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1Scan for outdated or missing drivers - takes under a minute2Clear out junk files and repair common Windows errors3Fix the driver behind crashes, sound loss and screen glitchesIndustry Ventures reported final closes for two funds on September 26, 2023, with more than $1.7 billion in combined new commitments. The funds addressed venture-market liquidity in different ways: Secondary X bought minority interests in venture companies and funds, while Tech Buyout II backed smaller software buyouts and emerging software buyout managers. The figures below are the firm’s historical reports, not a forecast of returns.
What Industry Ventures announced in 2023
In its September 26, 2023 announcement, Industry Ventures said Secondary X had raised more than $1.45 billion in new commitments and Tech Buyout II had raised more than $260 million across the fund and affiliated entities. Together, the firm said the closes brought its committed capital under management to more than $7 billion. These are company-reported figures, not independently audited here. Industry Ventures’ September 26, 2023 announcement also cautioned that past performance does not indicate future results.
How the two funds approached venture liquidity
| Fund | Approach reported in 2023 | Control and exposure |
|---|---|---|
| Secondary X | Direct secondary purchases of company shares, purchases of limited-partnership interests in venture funds, continuation funds, and other special situations. | Minority investments intended to provide liquidity to shareholders or limited partners without buying control of the underlying companies. |
| Tech Buyout II | Small software company buyouts and investments in emerging software buyout funds, including primary and secondary LP commitments to small-cap technology buyout managers. | Buyout strategy with majority-controlled software company exposure, alongside investments in buyout funds. |
Secondary X: buying existing venture interests
Secondary X’s strategy addressed investors seeking to sell existing positions rather than wait for a company sale or public offering. A direct secondary is a purchase of shares from an existing company shareholder; an LP secondary is a purchase of an investor’s interest in a venture fund. Continuation funds and other special situations offer additional structures for transferring or holding existing assets. Industry Ventures described these as minority investments, not company-control buyouts.
Tech Buyout II: acquiring smaller software companies
Tech Buyout II applied a different model: buying smaller software businesses and backing emerging managers that pursue software buyouts. The company described the fund as a hybrid strategy combining direct buyouts with commitments to small-cap technology buyout funds. In this model, liquidity is connected to acquisitions and control-oriented ownership, rather than primarily to purchases of minority venture stakes.
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What the firm said about its historical activity
Industry Ventures’ 2023 announcement presented the following figures as a record of the firm’s activity through that date:
- More than 600 secondary investments over the firm’s 20-year history, including more than 400 secondary venture-fund LP interests and 170 direct purchases of company shares.
- Exposure through secondary investments to more than 5,500 venture-funded companies.
- Since starting its tech buyout strategy five years earlier, 14 direct software buyouts and investments in more than 14 emerging buyout funds.
- Exposure to more than 75 active software companies majority controlled by investors.
- Four exits to date from Tech Buyout Fund I.
These counts and examples are historical company statements; they do not establish the funds’ future performance or guarantee that investors in the new funds will receive liquidity or a particular return. The announcement also said its named portfolio companies did not represent every investment. Hans Swildens, Industry Ventures’ CEO and founder, said: “Overall, the venture market needs more liquidity, and our investment team is hard at work helping shareholders and limited partners generate cash from their investments.”
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Developments after the fund closes
2025: a separate venture liquidity program
On April 7, 2025, Industry Ventures announced a Preferred Venture Liquidity Program. The firm said it offered secondary liquidity, GP-led and LP-led solutions, structured capital, and financing for share buybacks and tender offers. More than 40 venture general partners were participating at launch, according to the firm. This later program is distinct from the two funds’ September 2023 closes. Industry Ventures’ 2025 program announcement.
January 2026: acquisition by Goldman Sachs
Goldman Sachs announced on January 5, 2026, that it had completed its acquisition of Industry Ventures and that the team joined Goldman Sachs’ External Investing Group. This is later ownership context; it was not part of the 2023 fund announcement. Goldman Sachs’ acquisition-completion announcement.
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