San Francisco-based secondary venture portfolio buyer Industry Ventures held a first close on its fourth fund, raising $6.3 million from six investors, according to a filing with the Securities and Exchange Commission (SEC). While the SEC documents list the fund raising goal as $150 million, PE Week has learned that the firm is seeking $100 million with a cap of $150 million.
Industry was founded in 2000 in Massachusetts as a venture firm before relocating west and focusing on the secondary market. As such, unlike most secondary buyers that buy either LP interests or venture portfolios, Industry purchases both, though LP interests currently account for about one third of the deals in its pipeline.
The firm’s representatives declined to talk about the fund, citing SEC regulations. The firm’s website lists its limited partners as financial institutions, pension funds, general partners from venture firms, entrepreneurs, investment trusts and family foundations.
In June, Industry Ventures saw two exits from its portfolio. Santa Clara, Calif.-based Speedera Networks was acquired by Akamai Technologies. (Nasdaq: AKAM) for about $130 million. Speedera, a provider of distributed application hosting and content delivery services, raised money from such firms as ABS Ventures, Trinity Ventures, Comdisco Ventures, Continuum Group, Banc of America, DB Investor, Oracle, Hewlett-Packard, Palo Alto Investors and Stanford University.
Also, Sunnyvale, Calif.-based management software provider Trados was acquired by SDL for about $60 million. Trados’ backers included DB Investor, HqCapital, Invision, Mercury Private Equity, Mitsubishi and Wachovia Capital.
Industry does not disclose the purchase price of its assets.
Email Matthew.Sheahan@thomson.com
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