Why Industry Ventures Is Betting Big on Emerging Managers

San Francisco-based Industry Ventures has secured $900 million for a fund targeting early-stage technology's emerging managers and companies. This "hybrid fund" will back venture and seed investors, support funding rounds for startups, and buy stakes in early-stage funds from existing shareholders. Industry Ventures, primarily known as a secondary investor, has employed this hybrid strategy since 2009. Managing Director Roland Reynolds observes that raising flat or slightly larger funds is now seen as an achievement in today's challenging fundraising environment. The firm plans to allocate around 40% of the new fund to emerging managers, 40% to direct investments in startups around Series B, and 20% to purchasing stakes from institutional investors seeking liquidity or exiting the asset class. Industry Ventures now manages over $8 billion in committed capital, with $2.3 billion focused on U.S. early-stage hybrid funds.

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