Verdane closes impact fund Idun at hard cap of €300m
Verdane, the European specialist growth equity investor, has announced that it has held a final close on Verdane Idun I (“Idun” or “the Fund”), an impact-focused fund investing in technology-enabled businesses based in Northwestern Europe. The establishment of Idun allows Verdane to further its commitment to driving positive impact through investments in ambitious companies, delivering both outstanding financial returns and positive environmental and social impact.
Idun closed at its hard cap of €300 million, well above its initial target fund size of €225 million. The Fund counts leading institutions including private markets investment managers, pension funds, asset managers, and climate investment funds, amongst its investors.
Building on Verdane’s proven track record of investing in European tech-enabled sustainable businesses, Idun will make investments focused on driving impact in three clusters: energy transition; sustainable consumption; and resilient communities. The Fund will leverage Verdane’s deep technology expertise to rapidly scale high-growth sustainable solutions.
Idun is classified as "Article 9" under the European Union’s Finance Disclosure Regulation. Every investment made must meet both financial and impact criteria, with impact defined as addressing at least one of the Sustainable Development Goals (SDGs) and qualifying against Verdane’s proprietary impact framework, based on the Impact Management Project. Each Idun portfolio company will regularly report on bespoke sustainability KPIs, while both the Fund’s carried interest and credit facility, provided by Nordea, are linked to impact goal attainment.
Idun has already made three investments: Auntie, a digital provider of workplace wellbeing services; Spond, a digital enabler of grassroot sports and physical health; and a third, soon-to-be-announced business that contributes to a low-carbon society.
Idun’s dedicated team combines entrepreneurial and impact investment experience and is headed by partners Christian Jebsen and Erik Osmundsen, who will work alongside directors Reed Snyder and Karin Kans, as well as Sustainability Lead Axel Elmqvist. The team will be integrated with Verdane’s wider platform of over 90 investment professionals and its team of operational experts, Verdane Elevate, to create value and drive impact in the portfolio.
We are delighted to have supported Verdane on this ground-breaking fundraise.