Siena Secondary Fund closed its second fund, Siena Secondary Fund II, in early summer. The fund invests in high-growth category leading scale-up companies across the Nordics and Central and Eastern Europe. It buys shares on the secondary market from early investors, founders and employees.

The European Bank for Reconstruction and Development (EBRD) and Estonia's state-owned fund manager SmartCap are lead investors. Isomer Capital is a cornerstone investor in both Fund I and Fund II. Luminor's Estonian pension funds followed in May. More than 50 private investors complete the line-up, including founders, early backers and key employees of companies such as Wise and Booksy.

“We see Siena as an attractive way to invest in fast-growing technology companies in Estonia and the wider region, alongside other significant co-investors such as the EBRD and Estonia's state fund manager SmartCap,” said Vahur Madisson, Fund Manager at Luminor Pension Funds.

Fund II's portfolio already includes Bolt, Veriff, Booksy, Katana and Preply. The fund runs until 2033.

Fund II builds on a solid track record. Siena Secondary Fund I has delivered close to 2x TVPI, placing it in the top decile of VC funds globally. Its portfolio companies have grown revenue 7.4 times over. Holdings include Bolt, Oura and Booksy amongst other well-known scaleups. Assets under management across Siena's funds are now approaching €100 million.

Siena has also been selected for Slush x RAISE and will pitch at Slush on 18 November. Each year, a global committee of LPs reviews more than 300 applications and selects 20 emerging managers to pitch on stage to over 100 LPs.

“Secondaries are no longer a niche. They are a natural part of a maturing ecosystem,” said Rain Tamm, Partner at Siena Secondary Fund. “Companies are staying private for longer. Early investors and employees need a way to realise some of that value without slowing the company down.

The line-up behind Fund II shows that this model has the trust of both institutions and the people who built these companies. Our job now is to turn that trust into returns.”

Fund II is now investing. If you are a founder, early investor or employee holding shares in high-growth category leading scale-up companies in Nordic or CEE, and are thinking about a partial sale, we would be glad to hear from you. Get in touch with any of our team. Any conversation stays between us.