#USA #Boston #Venture Capital #Secondary Market #HighVista Strategies

HighVista Strategies Completes Innovative Venture Capital Transaction in the Secondary Market

HighVista Strategies LLC, an employee-owned alternative asset manager, has recently closed a tailored secondary market transaction that significantly enhances liquidity for investors in established venture capital funds. This strategic move reflects HighVista's focus on adapting to evolving market conditions while providing innovative solutions for its investors.

The transaction involved seven HighVista funds, boasting a combined net asset value exceeding $425 million. To execute this deal, the firm employed a mix of traditional sales and hybrid continuation vehicles, offering investors added flexibility in deciding whether to sell or retain their stakes. The diligent process, which was managed with Evercore, has drawn interest from over 40 potential bidders. This underscores HighVista's strategic acumen in today’s private equity landscape, where many companies are opting to stay private for longer durations.

Kirsten Morin, Co-Head of Venture Capital at HighVista, stated, “We’re proud to deliver an innovative liquidity solution that accelerates realized returns for our investors. This demonstrates our team's capacity to navigate the complexities of the current market. We remain committed to providing exceptional value for our clients through every market cycle.”

The recent transaction builds on a previous lower middle market buyout, which also aimed at proactively providing liquidity for clients. HighVista's activities in the secondary market have historically focused on both generating liquidity and identifying unique opportunities across various investment strategies.

Raphael Schorr, Deputy Chief Investment Officer at HighVista Strategies, noted, “The secondary market has increasingly become a pivotal element of private equity, and HighVista is uniquely positioned to leverage it from multiple perspectives. This market is an essential avenue for generating liquidity in an environment where traditional exit strategies have slowed down, and it holds the potential for attractive, risk-adjusted returns.”

HighVista's integrated platform grants it a unique analytical advantage, enabling the firm to develop sophisticated solutions for its own funds while also acting as a strategic capital partner for transactions identified through its extensive network. This flexibility and insight into marketplace dynamics strengthen HighVista's ability to cater to investor needs efficiently.

About HighVista Strategies

Established in 2004 and headquartered in Boston, HighVista Strategies LLC is an employee-owned alternative asset management firm dedicated to delivering alpha opportunities within structurally inefficient markets globally. The firm currently manages approximately $10.5 billion in capital for sophisticated investors around the world. HighVista's culture is characterized by inquisitive thinking combined with a rigorous disciplined approach, allowing the firm to pinpoint and act upon high-conviction investment opportunities.

The firm's comprehensive investment strategies encompass a wide range of markets, including private credit, lower middle market private equity, early-stage venture capital, biotechnology equities, hedged public markets strategies, and multi-strategy alternatives. By focusing on differentiated ideas beyond conventional frameworks, HighVista aims to amplify investor returns effectively.

Overall, the closing of this bespoke secondary transaction not only highlights HighVista's innovative approach but also underscores its dedication to evolving alongside contemporary market demands and investor expectations.