Verdane, an investment firm specializing in the European lower mid-market, announced the final closing of its latest fund, Verdane Freya XII, at its maximum hard cap of €2 billion. This achievement not only sets a record as the largest fund in Verdane’s 22-year history but also elevates the total capital raised by the firm since its establishment to an impressive €9 billion.
The Freya XII fund is more than 70% larger than its predecessor fund, reflecting the firm’s optimism regarding market conditions, its unique investment strategy, and its track record of delivering strong returns. This growth in fund size indicates the confidence investors have in Verdane’s ability to identify and capitalize on market opportunities.
Remarkably, 80% of the commitments to Freya XII came from existing investors who had previously partnered with Verdane. And this strong re-up rate is a testament to investor satisfaction and highlights the firm’s attractive positioning within the investment landscape, particularly in terms of performance and strategic focus of the Freya fund.
Along with the existing investors, Freya XII successfully secured new commitments from a diverse array of institutional and individual investors. These include global non-profit organizations, public pension funds, university endowments, philanthropic foundations, insurance companies, and high-net-worth family offices. The fundraising was accomplished in record time, completing in less than six months following the initial closing, which reflects the strong demand and confidence in Verdane’s investment strategy.
The international appeal of Verdane’s investor base continues to grow, with commitments obtained from investors across 18 different countries. Notably, 24% of the total commitments to Freya XII originated from investors based in the United States, which indicates Verdane’s expanding global reach and attractiveness as an investment partner.
The close of Freya XII comes on the heels of a dynamic 2025 for Verdane, characterized by several significant realizations. This has included the successful sale of cybersecurity firm Hornetsecurity to Proofpoint, the divestment of maritime technology company Danelec to GTT, and the partial exits of Swedish customer data platform Voyado to Viking Global and Finnish cosmetics brand Lumene to Creades. These transactions exemplify Verdane’s capability to execute successful exits and generate value for its investors.
The firm plans to continue its strategy of investing in European growth leaders across various sectors. By leveraging a thematic approach and an extensive local network facilitated by its seven offices throughout Europe, Verdane aims to identify and support promising investment opportunities. The firm will focus on a balanced portfolio of investments, comprising both majority buyouts and substantial minority stakes in high-potential companies.
With a team of 180 professionals, Verdane stands out as one of the most comprehensive investment groups operating within the European lower mid-market space. Central to its differentiating strategy is the in-house Elevate team, which comprises over 30 operational experts dedicated to partnering with Verdane’s portfolio companies.
This specialized team works closely with management teams to implement effective growth strategies, optimize operations, and enhance overall business performance, ensuring that portfolio companies can achieve their full potential.
KEY QUOTES:
“The growing number and quality of technology-enabled growth businesses in Europe we see in our pipeline makes me optimistic about both the prospects for the European economy and for the potential returns for our investors. With Freya XII, we’ll continue to leverage our unique combination of world-class thematic expertise, deep local networks and the most flexible mandate in the market to become the preferred partner to ambitious European growth businesses.”
“We are humbled by the continued trust placed in us by some of the leading global investors and will do our utmost to deliver against their high expectations.”
Bjarne Kveim Lie, Founder and Managing Partner of Verdane
“We’re proud to have retained the trust of our existing partners and to welcome a number of new, global investors. Freya XII will allow us to continue to make significant further investments in our in-house talent, systems and technology to drive value in our investments.”
Carl Nauckhoff, Partner and Chief Commercial Officer at Verdane
