HighVista Strategies, a specialized alternative asset manager owned by its employees, recently completed a unique secondary transaction. This deal was designed to offer existing investors in several mature venture capital funds the opportunity to access their capital. The transaction involved seven HighVista funds, collectively representing a net asset value exceeding $425 million.
To provide maximum flexibility for investors, HighVista employed a variety of structural approaches. These included traditional sales of fund interests as well as innovative hybrid continuation vehicles. These diverse options allowed investors to choose whether to sell their interests outright or retain them, depending on their individual financial strategies. The entire process was skillfully managed in collaboration with Evercore, a prominent independent investment banking advisory firm. The strong market interest, evidenced by over 40 potential bidders, highlights HighVista’s insightful strategy in today’s dynamic market landscape, where private companies are increasingly choosing to remain private for extended periods.
This venture-focused transaction marks an expansion of HighVista’s involvement in the secondary market. It builds upon a recent lower middle market buyout transaction that also successfully provided accelerated liquidity for clients. The firm has a long-standing history of leveraging secondary market opportunities, not only to generate liquidity for its investors but also to uncover distinct and valuable opportunities across various investment strategies. This consistent engagement in the secondary market underscores HighVista’s commitment to delivering flexible and strategic solutions for its client base.
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“We’re proud to deliver an innovative liquidity solution that accelerates realized returns for our investors, showcasing our team’s ability to navigate complex market dynamics. We appreciate the continued trust our investors place in us and remain laser focused on delivering value through every market cycle.”
Kirsten Morin, Co-Head of Venture Capital at HighVista
“The secondary market has become a central part of private markets, and HighVista is well-positioned to capitalize on it from both sides. It’s a powerful tool for generating liquidity in a market where traditional exits have slowed, and it offers potential for attractive, risk-adjusted returns. Our integrated platform gives us a distinct analytical edge, enabling us to structure sophisticated solutions for our own funds and act as a strategic capital partner for transactions sourced through our network.”
Raphael Schorr, Deputy Chief Investment Officer at HighVista Strategies
