Venture capital

Old faces in new places: A look at recent secondaries spin-outs – updated

Two new secondaries-focused firms have already launched in 2025.

Partners Group, Port Adv, Goldman back debut VC continuation fund

Trinity Ventures’ deal involves moving 15 assets from its 11th flagship fund to a separate vehicle.

Secondaries strategy generates big returns for TempoCap

The firm emphasises the timing of its primary and secondaries investments in companies to produce impressive performance metrics.

Start-up aims to streamline continuation fund deals

Pilot product helps LPs conduct cost-benefit analyses and lets smaller GPs act without advisers.

Flywheel brings PE toolbox to venture secondaries

The London-based firm’s strategy is based on a preferred equity approach to give GPs, LPs and companies short-term liquidity.

Opportuna eyes 20 investments with climate tech secondaries strategy

Backed by LPs including family office Infinitas Capital, Opportuna plans to target $30m once investors are satisfied with its initial five-company portfolio.

Lexington, on GP-led deal tear, steps up on Lightspeed multi-asset

Around 14% of GP-led market volume in the first half involved growth and venture capital, which was up markedly from the first half last year, according to Lazard’s half-year secondary volume report.

Secondaries market saw average pricing of 86% in H1 2024

Buyout and infrastructure secondaries had the strongest pricing, according to multiple reports, while venture pricing was the lowest.

Four criteria for start-ups and VC investors when evaluating secondaries options 

Secondaries options can provide immediate compensation for start-up employees, boosting motivation, enticing future hires and restoring team momentum, writes Nate Leung from Sapphire Partners.

Swiss family office backs new venture secondaries vehicle

Opportuna has raised capital from Infinitas Capital and high-net-worth individuals and will focus on tech and climate tech companies.