Direct Secondaries

The firm acquires secondary direct investments by purchasing entire portfolios of investments and single positions in individual companies. We also create special purpose vehicles (SPVs) to purchase investments with general partners.

  • Seller Profiles:
    • Employees, founders, angel investors
    • Tail-end venture capital funds
    • Strategic and corporate investors
  • How We Structure:
    • One-off secondary purchases of shares
    • Portfolio purchases of directs
    • Flexibility to finance rounds comprised of primary & secondary shares
    • Planned liquidity programs for employees

LP Interest Secondaries

The firm acquires limited partnership interests in venture capital funds of all types. We purchase unfunded interests in small venture funds as well as more fully funded interests to gain exposure to some of the best venture-backed companies in the market.

  • Seller Profiles:
    • LPs seeking to rebalance portfolio or realize gains/losses
    • LPs seeking to relieve unfunded liability
    • Tail-end venture capital funds
  • How We Structure:
    • One-off and basket purchases of LP interests
    • GP interests
    • Unfunded secondaries
    • Minority or majority interest in a venture fund
    • Joint secondary/primary purchases


Primary Commitments

The firm makes primary commitments in select small, early-stage venture capital funds with high-multiple potential.

  • Manager Profiles:
    • $10mm-$250mm seed and early stage funds.
  • How We Structure:
    • Invest as an institutional limited partner at the inception of a fund
    • Capable of taking a lead role and comfortable sitting on LP Advisory Committees

Direct Investments

The firm invests alongside its portfolio of small funds directly in mid- to later-stage rounds of high-growth companies.

  • Company Profiles:
    • High-growth companies raising a new round of growth capital
    • Industry-agnostic, with expertise across technology, consumer, and business services
  • How We Structure:
    • Direct investments in preferred securities
    • SPVs

Tech Buyout

The firm invests in select lower market tech buyout funds that focus on acquiring software companies and VC-backed businesses.

  • Manager Profiles:
    • Leading tech buyout funds <$750M in fund size
  • Company Profiles:
    • $10-$50M of revenue
    • Profitable
  • How we structure:
    • Direct co-investments in top companies
    • Primary commitments to lower middle-market tech buyout funds

Pathfinder SPAC

Pathfinder Acquisition Corporation (NASDAQ: PFDR) is a purpose-built partnership between affiliates of two investment firms with a strong record of success as investors in technology and tech-enabled businesses: HGGC, a leading middle-market private equity firm based in Palo Alto, and Industry Ventures, a leading multi-strategy venture capital platform based in San Francisco.

Our corporate objective is to identify and execute a business combination with a high quality, growth-oriented private company in the tech sector that we believe can succeed as a public company and generate attractive returns for shareholders over the long term.

We are guided by our commitment to partnership alongside founders, management and shareholders, and we are led by a management team with decades of experience as partnership-oriented investors across the venture capital, private equity and public equity markets.


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