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Secondary

Venture capital

South Lake Tahoe · 7 people tracked

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Fund manager profile

Secondary is a venture fund manager based in South Lake Tahoe. SEC filings show 1 venture fund on record, most recently Scale.AI Secondary, LP ($680K offering) filed March 2023.

Source: SEC EDGAR Form D filings. Firm website data not yet available.

HQ
South Lake Tahoe, US
Founded
2023

Team · 7 people

from public directories
Xinjuan Bi· General Partner
Adam Paul Rutherford· Executive Officer
Alistair C.F. Smith· Director
Gianluca Muzzi· Director
Mark Bolton· Director
Nicholas K.J. Calvert· Director
Stephen J.T. Shaw· Director

Fund performance · per public LP disclosures · 5

as of Jun 2025
FundVintageCommittedNet IRRTVPIDPI
Secondary Overflow Fund VLPs: Connecticut Retirement Plans and Trust Funds, Teachers' Retirement System of the City of New York, New York City Employees' Retirement System +2 more2024——1.22x1.22x
Secondary Overflow Fund IV L.P.LPs: Connecticut Retirement Plans and Trust Funds2019—16.1%1.40x0.20x
Secondary Investment SPV-4, L.P.LPs: Santa Barbara County Employees' Retirement System2013—10.7%1.44x1.43x
Secondary Investment SPV-1 L.P.LPs: Santa Barbara County Employees' Retirement System2012—30.7%—1.72x
Secondary Investment SPV-2 L.P.LPs: Santa Barbara County Employees' Retirement System2012—29.4%—1.85x

Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).

Frequently asked questions

Where is Secondary located?
Secondary is headquartered in South Lake Tahoe, US.