UK venture secondaries firm Shackleton Ventures has closed its second fund on £25m and made its first acquisition with the purchase of a 13-strong investment portfolio from 3i for an undisclosed amount.
Shackleton Secondaries II (SSIILP) received the majority of its backing from an unnamed European fund-of-funds investor with over €1.5bn under management. The new fund will have a broader remit than the firm’s maiden fund, which was focused on VC investments in information technology, communications and healthcare. This latest offering will also be able to made development capital investment.
Hugh Stewart, managing partner, said: “Shackleton’s latest fundraising is testament to the progress we have made with our first fund and to the current investment climate where GPs wish to realise some liquidity through a secondary portfolio transaction. Our first fund’s underlying portfolio is performing well and we are very pleased that our second fund has got off to a strong start by acquiring these additional assets from 3i. The market for venture secondaries is still relatively young but, we believe, is set to grow as secondary transactions become a standard part of portfolio management in Europe.”
The purchase of 13 positions from 3i follows on from a purchase of equity stakes in 14 companies from 3i during 2007 by the first fund, SSLP. The investments purchased by SSIILP include Steve Vick International Limited, which develops and markets techniques and products for the repair, replacement and decommissioning of underground pipes; Lewmar Marine, a market leader in rigging and deck equipment for yachts and powerboats; and Richard Irvin & Sons, a provider of construction, engineering, maintenance & offshore safety services.