Greenspring raises $187m for Fund II

The VC fund of funds manager has almost reached the target for its latest secondaries fund which will focus on direct and LP stakes.

Greenspring Associates, a venture capital fund of funds manager, has almost hit the target for its second dedicated secondaries fund.

The Maryland-based firm has raised about $187 million for Greenspring Secondaries Fund II, according to a filing with the US Securities and Exchange Commission. The target of the fund is $200 million, according to the filing.

So far, 66 investors have committed to the fund, which will make direct and limited partnership secondaries investments in start-ups and venture capital funds, according to Greenspring‘s website.

One of the investors, Allegheny County Retirement System, has committed $2 million to the fund, which launched in December, according to PEI Research & Analytics.

At the end of June, Greenspring’s first secondaries fund was 35 percent drawn down, according to minutes from a Howard County meeting of the retirement plan committees.

The firm manages about $3.9 billion in assets and has offices in Owings Mills, Maryland, and in Palo Alto, California, according to its website.

Greenspring did not return a request for comment by press time.