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.