European private equity firm Verdane announced on Wednesday that it raised €700 million ($760.83 million) for its second fund focused on businesses involved in decarbonization.

Verdane Idun II reached its maximum limit, more than doubling the size of its predecessor, the €300 million Idun I fund.

According to a statement, Idun II will invest specifically in energy transition and resource efficiency.

Idun funds typically invest between €20 million and €100 million into ambitious companies working toward creating a more sustainable future.

“All investments from Idun II pass strict 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 statement said.

Investors in the fund include Norway’s state climate investment fund, Nysnø Climate Investments; Banque de Luxembourg; the European Investment Fund; Dutch pension manager MN; and Finnish investor Tesi.

Other investors in Idun II include global private and public pension funds, leading university endowments, foundations, insurance companies and family offices.

Nearly a third of the investor base comes from the United States.

Earlier this year, the company closed its mid-market growth buyout fund Edda III at its €1.1 billion hard cap, taking Verdane’s assets under management to over €8 billion.

The third fund family, Freya, has a more than 20-year track record and is currently investing out of its Freya XI fund with a highly differentiated, versatile mandate of investing in both direct portfolios and single companies.