Just a few months after the exit of One Onc (Growth Fund) and Modern Message (Early Stage Fund), AVP announces the second exit in its Early Stage I Fund with the sale of Limelight. This sale is an important step for the AVP Early Stage fund as it will return a meaningful portion of the fund and will mark its first distribution back to its LPs. After only 4 1/2 years, close to 50% of the fund has been recycled or returned to the investors.
Limelight Health, a compelling quoting, underwriting, and proposal platform for the employee benefits industry has been acquired by Fineos, a public company with business worldwide and listed on the Australian Stock Exchange. AVP partnered with Limelight Health in 2015 when we co-led the Series A, and subsequently participated in each of the following rounds. Limelight Health was one of the first investments by AVP in the Early stage strategy in the US. In addition to our investment, one of our LPs, Equitable Holdings also became an important anchor customer for the company.
“We are proud to have been part of Limelight Health’s success story and are excited for the team as they take the next step in the company’s journey. It is our second exit on the Early stage fund after Modern Message few months ago. The fact that we had a successful sale even during the current economic environment further demonstrates the quality of our investment strategy and the focus we put on capital efficiency and the execution skills of the management team of the companies when we invest” commented Manish Agarwal, General Partner at AVP.
More details here: