Industry Ventures has closed its third fund of funds on $170 million.
Industry Ventures Partnership Holdings III was oversubscribed and received a $20 million commitment from the New Hampshire Retirement System last year. The fund had an initial target of $125 million, according to PEI’s Research and Analytics division.
Fund III will make primary commitments and early secondaries purchases in small venture capital funds, as well as direct investments alongside managers, according to a statement.
“The partnership holdings platform continues to allow us to offer general partners and their portfolio companies access to liquidity and funding throughout their lifecycle, which is unique in the venture ecosystem,” founder and chief executive officer Hans Swildens said in the statement.
The partnership holdings platform is geared toward seed and early-stage funds. Industry Ventures’ second partnership holdings fund closed on $65 million in 2011, according to PEI data.
The closing of Fund III brings Industry Ventures’ total assets under management to more than $2 billion. The firm also recently closed its seventh dedicated secondaries fund on $425 million, according to PEI data. About 15 percent of the fund had been invested as of August and the fund is on track to maintain its three-year investment pace.