VC-focused Knightsbridge returns with sophomore fund

Stakes in VC funds attracted the lowest pricing among all strategies in the first half of the year.

Knightsbridge Advisers, a venture capital-focused fund of funds, is back with its second vehicle focusing on VC secondaries.

The Cambridge, Massachusetts-headquartered firm is seeking $150 million for KVC Secondaries Fund II, according to a filing with the US Securities and Exchange Commission. The filing shows no capital has been raised so far.

Knightsbridge sources and invests in secondaries by typically acquiring interests at a “significant discount to appraised value”, according to its website.

It is unclear how much Knightsbridge raised for its first VC secondaries fund and the firm did not return a request for comment by press time.

The firm was founded in 1983 by Joel Romines. One of its managing principals, Matthew Ahern, was previously co-head of a $2 billion discretionary primary and secondaries private equity and venture capital platform at Bank of America – Merrill Lynch, according to the firm’s website.

Stakes in venture funds accounted for around 17 percent of total deal volume in the first half of this year, according to data from Greenhill. Pricing for interests in VC funds remain among the lowest of all strategies, with stakes trading at an average high of 81 percent of net asset value, compared with 89 percent for all strategies.