VC Firm Accel Files With SEC to Tap Secondary Market
- Firm is transforming from VC to registered investment adviser
- VC firm will be able to buy more discounted secondary stakes
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Accel is the latest venture capital firm to consent to heightened regulation with the US Securities and Exchange Commission, a tradeoff that allows it to buy more shares of non-public companies that have been changing hands at steep discounts on private markets.
The Palo Alto, California-based firm registered with the SEC as an investment adviser called Accel Management Co. The firm, which manages about $30 billion, will now be subject to increased disclosure and compliance requirements and regular SEC examinations.