Pinegrove Opportunity Raises $2.2 Billion for New Venture Secondaries Fund

Pinegrove Opportunity Partners has raised $2.2 billion for its debut fund, closing a large investment round in a fast-growing niche of the venture capital market.

The San Francisco-based firm is what’s known as a venture secondary. It buys existing ownership stakes in other venture-backed companies or funds rather than leading primary rounds that may fund a company’s future growth. The venture secondaries market has been growing and attracting interest as the traditional venture capital model has struggled to find liquidity, since startup founders increasingly have opted not to sell their businesses or take them public.