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Verdane halfway to $1bn-plus target for latest flagship

The European direct secondaries specialist is seeking more than $2bn across separate vehicles.

Verdane, one of Europe’s largest direct secondaries specialists, plans to double the firepower of its flagship fund series and is making headway with the capital raise around three months after having launched the vehicle.

Verdane Capital XI has raised roughly half of its $1.17 billion target, according to a source familiar with the matter. The fund’s target was disclosed in a filing with the US Securities and Exchange Commission on Sunday.

The vehicle launched in February, according to Secondaries Investor data.

Verdane raised SKr6 billion ($613 million; €571 million) for its predecessor flagship, Verdane Capital X, in 2019, according to Secondaries Investor data. The fund, which beat its SKr5 billion target, closed after three months of fundraising and attracted commitments from investors including Fresno County Employees’ Retirement Association, Norway’s Sundt AS and Finland’s Tesi.

The Oslo-headquartered firm is also seeking $1.17 billion for its third buyout fund, Edda III, according to a separate SEC filing. Verdane launched the Edda series of buyout funds to fill a gap between its direct secondaries funds, which can only invest €15 million in one company, and international tech-focused buyout funds that target large investments, managing partner Bjarne Lie told Secondaries Investor in 2018.

Verdane ranked 38th in the latest SI 50 ranking of the biggest secondaries fundraisers.

A spokesperson for Verdane declined to comment.