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New Hampshire commits $20m to Industry Ventures

The San Francisco-based firm is in the midst of raising Industry Ventures Partnership Holdings IV. It also recently hired an associate and is looking for a vice-president to focus on secondaries.

The New Hampshire Retirement System (NHRS) has made a new commitment to Industry Ventures’ latest fund.

According to board materials dated 18 September, the $7.5 billion pension fund committed $20 million to Industry Ventures Partnership Holdings IV.

Industry Ventures Partnership Holdings IV launched in April and is targeting $200 million, the majority of which are expected to be re-ups, according to minutes from the pension plan’s investment committee meeting. NHRS has also been offered a seat on the firm’s advisory board, according to the minutes.

In September 2014, the firm closed Industry Ventures Partnership Holdings III LP with $170 million. The fund targets primary commitments and early secondaries purchases in smaller venture capital funds as well as direct investments alongside its managers.

NHRS’s investments in Industry Ventures’ funds also include Industry Ventures Fund VI, Industry Ventures Partnership III and Industry Ventures Secondary VII, as of 31 March, according to documents from the pension fund.

NHRS is also invested in other secondaries funds, including Paul Capital Partners X, Lexington Capital Partners VII, Lexington Capital Partners VIII, Coller International Partners VI, Dover Street VIII and Top Tier VVF.

San Francisco-based Industry Ventures declined to comment citing compliance reasons.

Industry Ventures hired Kathleen Collins as associate, the firm said in August. Collins is focusing on originating and valuing the firm’s secondaries investments. She comes from Bulger Partners, a tech-focused investment bank.

As of August, the firm was also looking to hire a vice-president to assist partners to source, analyse and execute secondaries deals in companies, LP interests and portfolios of investments. The vice-president is also expected to lead the associate team.