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Industry Ventures raises $625m for two funds

4 Dec 2013

dollar_money_bag_170sqVenture capital firm Industry Ventures has raised a total $625m for two funds including its largest vehicle to date.

Industry Ventures Secondary (IVS) VII has been closed on $425m, making it the largest fund ever raised by Industry, while the firm’s Special Opportunities Fund has received $200m from LPs.

The secondary fund was backed by 30 institutional LPs including government and corporate pension funds, insurance companies and foundations.

The two funds have brought the firm’s total capital under management to $1.7bn.

IVS VII will invest in private businesses and venture capital funds and the special opportunities vehicle will focus on larger investments. In August this year it was reported that the firm was seeking $400m for its new secondaries fund, which it expected to be oversubscribed.

Industry Ventures founder and managing director Hans Swildens said, “The VC market continues to evolve and there is an acceleration in shareholders looking for liquidity prior to a M&A or IPO exit.

“We now have the largest capital base and team in the US focused exclusively on solving liquidity issues for the venture capital ecosystem.

“Whether it’s a founder or employee looking for liquidity, a VC fund at the end of its ten year term or a corporation looking to exit their venture capital portfolio, we offer a number of flexible structures to enable direct equity and partnership interest sales.”

Industry is also raising a hybrid fund of funds to invest in smaller vehicles with less than $250m, making a combination of primary commitments, early secondaries and direct co-investments.

Industry Ventures Partnership Holdings III has a $100m target, up from the $65m the firm raised for its previous fund of funds vehicle.

Since its launch 12 years ago, Industry Ventures has invested in more than 120 businesses and 140 venture capital partnerships.

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