Akkadian Ventures Raises $22M For Secondary Stock Purchases

Akkadian Ventures has raised a $22 million fund for purchasing stock in private companies from entrepreneurs, early employees, and angel investors. Secondary sales have had a higher profile recently as a way for investors to get into hot tech companies like Facebook, Zynga, and Twitter before they went public, often through secondary market sites like SecondMarket. Co-founder and chief investment officer Ben Black (who previously co-founded New Cycle Capital and was on the founding team at Harris Interactive) says Akkadian "almost always" works directly with companies to set up a custom stock purchase program, giving team members a way to cash out on some of their equity without affecting any future IPO plans.

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