Rhode Island commits to Industry Ventures FoF

San Francisco-based Industry Ventures is seeking $200m for Fund IV, a fund of funds that can buy early VC secondaries.

Rhode Island’s state pension has re-upped its investment in Industry Ventures funds with a commitment to the firm’s latest fund of funds, which can make secondaries deals.

The State Investment Commission, which handles the investments of the Employees’ Retirement System of Rhode Island, approved a $10 million commitment to Industry Ventures Partnership Holdings Fund IV on 27 January, according to minutes of its monthly meeting.

The pension’s total exposure to the fund will be $23 million, due to a transfer of the $13 million overage fund commitment that was intended to be invested alongside Industry Ventures Partnership Holdings Fund III, the minutes show.

San Francisco-based Industry Ventures is seeking $200 million for Fund IV, according to PEI Research & Analytics. The fund can acquire early-stage secondaries, or less than 50 percent called-down fund interests.

Industry Ventures is also in market with Industry Ventures Secondary VIII, a dedicated secondaries fund targeting $425 million, as Secondaries Investor previously reported.

Founded in 1999, Industry Ventures has almost $2 billion in assets under management, according to PEI data. The firm employs 17 staff at its headquarters.