Industry Ventures' secondaries fund tops $1.7B in commitments

What's the deal? Industry Ventures has raised more than $1.7 billion for Industry Ventures Secondary XI, a fund buying stakes in private companies and venture funds to help investors generate liquidity. The fund remains in the market, meaning the tally could grow before a final close.

Who's backing it? The South Carolina Retirement System committed $150 million in July. The fund's 2023-vintage predecessor closed with just $212 million, according to SecondaryLink Data — making this raise more than eight times larger.

Why now? Venture secondaries are drawing institutional money as traditional exits like IPOs and acquisitions stay scarce. Investors are turning to the secondary market to sell holdings and free up cash.

What's the endgame? Industry Ventures specialises in venture secondaries, buying existing positions rather than investing directly in startups. The San Francisco-based firm uses these funds to offer liquidity to venture capital investors locked into illiquid stakes.

The bigger picture: Secondary XI is the first fund Industry Ventures has launched since Goldman SachsDealroom has a profile for this one. Try Dealroom → agreed to acquire the firm in 2025, folding a secondaries specialist into Goldman's alternatives platform.

The signal: The scale signals strong appetite for liquidity in private markets. StepStone's venture-secondaries flagship has also topped $1.3 billion, reflecting a broader rush to buy and sell private stakes while exits remain difficult.

Read more: secondarylink.com

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