European growth equity investor Verdane has closed its Idun II fund at its €700 million (US$762.8 million) hard cap, which will be channelled into economy-wide decarbonisation investments. The Article 9 Sustainable Finance Disclosure Regulation fund, which will invest in the energy transition and resource efficiency in Europe, has been backed by investors from 13 countries. The Idun II fund has more than doubled the size of predecessor Idun I, which closed at €300 million, and marks Verdane’s third final fund close in 12 months. Since launching in 2003, Verdane has invested in 42 sustainable businesses with the Idun funds injecting between €20 and €100 million. Verdane has backed 16 European businesses over the past 12 months with more than €600 million in capital. All investments made specifically by Idun II must pass sustainability criteria to measure their positive environmental impact, such as a carbon avoidance target of a minimum of 5,000 tonnes of CO2 avoided per €1 million invested. “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,” said Frida Einarson, Partner, Investor Relations at Verdane. “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.”
