Verdane holds first close on SEK 650m

Secondaries direct specialist Verdane Capital has held a first closing of its seventh fund on around SEK 650m (approximately EUR63m). The fund's target size is SEK 1bn, and a second close is expected during the course of 2009.

Norwegian-government backed Argentum is the cornerstone investor, contributing NOK 148m. Together with Argentum's investment partners Gjensidige, ConocoPhillips Pension Fund and Varner Group, the Nordic Private Equity Program's (NPEP) subscription to the fund amounted to SEK 250m, representing 38% of total fund size at the first close. Apart from ConocoPhillips Pension Fund and Varner, all other investors were existing backers of Verdane's funds and included Finnish Industry Investment, which committed EUR9.7m and Kommunal Landspensjonskasse Mutual Insurance Company.

A secondary direct player, Verdane buys portfolios unlisted direct investments from other investors, with the majority being early-stage. Among the firm's most well-known transactions is the acquisition of the Norwegian government's investment company SND Invest in 2003. The SND portfolio companies famously generated stellar returns for the GP. Verdane, formerly known as Four Season Ventures, have mainly operated in the direct secondaries markets in Norway and Sweden. However, with the new vehicle the fund manager is looking to acquire portfolio stakes in Denmark and Finland as well. The new fund will also make both direct and indirect investments.

The recent fundraise increases Verdane's capital under management to SEK 4.5bn, managed by 25 staff in Stockholm and Oslo.

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