Strathdon launches VC secondaries fund

UK technology manager has established a dedicated VC secondaries fund in an industry first with two deals already in the portfolio.

Strathdon Investments, a technology investment company, has launched Strathdon Secondaries, a new fund to invest in venture capital secondaries.

The principal investor is a fund of funds with over €1bn under management. The initial size of the fund will be £6 million with the ability to increase the commitment up to £20 million.

The first transaction completed by Strathdon Secondaries is the acquisition of 3i’s interest in Pancredit, an established supplier of consumer finance software and lending systems.  Its customers include EDS and GE Capital.

The fund has also acquired Strathdon’s interest in the Esprit Capital 1 Fund, formerly the Cazenove New Europe Access Fund, for cash at a net asset value of £1 million.

The establishment of a third party fund management business has been a key strategic objective of Strathdon.