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VC fund of funds Greenspring completes second largest fundraise

22 Oct 2012

Venture investor Greenspring Associates has closed its fifth fund of funds on $356m, the second-largest investment vehicle it has ever raised.

The total is down on the $469m of commitments it collected for predecessor Greenspring Global Partners IV in 2008, but ahead of the $250m it collected for Fund III two years earlier.

Although it did not reveal the names of any LPs, Greenspring said it had seen significant global growth thanks to commitments from the US, Europe, Asia, Australia and the Middle East.

Managing general partner Ashton Newhall said, “Despite the challenging fundraising environment, we are very pleased to have significant commitments from our trusted limited partners for our newest fund.

“Our value-added investment strategy and the current market environments have allowed us to continue to gain access to a number of global venture capital managers and their later stage direct investment opportunities.

“We find ourselves in a very favorable position to continue to capitalize on our relationships and global investment strategy.”

Greenspring said it had reserved 25 per cent of the fund for direct investments alongside venture funds it has stakes in, with the firm believing later-stage direct investment can mitigate the effects of the J-curve and provide early liquidity to investors.

Greenspring has previously invested in major players such as Accel Partners, Bessemer Venture Partners and Lightspeed Ventures.

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