Greenspring Associates has launched its second dedicated secondaries fund, Greenspring Secondaries Fund II, according to a December regulatory filing with the Securities and Exchange Commission.
The fund, which will make secondaries investments in start-ups and venture capital funds, is seeking $100 million, according to the filing. This is in line with its predecessor, Greenspring Secondaries Fund I, which closed in the summer of 2014 and also targeted $100 million.
Nashville & Davidson County Metropolitan Government Employee Benefit Trust Fund committed $20 million in 2014 to Greenspring’s first secondaries fund. The Baltimore City Council invested $7.5 million in that fund and Maryland’s Howard County Policy and Fire Employees’ Retirement Plan is also an investor.
As of the end of June, Greenspring’s first fund was 35 percent drawn down, according to minutes from a Howard County meeting of the retirement plan committees.
Greenspring, which makes primary and secondaries investments in VC funds as well as direct investments in start-ups, manages about $3.5 billion in assets and has offices in Owings Mills, Maryland, and in Palo Alto, California.