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Industry Ventures raises larger $335 mln hybrid fund of funds

  • Why is this important? Strategy holds, but $335 mln fund is 60 pct bigger than previous
  • AUM: $3.4 bln
  • One-third of AUM in hybrid funds of funds, direct co-investments

Industry Ventures said it raised a $335 million fifth hybrid fund of funds, representing a significant step up in size from its prior fund.

The new fund will follow the firm’s existing investment strategy of mixing primary and secondary investments.

The fund, which was oversubscribed, brings institutional capital under management to $3.4 billion, with $1.1 billion of it in hybrid funds of funds and direct co-investments.

Industry Ventures Partnership Holdings V represents a 60 percent increase over the firm’s fourth fund, which closed at $209 million.

It will seek primary commitments, early secondary purchases in smaller, early-stage venture-capital funds, and direct co-investments with these small funds.

Limited partners include government and corporate pension funds, endowments, foundations and family offices.

The fund offers LPs a single manager relationship with exposure to multiple stages of venture capital, said CEO Hans Swildens in a news release.

The firm’s hybrid fund program has investments in more than 120 small venture-capital partnerships, 20 co-investment funds and 35 direct co-investments in technology.