Filed under: Management, Raising money, Venture capital industry, Private equity industry, Investments

IndexAtlas has announced the launch of the $50 million Art Industry Fund, an substitute private equity fund targeting only businesses that serve the art industry.

This will include such operations as auction houses, advisory services, financial and security firms, software and media companies. Each investment is intended to last four years and will range from $3 to $8 million. The fund is expected to close by December 31, 2009.

CEO and founder of IndexAtlas, Sergey Skaterschikov, believes the fund will generate an IRR of 35% and bases his investing strategy on his book, “Skate’s Art Investment Handbook.” Skaterschikov established IndexAtlas in 2001 and manages $400 million in fully invested funds and has advised on $2.4 billion in transactions.

There have been many such reports in here showing how there has been a convergence of private equity and venture capital. If this isn’t a prime example of that, then nothing else is.

If I didn’t know superior, it nearly sounds a lot like a Sotheby’s (NYSE: BID) incubator fund, even though it’s not.

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This entry was posted on Monday, April 28th, 2008 at 6:15 am and is filed under Investments and Raising Money. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.