Balderton raises $145m for direct VC secondaries fund

The fund will target European growth-stage companies where early backers want some pre-exit liquidity and will acquire their stakes directly.

Balderton said there are 500 companies in Europe that have raised more than $20m in the last decade, creating a target market of early-stage stakes worth approximately $4bn.

Partner Daniel Waterhouse will lead the new strategy, alongside investment principal Laura Connell.

Investors
Balderton said it raised Liquidity I from its existing LPs and some new investors. British Business Investments, the EIF and Finnish fund Tesi have all backed previous Balderton funds, according to Unquote Data.

Investments
Balderton will invest in VC-backed technology companies that have raised more than $20m in total. It will acquire minority stakes from existing backers, but only with the consent of the target company.

People
Balderton Capital – Daniel Waterhouse (partner); Laura Connell (investment principal).

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