UK venture secondaries firm
Shackleton Secondaries II (SSIILP) received the majority of its backing from an unnamed European fund-of-funds investor with over €1.5bn under management. The new fund will have a broader remit than the firm’s maiden fund, which was focused on VC investments in information technology, communications and healthcare. This latest offering will also be able to made development capital investment.
Hugh Stewart, managing partner, said: “Shackleton’s latest fundraising is testament to the progress we have made with our first fund and to the current investment climate where GPs wish to realise some liquidity through a secondary portfolio transaction. Our first fund’s underlying portfolio is performing well and we are very pleased that our second fund has got off to a strong start by acquiring these additional assets from 3i. The market for venture secondaries is still relatively young but, we believe, is set to grow as secondary transactions become a standard part of portfolio management in Europe.”
The purchase of 13 positions from