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Industry Ventures out raising ninth VC secondaries fund, gets New Mexico pension commitment – report

Industry Ventures out raising ninth VC secondaries fund, gets New Mexico pension commitment – report


Industry Ventures is out raising the follow-up to its oversubscribed eighth secondaries fund pair, which it closed on $700m of capital four years ago.

The firm has gathered a $50m commitment to Industry Ventures Secondary Fund IX from the New Mexico Educational Retirement Board according to a VCJ report.

Industry Ventures hauled in $500m for the final close of Fund VIII in 2016, alongside $200m for a special opportunities fund enabling it to invest in larger deals in paralled with the main fund.

Those raises brought IV’s capital under management to $2.7bn, targeting secondary stakes in companies as well as LP investments in venture funds – a figure which has since grown to $3.6bn.

Earlier this year Industry Ventures closed its first hybrid fund of funds for tech buyouts with $125m of committed capital.

The firm said it would use Industry Ventures Tech Buyout to back funds of less than $750m, as well as early secondary purchases of LP interests in those funds and direct co-investments in tech buyouts focusing on software companies and other venture-backed businesses.

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