Venture capital lending firm 137 Ventures has held a $137m final close for its oversubscribed second vehicle.
The firm provides structured liquidity products to startups in exchange for shares in their businesses.
137 Ventures closed its debut fund on $50m in 2011 to target investments in fast-growing, late-stage technology companies.
The firm has scored significant exits since it was founded in 2010, including the IPOs of SolarCity and 2U and the sale of Tumblr to Yahoo! for $1.1bn.
Co-founder and managing partner Justin Fishner-Wolfson said, “We believe in building long-term relationships with founders and companies to support them as they scale.
“As companies stay private for extended periods of time, our model offers a unique solution to the growing tension between startups and their founders and employees during the growth phase of a company’s life cycle.”
Copyright © 2014 AltAssets