Industry Ventures, a venture capital secondaries specialist, is back in market with its eighth fund focused on venture capital secondaries.
The San Francisco-based firm is targeting $425 million for Industry Ventures Secondary VIII, according to a filing with the US Securities and Exchange Commission on 1 February. The fund has not raised any capital, according to the filing.
The firm held a final close on $425 million for its previous secondaries fund, Industry Ventures Secondary VII, in December 2013. A separate secondaries vehicle, the $200 million Industry Ventures Special Opportunities Fund II, also closed in the same month, according to PEI’s Research and Analytics.
Industry Ventures’ secondaries strategy involves buying unfunded interests in small venture funds and more fully funded interests, as well as entire portfolios of investments and single positions in individual companies through direct secondaries, according to its website. The firm also invests in primaries and direct co-investments.
Limited partners in Industry Ventures’ previous secondaries fund include the New Hampshire Retirement System, New Mexico Educational Retirement Board and Rhode Island State Treasury, according to PEI data.
In January, the firm announced it had hired Amir Malayery as a vice-president responsible for originating, valuing and managing secondaries investments.
Industry Ventures declined to comment.
Founded in 1999, Industry Ventures has almost $2 billion in assets under management, according to PEI data. The firm employs 17 staff at its San Francisco headquarters.