WaMu Sells Some VC Fund Stakes
Washington Mutual has agreed to sell its LP interests in three VC funds managed by FT Ventures, according to a filing with the U.S. Bankruptcy Court in Delaware. Industry Ventures will buy the positions for $3.46 million, plus the assumption of $6.9 million in unfunded commitments. This one is a bit interesting, if only because it’s unusual for us outsiders to have visibility into a secondary sale’s pricing. WaMu reports that it had already funded $13.1 million, which means the deal has a discount in excess of 70 percent. Of course, WaMu is a particularly motivated seller, and still has some inventory to move. You can download WaMu's filing and sale agreement after the jump.
22 January 2009•1 min read
