Alantra advises Kibo Ventures on Secondary Transaction with HarbourVest
Madrid – Alantra, the global investment banking and asset management specialist, is pleased to announce that it has advised Kibo Ventures Partners, a European venture capital assets manager with over €250m of AuM, on the sale of the remaining Fund I portfolio to HarbourVest. The transaction was structured through a continuation vehicle, and Kibo will remain as the new vehicle manager.
As part of the agreement, HarbourVest has also committed to anchor Kibo Ventures Opportunity Fund I. This Fund will continue supporting the existing portfolio and has invested in scale-up rounds of companies like Jobandtalent, Clarity, Paack, Devo or Exoticca.
Through this transaction, Kibo Ventures will meet its commitment to liquidate Fund I within the timeframe agreed with investors, generating top quartile net returns from a TVPI and a DPI perspective. Fund I’s current TVPI above 3x and IRR of ca. 25% is on track to becoming a top performer within its 2012 vintage.
The portfolio of the new continuation vehicle includes payment platform Flywire ($FLYW), which recently completed its IPO in Nasdaq and has a market cap of c. $5 billion; unicorn workforce-as-a-service marketplace JobandTalent, which recently closed a growth round led by Softbank; data intelligence software company Carto, invested by Accel, Salesforce Ventures, Hearst and Earlybird; threat intelligence cybersecurity company Blueliv, which recently announced its acquisition by Outpost; parental control app Qustodio; and adtech programmatic platform Tappx, among others.
This transaction represents HarbourVest’s first secondary investment in Spanish Venture Capital, and it positions Kibo Ventures as one of the leading emerging managers in European Venture Capital.