Managed by Fundcraft France and initially distributed exclusively by Rhétorès Finance, the vehicle will combine primary and secondary investments, with monthly subscriptions and quarterly redemptions.
The Jefferies-advised deal extends the firm's ownership over a portfolio of properties from its 2015-vintage White Rock Fund II platform.
Marone will join as a Managing Director in the Private Capital Advisory team and will focus on GP-led secondaries across North America.
The transaction, expected to close in Q4, will support the growth of AREP's investment and development platform, including its vertically integrated data center strategy.
Industry Ventures Secondary XI is the first fund launched since Goldman Sachs acquired the San Francisco-based manager last year.
The 2021-formed New York-based GP focuses on growth and repositioning opportunities across healthcare services.
