VC and growth secondaries firm 3Spoke hires from StepStone

Venture capital and growth-focused secondaries firm 3Spoke Capital has poached a professional from StepStone to bulk up its team.

Chris Hsuan has joined the San Francisco-headquartered firm as a director. He spent over eight years at StepStone where he was most recently a vice-president, according to his LinkedIn profile.

Hsuan focused on LP-led, GP-led and direct secondaries deals across private equity, venture capital and growth equity at StepStone, he told Secondaries Investor.

He has also previously worked at institutional equity research, sales and trading firm MKM Partners hedge fund Burlingame Asset Management, his LinkedIn shows.

3Spoke provides structured secondary liquidity to LPs, GPs and investors who own direct interests in companies.

At 3Spoke, Hsuan will primarily focus on building out the structured secondaries business for LP and GP interests as well as other portfolio-type deals in the venture capital and growth space, he said.

Venture capital and growth volume in the LP-led secondaries market rose to 14 percent of the $25 billion transacted on in the first half – an increase in share compared with 2022 when the asset classes made up 8 percent of LP-led volume, according to Jefferies’ first half report.

LP portfolio pricing in venture increased by 400 basis points on the second half of last year reaching 69 percent of net asset value in the first half. Pricing remains subdued for the asset class, reflecting ongoing buyer apprehension about overvaluations.

Venture capital and growth GP-led volume remained consistent on 2022 figures representing around 5 percent of the $18 billion transacted in the first half, according to the Jefferies report.

– Adam Le contributed to this report.