Verdane closes debut buyout fund on SEK 3bn hard-cap

With its new fund, Verdane intends to acquire direct control positions in mid-sized to large companies in the Nordic region. The GP will target fast-growing companies in the software, consumer and internet sectors as well as companies in more traditional sectors that can benefit from digitalisation.

In the past, Verdane has mainly focused on direct secondaries, acquiring portfolios of unlisted assets, though it also makes growth investments and buyouts.

According to the GP, it has helped core companies in its previous funds achieve revenue growth north of 90% on average during the funds' ownership period. This was enabled by network building and knowledge sharing between Verdane fund investments, such as peer-to-peer mentoring, CEO days on key topics and regular sector lunches, it said.

Verdane Edda will be managed by Jakob Tolleryd, who joined the investment team last year, and Johnny Rindahl, hired this year; they bring experience in e-commerce and software respectively.

London-based placement agent Rede Partners and Stockholm-based law firm Andulf Advokat advised on the fundraising.

The GP launched its previous fund, Verdane Capital IX, in February 2016, closing it on €319m in July 2016, according to Unquote Data. As of July 2017, the fund was 35% deployed. 

Investors
The fund was oversubscribed and 60% of investors are from outside the Nordic region. Commitments were received from global university endowments, foundations, insurance companies, family offices and government agencies, as well as private and public pension funds. Around 50% of the capital was from non-profit investors.

LPs in Verdane's previous funds included the European Investment Fund, Finnish Industry Investment, Ilmarinen Mutual Pension Insurance Company and the Third Swedish National Pension Fun, according to Unquote Data.

Investments
Verdane Edda will invest in high-growth companies in the Nordic countries, both within the software and consumer internet sectors, as well as in more traditional businesses where digitalisation can accelerate future growth.

The fund aims to take controlling stakes in single companies, targeting individual investments reaching up to SEK 500m, and may also make minority positions.

People
Verdane Capital – Bjarne Lie (managing partner); Henrik Aspén (group partner); Jakob Tolleryd (partner).

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