Greenspring doubles target on new secondary fund to $200 mln

  • Firm: Greenspring Associates
  • Fund: Greenspring Secondaries Fund II
  • Target: $200 mln
  • Amount Raised:  $187 mln
  • Placement Agents: Pinnacle Trust, Diversus Investment Advisers, Pinnacle Trust, VCP Advisors

Greenspring Associates doubled the target on its next secondary fund to $200 million and has raised more than $187 million thus far for the pool, according to filings.

While Greenspring runs a fund-of-funds business that invests in established and emerging venture capital fund managers, it’s also raised private equity funds aimed at the secondary market.

Its first secondary fund targeted $100 million in 2014. It listed the same target for Greenspring Secondaries Fund II in a December filing but then doubled the figure, according to an April 19 filing.

“Utilizing our primary fund and direct investment knowledge base, we proactively identify limited partner interests and direct secondary opportunities,” the firm said on its website.

In Fund II, Greenspring listed placement agents Pinnacle Trust as well as Diversus Investment Advisors, according to filings.

Executives listed on Fund II are C. Ashton Newhall, James Lim, Eric Thompson and Lindsay Redfield.

Newhall and Lim are managing general partners of Greenspring, while Thompson is chief operating officer, according to the firm’s website. Redfield holds the title of chief financial officer. She joined the firm in 2008 as senior accountant.

In November, Greenspring wrapped up fundraising for Greenspring Global Partners VII LP with $430 million as a fund-of-funds aimed at investments in venture capital managers.

Operating out of offices in Owings Mills, Maryland, and Palo Alto, California, Greenspring manages $3.9 billion in commitments.

The firm did not answer emails requesting comment.

Action Item: Greenspring’s secondaries program,

Photo ©iStock/Borut Trdina