By concentrating on undervalued, high-quality assets, Opportuna aims to provide investors with access to a niche but increasingly vital segment of the market.

Founded by Alban Cousin, along with Robin Lauber of Infinitas Capital, and Christopher Chuffart, Opportuna emerged in response to a growing number of secondary opportunities, offering liquidity solutions to sellers looking for swift exits. Once overlooked and often misunderstood, venture secondaries are now positioned for significant expansion over the next decade. Opportuna addresses key challenges in this space, including lack of transparency, limited access to deals, and liquidity constraints, creating a distinct opportunity for investors.

Opportuna’s Strategic Approach to Venture Secondaries

Backed by Ultra High Net Worth Individuals (UHNWIs) and Family Offices (FOs), Opportuna’s first fund is set to invest in direct venture secondaries, particularly in tech and climate tech companies. The strategy focuses on companies that have achieved product-market fit but have not yet seen investor exits. One of its key goals is to provide small-scale liquidity to founders, allowing them the runway to achieve larger outcomes. The fund is expected to be fully deployed within five months, with an initial fundraising deadline in December.

By targeting mature companies in sectors such as cybersecurity, video gaming, semiconductors, fintech, software, and climate tech, Opportuna aims to mitigate downside risk while accelerating the return of proceeds to its investors.

Alban Cousin, Partner at Opportuna, commented: "The venture secondary market offers a compelling opportunity for investors, and at Opportuna, we are uniquely positioned to unlock value in this space. Our strategy focuses on acquiring high-quality assets that are significantly de-risked. Through our extensive network, we have access to deal flow that many investors do not. Additionally, we leverage deep vertical expertise, proprietary market intelligence, and exit valuation models to make informed decisions that drive superior returns."

He added: "Our platform's experience in private markets allows us to conduct swift and thorough due diligence, and execute deals efficiently. This is crucial in the current market environment, where discounted valuations and liquidity needs are creating asymmetric opportunities. This combination of deep vertical expertise and execution capability sets Opportuna apart from other players in the venture secondary market."

Providing Liquidity Solutions to the Ecosystem Through Venture Secondaries

Historically overlooked, venture secondaries are now emerging as a crucial liquidity avenue for investors. Over the past decade, the rapid growth of venture-backed companies has far exceeded the rate of exits through IPOs and M&A, leading to a backlog of $3 trillion in unicorn value across the US and Europe. With traditional exit routes increasingly constrained, more investors are turning to venture secondaries as a means to unlock liquidity.

Frustrated by the limitations in the options available to Family Offices, Infinitas chose to develop its own strategy, aiming to capitalise on the growing demand for more flexible and timely liquidity solutions.

Robin Lauber, Co-Founder of Infinitas Capital, said: "At Infinitas, we believe in the transformative power of strategic investments to address some of the world’s greatest challenges. Opportuna embodies this belief by providing liquidity to motivated sellers, thereby improving alignment around the cap table, creating significant value for our investors while benefiting the broader ecosystem.

“Venture secondaries have consistently delivered better risk-adjusted returns compared to primary venture capital investments, due to factors such as mature asset exposure, value-adding liquidity, and the ability to capitalise on supply-demand mismatches in the market. Recent reports indicate that venture secondary pricing reached a 10-year low in 2022, and investor participation in this asset class has almost doubled in the past four years. With market volumes at historic highs in the first half of 2024, experts predict a doubling in volumes over the next five years.”

Key Market Trends

• Nasdaq Unit Explores Private IPOs: Nasdaq’s private market subsidiary is exploring the option of holding private IPOs, which could offer greater liquidity for venture capital and buyout firms.
• IPO Backlog: With US unicorn valuations reaching $2.4 trillion in 2023 and a significant backlog of IPOs, Opportuna sees a monumental opportunity for high-return investments in venture secondaries.
• Market Sentiment: Developments like Lightspeed’s secondary practice and StepStone’s largest fund to date highlight the growing importance of secondaries in today’s market, in the face of macroeconomic challenges.

Opportuna believes that the current market, with its discounted valuations and high-quality assets, represents a rare window of opportunity for investors and expects this favourable environment to persist, driven by the backlog of potential liquidity events and the rebalancing of portfolios toward liquid assets.

Robin Lauber added: "Venture secondaries are emerging as a vital component of the venture capital ecosystem. By seizing these opportunities, investors can achieve robust returns while supporting the long-term success of innovative companies. The market is evolving quickly, and we believe that the next five years will see dramatic changes in the investment landscape. Investors who understand the flux in dynamics of this asset class will be well-positioned for success."