Verdane targets $200m for ninth fund

The Nordic firm’s previous fund closed in 2014 on its Skr2bn target.

Venture capital and private equity firm Verdane Capital has launched its ninth fund, Verdane Capital IX, targeting $200 million, according to a regulatory filing.

The firm’s 27 June filing with the Securities and Exchange Commission indicates the firm has yet to receive a commitment from an investor and is accepting minimum $1.2 million per commitment.

The fund has hired Rede Partners as an advisor in eight US states, the document said.

Verdane’s previous fund, Verdane Capital VIII, was raised in 2013 and closed on its Skr2 billion ($300 million; €230 million) target, according to PEI Research & Analytics. Limited partners in the fund include Swedish pension AP Fonden 3, The Finnish Innovation Fund, Luxembourgian European Investment Fund, Finnish Industry Investment, French insurance company CNP Assurances and Swedish trade union Unionen, according to PEI data.

The firm’s website indicates the eighth fund is in its investing period.

Verdane, which has offices in Oslo, Stockholm and Helsinki, has invested in more than 250 companies since 2003, its website said. A source told Private Equity International Verdane mainly invests in Northern Europe, with a focus on technology-enabled growth companies.

Its current portfolio includes wireless network technology provider Aeris Communications, children’s clothing and toy e-tailer BabyShop, furniture and interior design online retailer Confident Living and pay-by-phone parking company Easy Park, according to its website, which also indicated that about one-fifth of the firm’s core investments are in the US and UK.

Verdane currently manages €700 million in assets, according to PEI Research & Analytics.

A spokeswoman declined to comment, citing regulatory reasons.