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Hans Swildens is chief executive and founder of the venture capital-focused fund of funds and secondaries specialist. He speaks to Secondaries Investor about who's selling what, the rise of corporate spin-outs, and how small and complex rules the day.
The firm is more than 85% of the way to its target for Opportunities Fund III, which invests in direct secondaries in Europe and North America.
The Israel-based fund of funds has just closed its fourth secondaries fund on $215m. Co-founder Alan Feld discusses the opportunities he is seeing in the market and how secondaries investors need to do more for the companies and GPs they work with.
The 80% invested fund has closed 26 secondaries deals.
The Nordic direct secondaries firm acquired the interest in Exensor in 2013 when it acquired the remaining assets of a 2000-vintage VC fund.
The US pension has backed the fund of funds' latest vehicle and has also committed to an SMA with the Asia-focused manager.
Lower price expectations drove an 18% increase in direct secondaries transactions during the first half of the year, according to a report by NYPPEX.
The €174m direct secondaries fund has already made three investments.
The stakes were accrued as part of ProSiebenSat 1 Media's 'media-for-equity' programme, through which it exchanges media coverage for equity stakes in promising companies.
The direct secondaries firm formally opened its Mumbai office this week.