Verdane closes oversubscribed Capital XI at €1.1 billion hard cap
Verdane, the European specialist growth investment firm, has held a final close of Verdane Capital XI at its hard cap of €1.1 billion. The new fund is almost twice the size of its predecessor, Capital X, which closed at €610 million in 2019.
The oversubscribed fundraise attracted commitments from private and public pension funds, leading global university endowments, foundations, insurance companies, family offices and government agencies. Existing investors demonstrated strong support with a re-up rate of over 100% from LPs who invested in Capital X by capital committed. The geographical footprint of the investor base also expanded, from 11 countries in Capital X to 21 in Capital XI. Importantly, a significant proportion of the new fund’s LPs are not-for-profit institutions for whom an investment in Verdane represents an opportunity to deliver social and environmental value on behalf of their stakeholders and beneficiaries.
Verdane will continue to partner with European growth companies, investing thematically in digitalisation and decarbonisation. Verdane has invested in more than 300 companies to date, with notable successes such as Forsta, Momox and Nomentia. On average, investments have realised gross returns of 3.8x and an IRR of 60% across the Verdane platform, which is comprised of its Edda, Idun and Capital fund strategies.
Verdane can take majority or minority positions in either single companies or portfolios of companies, investing between €20 - €150+ million in equity tickets. With a flexible investment mandate, Verdane leverages deep thematic expertise to invest in Europe’s most ambitious growth companies. Verdane’s portfolio companies are further supported by Elevate, Verdane’s in-house team of operational experts, with dedicated expertise in every function needed for scale including data and technology, sustainability and go-to-market strategy. With a team of 130+ investment professionals and operational experts, Verdane’s local presence in core European markets enables access to the region’s best technology companies. The firm’s regional presence with seven local offices also supports Verdane’s partnership approach, creating close alignment between investor and management team to elevate regional market leaders to the global stage.
Rede Partners is delighted to have supported Verdane as global placement advisor since 2016. We extend our warmest congratulations to the whole Verdane team and look forward to our continued partnership.