Industry Ventures has closed its seventh hybrid fund, Industry Ventures Partnership Holdings VII, with $900 million in committed capital. The fund will invest in emerging seed- and early-stage funds through primary and early secondary Limited Partnership interests, as well as direct investments.
The fund’s investors include public and corporate pension funds, endowments, foundations, financial institutions, and family offices, along with a commitment from its general partner. Pension allocators include the South Carolina Retirement System ($75 million) and the Employees Retirement System of Texas ($40 million).
This latest fund brings Industry Ventures’ total committed capital under management to over $8 billion, with $2.3 billion dedicated to early-stage hybrid funds.
The firm has been pursuing this investment strategy since 2007. Roland Reynolds, senior managing director at Industry Ventures, said, “As the brand name funds grew larger, we saw the opportunity to partner with emerging managers who would fill the void of the larger funds moving up-market.”
Industry Ventures has made over 725 LP interest investments, 290 direct investments, and 140 special purpose vehicle investments since inception. The firm’s portfolio now includes more than 300 VC managers. The firm also runs dedicated secondary and buyout strategies.
“The additional capital in this fund will allow us to continue building on our strategy, as we continue to make commitments to GP’s inaugural funds as we did for 11.2 Capital, Altos Ventures, Amplify Partners, IA Ventures, Lowercase Capital, Pear Ventures, and dozens of others,” said Industry Ventures Founder and CEO Hans Swildens.
“We believe the market opportunity today represents a compelling time to be investing in VC given the strong demand for technology as well as the recent reset in valuations,” added Industry Ventures Managing Director Jonathan Roosevelt.
Industry Ventures, founded in 2000, is based in San Francisco with offices in Washington, D.C., and London.
