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Industry Ventures closes innovative hybrid fund on $65m

3 Jul 2012

Industry Ventures has closed its latest hybrid primary and secondaries fund on $65m, making it more than twice the size of its inaugural fund of funds vehicle from 2006.

The Partnership Holdings II fund is split across two accounts and brings Industry Ventures’ total assets under management to about $100m.

Industry Ventures aims to invest in venture funds with less than $250m of committed capital, and also makes early secondary investments into small funds with high multiple potential.

Roland Reynolds, a managing director at the firm, said, “We continue to experience favorable returns with higher IRRs and multiples from select small, early-stage venture funds and are deeply appreciative of the support of our limited partners.”

Previous Partnership Holdings primary investments include Costanoa Venture Capital, Foundry Group, IA Ventures, Lowercase Capital, Madrona Group, Rincon Venture Partners, SoftTech VC and True Ventures.

The latest fund close comes almost exactly 12 months after the firm closed Industry Ventures Fund VI, a $400m secondary fund focused on providing liquidity alternatives for venture capital and technology growth equity investments.

Earlier that year it also closed a $155m Special Opportunities Fund, bringing its total capital under management at the time to more than $1bn.

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