Venture capital

3Spoke Capital provides structured secondary liquidity to LPs, GPs and investors who own direct interests in companies.

At a recent event focused on ‘the future of venture secondaries’, GPs and LPs shared the reasons they are so keen on the space.

The fundraise comes as the same time as the firm has taken the lead on a healthcare-focused single-asset continuation fund transaction.

The fund’s strategy will take advantage of the current market setup, Irving Investors portfolio manager Jacob Sonnenberg said.

Bid prices are averaging 40% to 65% of NAV for VC secondaries, according to Industry Ventures founder and chief executive Hans Swildens.

Venture capital and growth fund stakes fell to account for 9% of secondaries volume last year, from 18% the prior year.

The deal, which has been in market since at least earlier this year, is separate from the widely reported ‘strip sale’ Tiger has been running to sell stakes in direct assets.

Around 20 minority stakes in venture-stage climate companies have been moved into an externally managed continuation fund.

The firm held a fourth close on the fund in the first quarter, bringing in just under $300m in commitments, managing director Brian Gildea says on Hamilton Lane’s full fiscal year earnings call.

Delegates at the HKVCA’s China Private Equity Summit on Tuesday heard that the bar for Chinese assets has risen amid regulatory, political and economic uncertainty.