Verdane closes Edda II fund at €540m hardcap
Verdane closes Edda II fund at €540m hardcap
Verdane, the Northern European specialist growth equity investor, has announced that it has held a final close on Verdane Edda II (“Edda II” or “the Fund”), a fund investing in technology-enabled growth businesses, at its €540 million hard cap. Edda II brings the total committed capital across Verdane’s nine Funds to over €3 billion.
We are delighted to have supported Verdane on the Edda II raise in a strategic advisory capacity. This fundraise continues our strong relationship with Verdane, having previously partnered together to raise Verdane IX, Verdane X and Verdane Edda I.
Edda II was significantly oversubscribed and received strong investor support, with over 90 per cent of its committed capital coming from a diversified group of existing investors across Europe, North America and the Middle East. The Fund has already made two investments, in Hornetsecurity, a leading European provider of cloud-based email security and data protection, and Stratsys, a cloud-based strategic planning platform.
Over 50 per cent of the Fund’s committed capital comes from non-profit sources. The Fund holds commitments from leading global university endowments, foundations, insurance companies, family offices, government agencies as well as private and public pension funds.
Verdane is one of the most active growth investors in the region, recognised as a specialist in helping tech-enabled businesses scale their operations. On average, Verdane companies have more than doubled revenues between entry and exit, and grown EBITDA by close to 300%. To date, Verdane Funds have delivered realised investment returns of 3x invested capital.
Verdane’s Edda and Capital Funds partner with category-leading, Northern European growth businesses operating in SDG-aligned markets. All investments made by the Funds are supported by at least one of three macroeconomically resilient megatrends: The Digital Consumer, Software Everywhere and Sustainable Society.
Verdane’s team of over 60 specialist investment professionals and operating experts is one of Northern Europe’s most experienced teams, providing a differentiated globalised yet localised approach to value creation through integrated, vertical-focused teams across Northern Europe. Verdane’s ability to combine its business building expertise with superior local insight is complemented by Elevate, Verdane’s 14-strong in-house team of operating experts that provide strategic and operational support on high-priority growth initiatives from go-to-market to operations.
