Industry promotes Robert May to COO

The promotion comes months after the San Francisco VC secondaries firm raised its largest secondaries fund, closing on $425m last December.

Industry Ventures has promoted Robert May to chief operating officer, according to a statement.

May has been the firm’s chief financial officer and chief compliance officer since June 2011.

Previously, May worked as a consultant for consulting and fund administration firm Standish Management in Palo Alto, California. He has also been the COO and CFO of venture capital firm Founders Fund and Thomas Weisel Venture Partners, according to Industry Ventures’ website.

Robert May
Robert May

Industry Ventures makes direct investments into venture-backed companies through secondaries funds and co-investment funds. The firm also invests into limited partner stakes in secondaries funds and early stage venture funds.

The firm closed its most recent secondaries fund in December 2013 on $425 million. Secondary VII surpassed its $400 million target and is the firm’s largest fund to date. The fund was oversubscribed and received commitments from 30 institutions including the New Hampshire Retirement System, the Ohio Public Employees Retirement System and the Employees Retirement System of Texas, according to data from Secondaries Investor’s sister publication Private Equity International.

“We are thrilled with the continued support and participation of our investors in Secondary VII,” Industry Ventures managing director and founder Hans Swildens said in a prior statement. “The VC market continues to evolve and there is an acceleration in shareholders looking for liquidity prior to a M&A or IPO exit.”

Industry Ventures was founded by Swildens in 2000. The firm is based in San Francisco and has an office in Alexandria, Virginia.