Venture capital firm Industry Ventures is back in market with its ninth flagship secondaries fund.
The San Francisco-based direct secondaries specialist is targeting $750 million for Industry Ventures Secondary Fund IX, according to a filing with the Securities and Exchange Commission. New Mexico Educational Retirement Board has already committed $50 million, Secondaries Investor reported in June.
The 2016-vintage predecessor Fund VIII took six months to raise $500 million, against a target of $425 million, according to Secondaries Investor data. Investors include the Employees Retirement System of Texas and the Los Angeles Water & Power Employees Retirement Plan, which both committed $40 million.
In 2017, chief executive and founder Hans Swildens told Secondaries Investor: “Our last three [funds] have all been $500 million or less and there’s been a reason for that. The only way that our funds might become larger is if there was a massive downmarket correction and there was distress, fear and uncertainty. Then I could see ourselves deploying more capital.”
In February, the firm held a $125 million final close on Industry Ventures Tech Buyout, a fund of funds that makes primary, early secondary and direct investments in technology-focused buyout funds, Secondaries Investor reported.
In April 2019, Goldman Sachs Asset Management’s Petershill programme bought a minority equity stake in the business.
Around $4.75 billion of venture capital stakes traded hands in 2019, down 6.2 percent year-on-year, according to the annual volume report by intermediary Setter Capital.
If you do not receive this within five minutes, please try to sign in again. If the problem persists, please email: