Ion Pacific targets $150m for VC secondaries fund

The GP is hoping for a first close by May this year and a final close by year-end, according to a source close to the situation. 

Ion Pacific trades in direct secondaries and LP interests in VC funds, while also working with GPs on recapitalisations. Investments will predominately be made in Asia (70%), with the remaining 30% focused on the US and Europe for the first time.  

Ion Pacific's predecessor fund, Stonecutter I, closed on $35m in 2018 and is approximately 70% deployed over six investments, three of which are fund stakes and the other three are direct secondaries in individual venture companies. Through those investments, the GP has exposure to roughly 75 companies, at various stages of financing, including many at series-B or series-C phase.

The LP base of Stonecutter I mostly comprised family offices in the US and Europe.

The second dedicated venture secondaries fund will look to do around 15-20 investments, which will be larger compared to the first vehicle.

Established in 2015, the firm closed its first two funds, Phillion I and II, in 2015 and 2016. This was followed by two funds under the name Peak in 2017 and 2018. Strategies covered direct equity, venture debt and secondaries.

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