Verdane's big bets on digital and decarbonisation: Edda III fund closes at €1.1B

Verdane's Edda III fund closes at €1.1 billion, well over target, and bringing the firm’s total funds closed in the last 6 months to €2.2 billion.
Verdane's big bets on digital and decarbonisation: Edda III fund closes at €1.1B

Norwegian private equity firm Verdane has announced the final close of its newest fund Edda III at €1.1 billion, a number that more than doubles the size of its predecessor, and according to the firm is significantly past its target size. 

In combination with Verdane’s Freya XI fund, announced in mid-September of last year, the firm has now welcomed €2.2 billion in the last six months.

Verdane intends to continue to invest in European companies working in the fields of digitalisation and the decarbonisation of the economy. 

“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. …  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

Over the past 12 months, Verdane has backed 19 such European businesses, and 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

Typically investing between €20 million and upwards of €150 million in equity tickets, Verdane says it has one of the most flexible mandates on the market today with its funds having the ability to take on majority or minority positions or act as a liquidity provider to owners of unlisted portfolios.

LPs on the newest vehicle from Verdane include commitments from the usual suspects — private and public pension funds, global university endowments, foundations, insurance companies and, naturally, family offices. The firm notes that its investor base continues to gain appeal on a global level with 25 per cent of Edda III commitments arriving from the US.

Verdane co-founder and managing partner Bjarne Kveim Lie commented: 

“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.” 

Lead image: The Verdane team.

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