Akkadian Ventures has closed its third direct secondaries and co-investment fund on $74 million, according to a statement.
Akkadian Ventures III was over-subscribed and surpassed its $50 million target. Limited partners in the fund include institutional investors in Europe and the US. Akkadian’s previous direct secondaries fund raised $22 million in 2012, according to PEI’s Research and Analytics division.
Fund III is roughly 20 percent deployed in direct secondaries deals focused on media, technology and telecommunications. Akkadian invests between $75,000 and over $10 million in each transaction.
Since it was founded in 2010 Akkadian has acquired 20 portfolio companies, seven of which have been exited. Five of the exits, including software companies Convio and Splunk have been via initial public offerings.
“Unlike most institutional investors, we love working with small stockholders. Over the past three years, Akkadian has built a solid track record of creating value for small stockholders, working with over 120 entrepreneurs, employees and investors to solve their liquidity problems,” co-founder and managing director Ben Black said in the statement.
Fund III brings Akkadian’s total assets under management to $108 million. The firm is led by Black, who previously founded seed fund New Cycle Capital and Mike Gridley, former Industry Ventures managing director.
Akkadian is based in San Francisco and has a second office in Denver.