Microsoft's venture capital arm, M12, has been offloading its portfolio on secondary exchanges at discounts, sources say
M12, Microsoft's venture firm, is offloading some of its portfolio on secondary exchanges, sources say.recently changed its strategyMicrosoft's corporate venture capital fund, M12, has been offloading some of its $1 billion portfolio on secondary exchanges, five people familiar with the matter told Insider. They requested anonymity to discuss internal corporate matters.
A Microsoft spokesperson, however, said M12 sold less than 10 of the firm's more than 100 portfolio companies as secondaries in its fiscal year 2023, which ended June 30. One of the people familiar with the sales said M12 sold one large position this month at a 50% discount. M12, which was founded in 2016, has invested in more than 100 companies including aerospace company Vertical Aerospace, which went public; and cloud company CloudSimple, which it sold to Microsoft's rival Google. M12 previously invested around $200 million per year in startups in recent years and has deployed more than $1 billion, asshifted its model
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