PRESSR: U.S. based Industry Ventures achieves final close of two funds at $1.7bln

Dubai, UAE – Industry Ventures announced the close of their Secondary X Fund with over $1.45 billion in commitments and the close of Tech Buyout II Fund with over $260 million in commitments.

Industry Ventures’ Secondary X Fund is a secondaries vehicle that focuses on leading later-stage venture-capital companies, while Tech Buyout II is a hybrid fund that focuses on small software company buyouts and emerging software buyout funds. Greenstone Equity Partners, the leading fund placement firm in the Middle East, supported Industry Ventures in achieving these fund closes by raising capital from Greenstone’s network of GCC-based institutional investors. The closes of Secondary X and Tech Buyout II come during a time of burgeoning market demand for investor liquidity. The two funds bring Industry Ventures’s total committed capital under management to over $7 billion.

Secondary X seeks exposure to later-stage, fully financed, venture capital-backed companies through direct secondaries, secondary LP investments, continuation funds, and other special situations, with a sector focus on Enterprise SaaS, Fintech, Digital Healthcare, Marketplaces, EdTech, eCommerce, and Cybersecurity. Secondary X is one of the largest dedicated venture secondary funds ever raised and is Industry Venture’s largest fund raised to date. 

Tech Buyout II invests directly and indirectly in private equity buyouts of venture-backed software companies and special situations. It also invests a minority of its capital in leading small-cap technology buyout managers through both primary and secondary LP commitments.

Industry Ventures has completed over 600 secondary investments in its 20-year history. The largest exits to date for the secondary strategy result from investments in Uber, Alibaba, ZipRecruiter, NuBank, Lifelock, Marqeta, Roblox, Trustwave, Twitter, and Upwork.[1]

“We are thrilled to achieve the final close of our funds Secondary X and Tech Buyout II ," said Hans Swildens, Founder and Chief Executive Officer of Industry Ventures. “This successful fund close showcases the strong interest and support from our investors, and we are excited about the opportunities it will create to support innovative companies in the North American market."

“Partnering with Industry Ventures on the Secondary X and the Tech Buyout II funds has been a gratifying experience," commented Omar Al-Gharabally, Chief Investment Officer of Greenstone Equity Partners. “Our collaboration has enabled us to leverage Greenstone's extensive network of GCC-based institutional investors, who recognize the potential and value of the North American venture capital market. We look forward to continuing this fruitful partnership in the future."

About Industry Ventures

Founded in 2000, Industry Ventures is a leading venture capital platform with over $7 billion of committed capital under management. Industry Ventures invests across the technology growth lifecycle from early stage to buyout, through complementary fund strategies and a flexible approach. The primary funds invest directly and via early-stage venture funds from company formation to their growth stages. The secondary and tech buyout funds help later stage companies and their direct shareholders with minority or majority liquidity solutions. The portfolio companies identified and described herein do not represent all of the portfolio companies purchased, sold or recommended for funds advised by Industry Ventures.  The reader should not assume that an investment in the portfolio companies identified was or will be profitable.  Past performance is not indicative of future results. The firm is headquartered in San Francisco, with additional offices in Washington, DC, and London.  For a list of all of our portfolio companies and for more information, please visit www.industryventures.com.

SEC Marketing Rule Notice: Greenstone is not a current advisory client of Industry Ventures or an investor in any of Industry Ventures’ funds.  In connection with Greenstone’s provision of services to Industry Ventures and/or its affiliates under the relevant agreement, Greenstone will receive certain cash compensation. As a result of this compensation, Greenstone has an incentive to promote Industry Ventures and its funds that may result in a material conflict of interest in connection with these services.

About Greenstone Equity Partners

Greenstone Equity Partners is an established institutional-grade capital raising firm in the Middle East and the leading provider of regulatory-compliant fund marketing and registration services in the GCC. Founded in 2011 and headquartered in Dubai, Greenstone has deeply rooted local relationships with 200+ GCC-based institutional investors and 1,500+ GCC-based family office/UHNWI investors. Greenstone’s 80 professionals work with Greenstone’s global fund manager partners with aggregate AUMs of $700 billion. To find out more, visit www.gsequity.com

Jocelyne Arana

Contact: jocelyne.arana@gsequity.com

[1] Realised investments are those where >50% of a deal’s cost basis has been realised.  

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