Norwegian investment firm Verdane has finalized its Idun II fund at €700 million, more than doubling the size of its predecessor, Idun I, which closed at €300 million. Targeting investments in sustainable, tech-enabled companies, Idun II aims to accelerate Europe’s transition to a low-carbon economy, with a strong emphasis on sectors like energy transition and resource efficiency.
The fund is classified as an Article 9 fund under the EU’s Sustainable Finance Disclosure Regulation (SFDR), aligning it with the highest sustainability standards.
Investing in Decarbonization and Resource Efficiency
Verdane’s Idun II fund will focus on investments between €20 million and €100 million, each required to meet rigorous sustainability criteria, including an ambitious target to avoid at least 5,000 tonnes of CO2 emissions per €1 million invested. Verdane applies its proprietary “2040 test” to ensure portfolio companies align with a sustainable economy for the long term. Founder and Managing Partner Bjarne Kveim Lie highlighted that the fund’s mission is to combine world-class returns with meaningful environmental impact.
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Robust Support from International Investors
Idun II drew support from key investors, including Norway’s Nysnø Climate Investments, Banque de Luxembourg, and the European Investment Fund, alongside global pension funds, endowments, and foundations. Within five months, the fund reached full subscription with commitments from investors across 13 countries, including a significant portion from the U.S.
A Growing Portfolio of Sustainable Businesses
Since 2003, Verdane has invested in over 42 companies focused on sustainability. Notable investments from the Idun fund family include NORNORM, which offers a circular furniture subscription model, and Scanbio, an innovator in upcycling fish protein and oils. With over €8 billion in assets under management, Verdane’s commitment to sustainable growth is reinforced by its extensive support network, which includes a dedicated team of 150 professionals and a specialized Elevate team offering operational expertise in strategy, technology, and finance.
Verdane’s Vision for Sustainable Investment
A certified B Corporation and UN PRI signatory, Verdane emphasizes sustainable investment, taking either minority or majority stakes in companies or portfolios. With the closing of Idun II, Verdane is positioned to further advance decarbonization across Europe, providing portfolio companies with the tools to drive sustainable growth and a greener economy.
