Verdane closes new fund at €1.1B for digitalisation ventures

Norwegian private equity firm Verdane has announced the final close of its newest fund at €1.1 billion, a number that nearly doubles the size of its predecessor. The firm intends to continue investing in companies active in the field of digitalisation. 

The fund will be used to either acquire through a majority stake or partner with via a minority stake in either stand-alone entities or existing portfolio companies with investments ranging between €20 million to €150 million. 

Verdane’s Capital XI fund was oversubscribed and includes commitments from mostly industry standard players: both private and public pension funds, leading global university endowments, foundations, insurance companies, family offices, and government agencies from 21 countries. 

The fund saw existing investors returning with over 100 percent re-upping the rate from its predecessor fund, which closed at €610 million, based on committed capital. According to the firm, a significant proportion of the new fund’s capital commitments came from non-profit organisations.

Since spinning out of Norwegian venture-capital house Four Seasons Venture in 2003 Verdane has invested in some 300+ firms, most recently an equity portion in Dublin’s UrbanVolt and the acquisition of Sweden’s Assently. 

According to the firm, its largest portfolio companies including EasyPark Group have already created well over 13,300 jobs, a factor that falls in line with the World Economic Forum’s estimates that 70 percent of new value created in the global economy over the course of the next ten years will have a component of digital facility.

Of note, The firm has engaged former Insider, Telegraph, and most recently associate director at Web Summit co-founder Daire Hickey’s 150Bond PR agency, James Cook as director of PR and content.

In conjunction with the announcement of the new fund and Cook’s appointment, Verdane’s Capital funds will be referred to as Verdane Freya, a nod to the firm’s Nordic roots, with Freya being the goddess of love and beauty.

Lead image via verdane.com