San Francisco-based Industry Ventures is raising a new fund that already has hundreds of millions in committed capital.
The venture capital firm has raised more than $835 million since early February and is targeting $900 million for the new fund which is named "Industry Ventures Partnership Holdings VII," according to a recent filing.
The firm declined to comment on the new filing.
Industry Ventures also announced two additional funds back in September that had $1.7 billion in combined capital.
Most of that figure, or $1.45 billion, was dedicated to a secondary market fund with the rest going towards a buyout fund, PitchBook reported at the time.
Hans Swildens founded Industry Ventures in 2000 as way to take secondary stakes in private companies and has since expanded into buyouts, investing in other funds and making direct investments. The firm also had $7 billion in assets under its management after its previous two funds closed last year, according to PitchBook.
The firm has benefited as other investors have sought liquidity during a prolonged freeze in the public markets.
"Every segment of the LP market" has been selling off stakes, Swildens told TechCrunch last year, including "endowments, foundations, pension funds, family offices, insurance companies, fund of funds that are winding down. Pretty much everyone. There’s always a need for this. The secondary market has been compounding every year pretty much for the whole time we’ve been in it. A lot of it is related to portfolio management today. [People] sell part of their stake and reinvest that money in something else."
The firm has made several investments this year and co-led a $50 million Series B round for San Francisco-based Coalesce Automation.
It also participated in other Bay Area-based rounds including Collaborative Robotics' $100 million Series B round, Mechanical Orchard's $26 million Series A and Recall's $10 million Series A.
