Tuesday, November 24, 2020

Quid Connects With $320M For Private Liquidity Fund

Santa Monica-based Quid, which offers up a way for private company employees to gain liquidity even before their startups are purchased or have an initial public offering, said on Monday that it has raised $320M in a second fund. According to the company, the new fund will go to provide liquidity and option exercise loans for private company employes. The fund said the second came from Oaktree Capital Management, Davidson Kempner Capital Management LP (“Davidson Kempner”), and an un-named Northeast based Ivy League endowment, as well as others. Quid is managed by Josh Berman, Anthony Tucker, and Samit Varma. Quid's second fund is more than triple its first fund, worth $100M, which it launched at the end of 2017; the company says it now has loans to shareholders of such companies as Unity, Palantir, Uber, and Lyft. Quid's service is an alternative to secondary market sales. Berman was previously the founder of Beachmint and Samit Varma was previously at Anthem Ventures, and also had a foray into the pizza business.

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