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- Record-Breaking Close: Verdane’s Idun II fund closed at €700 million, doubling the size of its predecessor, Idun I.
- Focused Investment: Idun II targets high-impact sectors in decarbonization, emphasizing energy transition and resource efficiency.
- Commitment to Sustainability: With a minimum 5,000 tonnes of CO₂ avoided per €1 million invested, Idun II enforces strict sustainability criteria.
Verdane, the European growth investment firm, has announced the final close of its Idun II fund at a €700 million hard cap, a significant milestone aimed at investing in businesses accelerating the decarbonization of the economy. This fund is more than double the size of Verdane’s previous €300 million Idun I and underscores Verdane’s commitment to sustainability, with a portfolio of 42 environmentally focused companies backed since 2003.
“Idun II, classified as an ‘Article 9’ fund under the EU’s Sustainable Finance Directive, will focus on energy transition and resource efficiency,” the company stated, highlighting its strategy to support businesses positioned to thrive in a sustainable economy.
Verdane’s funds typically invest between €20 and €100 million in sustainable companies, with each investment meeting specific environmental impact criteria. A proprietary “2040 test” and carbon avoidance target of 5,000 tonnes of CO₂ per €1 million invested ensure that portfolio companies align with Verdane’s rigorous sustainability standards.
Global Investor Appeal and Accelerated Fund Allocation
Idun II, fully allocated within five months, attracted a diverse investor base, including non-profit organizations, pension funds, university endowments, and foundations. Nearly one-third of commitments came from U.S. investors, broadening Verdane’s international reach across 13 countries.
Frida Einarson, Partner, Investor Relations at Verdane, emphasized the positive momentum behind sustainable investing:
“The mobilisation of private capital at scale in 2024 to help create a more sustainable economy is a positive development for both our industry and the planet. We are grateful to welcome existing and new investors into Idun II and look forward to delivering both strong returns and positive climate impact, which they can quantify and track, for their programmes.”
Strategic Growth and Expert Support
Verdane’s commitment to sustainable growth is backed by a team of over 150 professionals and a specialized decarbonization team with 13 dedicated investment experts, supported by a 35-member in-house operations team. The firm’s proven value-creation engine provides access to extensive data and expertise for portfolio companies.
Bjarne Kveim Lie, Founder and Managing Partner of Verdane, highlighted the firm’s mission:
“With Idun II, we seek to demonstrate that it is possible to generate world-class returns for investors while making a meaningful contribution to the decarbonisation of our economy. As structural growth investors, we are convinced that the quest to decarbonise is a generational megatrend. Our goal is to be the preferred growth partner to the companies best positioned to take advantage of that trend, and to help them reach their full potential.”