Greenspring seeking $325m for new secondaries fund

The VC-focused secondaries fund is targeting $125m more than its predecessor, according to PEI data.

Greenspring Associates, a venture capital-focused fund of funds, is seeking $325 million for its latest secondaries fund, an increase of $125 million on its previous effort.

According to a filing with the Securities and Exchange Commission, Capital Advisory Partners New Zealand and North Carolina-headquartered Innovation Partners are placement agents for the fundraising of Greenspring Secondaries Fund III, the formation of which was reported by Secondaries Investor in November.

Predecessor Secondaries Fund II closed on its $200 million target in June 2016 after around five months of fundraising, according to PEI data.

Investors in that fund include Baltimore Fire and Police Employees’ Retirement System, which committed $20 million, and Allegheny County Retirement System, which committed $2 million, according to PEI data.

Baltimore Fire and Police confirmed in minutes from its 21 November board meeting that it will commit $16 million to the new fund.

According to Greenspring’s website, its secondaries funds invest in limited partnership interests in venture capital funds and direct secondaries positions in growth-stage companies.

According to the half-year report from advisory firm Greenhill Cogent, 18 percent of stakes that changed hands in the first six months of this year were in venture capital funds. The average price of these stakes was 82 percent of net asset value, compared with 98 percent for buyout funds and 92 percent for real estate.

Founded in 2000, Maryland-headquartered Greenspring makes primary and secondaries venture capital investments. It has around $5.2 billion in assets under management, according to PEI data.