Verdane has raised €1.1 billion ($1.2 billion) for a new fund to invest in companies working to digitalize and decarbonize the European economy.
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The growth investment firm drew commitments from the likes of private and public pension funds, university endowments and insurance companies for the Edda III fund, according to a statement.
“We only invest in companies that pass our 2040 test,” Bjarne Kveim Lie, Verdane’s co-founder and managing partner, said in an interview. “That is those we believe are positioned to succeed in a more sustainable economy.”
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Investors were also drawn to the Edda III fund by the weighted revenue growth of 22% across the firm’s portfolio last year, Lie said. Verdane typically invests €20 million to about €150 million in companies through stake purchases.
“There are more exciting growth and growth buyout companies in Europe now than ever before,” Lie said. “It’s not the glory days of 2020, it’s difficult sometimes as buyers to meet sellers at the mid-point, but we do still see a lot of opportunities to buy into companies at attractive prices.”
The latest fund takes the amount raised by Verdane to €2.2 billion in the past six months.
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This story has been published from a wire agency feed without modifications to the text.