Akkadian IV raises $118m for direct secondaries

The firm makes direct secondaries investments in high-growth tech companies.

Akkadian Ventures, a direct secondaries specialist, has raised $118 million for its fourth flagship fund, according to a filing with the US Securities and Exchange Commission.

The target of Akkadian Ventures IV was undisclosed, nor did the filing did not reveal whether the capital raise was a final or first close.

San Francisco-headquartered Akkadian began fundraising for Fund IV in July 2016. Its predecessor, Akkadian Ventures III, closed above its $50 million target on $74 million in October 2014 after 18 months of fundraising, according to PEI data.

Colorado-based Hamilton Miller Investments and Nashville-based Harpeth Securities are acting as placement agents, according to the filing.

Akkadian makes direct secondaries investments in mainly US-based, high-growth technology companies each year, according to its website. It holds 40 portfolio companies, typically with revenues of more than $20 million, and makes average investments of between $250,000 to $10 million.

Its main sectors of interest are software, internet and mobile businesses.