San Francisco’s Industry Ventures, a firm that focuses on buying up the stakes in companies from venture capital firms that want to exit those investments, said it has raised a fourth fund of $105 million.

It operates in the so-called “secondary” market, referring to the fact that it becomes the second owner of a company’s shares, taking over from a venture capital firm.

It expects to make about 30 investments ranging in size from $200,000 to $25 million each, the company said in a statement.

Past portfolios acquired include investments from Bowman Capital, EDS Ventures, Enron Broadband, Hollinger International, Infospace Venture Capital, Technology Funding and Williams Communications.