Verdane Capital VII K/S closes above target

6 Sep, 2010

Verdane Capital VII K/S has held a final closing above its Skr 1.5 billion target. The fund is 50% larger than its predecessor. Seven new investors and 23 existing Verdane investors have made commitments to the fund, which invests in portfolios of unlisted assets in the Nordic region, so called secondary directs.

The 30 investors in the fund comprise some of the most respected institutions in the Nordic countries. Verdane VII has a truly pan-Nordic investor base, with investors from Denmark, Finland, Norway and Sweden; including AP3, Argentum, Finnish Industry Investment, KLP, Mandatum Life advised by Amanda Capital and RealDania. A quarter of the capital comes from outside the region, with commitments from European and US family offices and fund of funds; amongst others Dahlia, Masseran and a sizeable Zurich-based family office.

“We are grateful for the confidence that new and old investors have placed in us, which has allowed us to grow our latest fund in an extraordinarily difficult fundraising market - in 2009, funds in Europe only raised 42% of the capital that was raised the previous year. We are particularly pleased to be building our investor base in Denmark and Finland which are markets we want to do more deals in” says Lars B. Thoresen, Group Managing Partner at Verdane Capital Advisors.

Verdane Capital VII is primarily focused on acquiring portfolios of unlisted assets, but can also invest selectively in individual growth companies in the Nordic region. The fund has already invested in 35 companies through the acquisition of three portfolios; Spencer in Norway, Aggregate Media II in Sweden and Cumasa in Finland. All three deals were proprietarily sourced and represent an interesting breadth of underlying companies active in primarily alternative energy, e-commerce and industrial machinery.

 “In our seven year history, we have never seen stronger dealflow than we do right now. Many holders of unlisted assets are making strategic decisions to focus on their core activities, and we can offer liquidity through tailored structures that meet the needs of each seller. We provide capital and long-term active ownership to the companies with the biggest potential, and investors in the fund benefit from a highly diversified and to some degree counter cyclical exposure to the Nordic market” says Bjarne Lie, Chief Investment Officer at Verdane Capital Advisors.

”Now is a great time to find attractive buying opportunities. I am especially impressed with how Verdane manages to design creative solutions in complex transactions involving a variety of assets and with sellers ranging from family-owned businesses to insurance companies and large corporations. With 14 portfolios acquired over the years they have taken a clear and leading position in the Nordics” says Joachim Høegh-Krohn, Managing Director at Argentum, one of the key limited partners in the new fund.

For further information, please contact:
Lars B. Thoresen, Group Managing Partner, email: lars.thoresen@verdanecapital.com, mobile: +47 957 074 94
Bjarne Lie, Partner and Chief Investment Officer, email: bjarne.lie@verdanecapital.com, mobile: +47 918 155 08 or +46 706 037 411

About Verdane Capital
Verdane Capital Advisors has 25 years experience in the venture capital and private equity market. The company’s primary focus is on acquisition of portfolios of unlisted companies, but Verdane Capital funds also selectively invest directly in medium-sized individual companies. The company's active funds stand at approximately Skr 5 billion, with a total of approximately 100 holdings in five different funds. Verdane Capital Advisors has 17 investment professionals in offices in Oslo and Stockholm. Example investments include: BytHjul, C3, Mathem, Resman, SmartMotor, Vector, Wireless Maingate and Åkerströms. Examples of earlier investments are Coding Technologies, Chipcon, DIBS, Infostream, Nacre, Opera Software, Provida, Reslink and TradeDoubler. www.verdanecapital.com