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Verdane closes Edda III above target at €1.1bn

European growth investment firm Verdane has held final close of Verdane Edda III (Edda III) at €1.1bn, in excess of its original fundraising target. Verdane has now closed two funds above target in the past six months for a combined €2.2bn.

Edda III attracted commitments from private and public pension funds, leading global university endowments, foundations, insurance companies and family offices. Some 40% of Edda III commitments came from non-profit organisations, while 68% of LPs from Verdane’s first fund established in 2003 have continued to back current Verdane funds.

For Edda III, 25% of commitments came from US investors. Across all Verdane funds, 70% of LPs are headquartered outside of the Nordics.

The Edda series of funds have already made three successful realisations, including Kappa Bioscience to Balchem in 2022 and HYMA to BHG Group in 2021.

Verdane’s Freya XI fund also raised €1.1bn, closing last September.

According to a press statement, Verdane funds target growth companies that help digitalise and decarbonise the European economies. The firm’s current holdings include CAIA Cosmetics, a European beauty brand; Evondos, a provider of automated medicine dispensing services for elderly home care clients, and Hornetsecurity, a global provider of cloud-based cybersecurity services to business customers.

Verdane invests between €20m and €150m in equity tickets and can take majority or minority positions, or act as liquidity provider to owners of unlisted portfolios.

 

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