Verdane closes Idun II at €700 million hard cap to back companies that will create a more sustainable future

Verdane, the European specialist growth investor, has announced the successful final close of Verdane Idun II at its €700 million hard cap, more than double the size of its €300 million predecessor Idun I. Idun II will invest in businesses within the structural growth trend of decarbonisation. This is Verdane’s third successful final fund close in the last year.

Verdane, the European specialist growth investor, has announced the successful final close of Verdane Idun II at its €700 million hard cap. The new fund is more than double the size of its predecessor, Idun I, which held a final close on €300 million in December 2021. Despite a challenging fundraising environment in Europe, Idun II was raised rapidly and was fully allocated within five months of launch.

Idun II is classified as an “Article 9” fund under the European Union’s Sustainable Finance Directive and will invest in decarbonising the economy, specifically in the areas of energy transition and resource efficiency. The fund will back ambitious companies that are helping to bring about a more sustainable future as they scale.

The fund attracted commitments from a strong group of investors including global private and public pension funds, leading university endowments, foundations, insurance companies, family offices and government and supranational organisations such as Nysnø Climate Investments, Norway’s state climate investment fund. Verdane’s LP base is increasingly international, with commitments to Idun II coming from investors across 13 countries.

The final close of Idun II represents Verdane’s third successful fund closing within the past year, and a continuation of Rede’s longstanding relationship with Verdane which began in 2016 with the raise of Verdane Freya IX. Recently, Rede partnered with Verdane in successfully closing Verdane Edda III at its €1.1 billion hard cap in February 2024, and Verdane Freya XI at its €1.1 billion hard cap in September 2023. The three new latest funds take Verdane‘s total assets under management to more than €8 billion.

Since the launch of its first specialist Sustainability-oriented fundraise in 2013, Rede’s dedicated Climate & Impact business has rapidly established itself as a leader in this emerging field. To date, Rede Climate & Impact has advised on 15 Impact-focused engagements, and closed €8.5 billion of capital for Impact funds from more than 300 LPs globally. In line with increasing LP demand for Impact-focused strategies, the Rede Climate & Impact team has grown to comprise seven professionals, each with specialist Impact and fundraising expertise.