second successful fund close in six months, following the announcement of Verdane Freya XI at €1.1 billion in September 2023. Verdane’s proven platform attracted an increasingly global LP base, with US investors comprising 25% of Edda III commitments.
About 68% of LPs from Verdane’s 2003 debut fund are investors in current funds, backing Verdane’s thematic investment focus on European companies digitalizing and decarbonizing the economy. And Verdane, the European specialist growth investment firm, announced the successful final close of Verdane Edda III at €1.1 billion, significantly past its target. In the past six months, Verdane has successfully closed two funds above target, together totaling €2.2 billion, including the €1.1 billion Freya XI fund, which held its final close in September 2023.
Verdane’s fund partners with ambitious growth companies that help digitalize and decarbonize the European economies. And the 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.
The Edda series of funds already made three successful realizations, including Kappa Bioscience to Balchem in 2022 and HYMA to BHG Group in 2021. Edda III includes commitments from private and public pension funds, leading global university endowments, foundations, insurance companies, and family offices. About 40% of Edda III commitments come from non-profit organizations.
Around 68% of LPs from Verdane’s first fund established in 2003 continue to back current Verdane funds. And Verdane’s LP base is increasingly international, with 25% of commitments to Edda III coming from US investors. Across all Verdane funds, 70% of LPs are now headquartered outside of the Nordics.
Verdane will continue invest thematically in leading European companies that help digitalise and decarbonise the economy. And Verdane has consistently deployed capital in these two structural growth megatrends, backing 19 leading European businesses over the past 12 months. Verdane’s largest portfolio companies alone have already created well over 13,300 jobs during their holding period.
Verdane invests between €20 and €150+ million in equity tickets and with the most flexible mandate in the market, Verdane funds can take majority or minority positions, or act as liquidity provider to owners of unlisted portfolios. Companies that are backed by Verdane benefit from a robust platform to support their growth.
The Verdane platform includes a proven value-creation engine, deep sector expertise, a benchmarking engine with over 100 million data points and an unparalleled ecosystem of 600+ CXOs. And Verdane’s portfolio companies are further supported by Elevate, Verdane’s in-house team of operational experts, who offer dedicated expertise in go-to-market strategy, product, technology, finance, talent and sustainability. With a team of 140+ skilled professionals, Verdane’s local presence in core European markets enables proprietary access to the region’s best technology companies.
Verdane Edda III was advised by Rede Partners – an independent fundraising advisor to the private equity industry, with Andulf Advokat AB as legal counsel.
KEY QUOTES:
“Verdane’s ability to close two funds past target in six months, raising over €2.2 billion, is 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.”
– Frida Einarson, Partner and Head of Investor Relations at Verdane
“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.”
– Bjarne Kveim Lie, Co-Founder and Managing Partner of Verdane
