Greenspring returns with fourth secondaries fund

The VC specialist led a $450m fund restructuring in May involving Altos Ventures' fourth fund.

Greenspring Associates is in market with its latest flagship secondaries fund, 18 months after the launch of its predecessor.

The Maryland-headquartered venture-focused firm has secured a $17.2 million commitment to Greenspring Secondaries Fund IV from Metropolitan Government of Nashville and Davidson County Employees’ Benefit Trust Fund, according to a spokesperson for the pension.

The target of the fund is undisclosed.

Predecessor fund Greenspring Secondaries Fund III launched in 2017 seeking $325 million. It is unclear how much Fund III raised and the firm did not return a request for comment.

In May sister publication Buyouts reported that Greenspring had led the restructuring of Altos Ventures’ fourth fund, an $86.5 million, 2008-vintage VC vehicle. Investors were given the chance to sell all or part of their holdings to Greenspring or roll into a continuation vehicle. The deal was worth $450 million, including follow-on capital.

Greenspring’s secondaries funds invest in limited partnership interests in venture capital funds and direct secondaries positions in growth-stage companies. The firm has around $12.5 billion in assets under management, according to PEI data.

Venture capital stakes accounted for 29 percent of secondaries transaction volumes in 2018, according to research by advisor Greenhill.