Overview
Greenspring Associates was founded in 2000 and built one of the most recognized venture capital fund-of-funds platforms in the industry. In 2021, the firm was acquired by StepStone Group, bringing Greenspring’s venture capital expertise into StepStone’s broader private markets platform. The combined venture practice manages approximately $19 billion in venture capital and growth equity assets.
Greenspring’s investment approach spans primary fund commitments, secondary transactions, and co-investments across the venture capital spectrum. The firm’s team has deep relationships with leading venture firms across stages, from seed and early-stage through late-stage growth equity. Greenspring has been particularly strong in identifying and backing emerging VC managers who go on to build top-tier franchises.
The firm’s secondary strategy includes both traditional LP interest purchases in venture funds and direct secondary purchases of equity in venture-backed companies. This multi-strategy capability provides investors with comprehensive access to venture capital returns through different entry points and risk profiles.
How to Approach
Venture capital GPs should engage with the Greenspring team (now within StepStone Group) through StepStone’s venture capital practice. The team maintains the relationships and investment approach developed over Greenspring’s two-decade history while benefiting from StepStone’s broader platform.
GPs raising venture and growth equity funds across stages and geographies will find an experienced, knowledgeable investment team. The Greenspring team is known for its ability to evaluate venture managers with nuance and for its willingness to back emerging managers early. GPs with compelling strategies and strong personal track records should engage with the team directly, as the venture-specific expertise enables efficient and informed evaluation processes.
Frequently Asked Questions
What is the relationship between Greenspring Associates and StepStone Group?
StepStone Group acquired Greenspring Associates in 2021, combining Greenspring's venture capital fund-of-funds expertise with StepStone's broader private markets platform. The Greenspring team continues to operate with its established investment approach and GP relationships, now enhanced by StepStone's institutional infrastructure and global distribution capabilities.
What strategies does Greenspring Associates pursue?
Greenspring Associates invests across venture capital and growth equity through primary fund commitments, secondary market transactions, and direct co-investments. The firm's multi-strategy approach provides comprehensive access to the venture capital asset class. Greenspring's secondary strategy includes both LP interest purchases in VC funds and direct purchases of private company equity.
What is Greenspring Associates' track record in venture capital?
Greenspring Associates has been investing in venture capital since 2000 and has built one of the most established VC fund-of-funds track records in the industry. The firm has committed capital to hundreds of venture capital partnerships across stages, sectors, and geographies, with a portfolio that includes relationships with many of the venture industry's most recognized firms.
