– G Squared, a global venture capital firm focused on the private secondary market, has closed G Squared VII at $2.3 billion, its seventh flagship fund and largest to date.
– The fund will invest across: Direct secondary transactions, Company-led tender offers, Bespoke structured investments, and Select primary financings.
– G Squared VII will target leading growth-stage technology companies, extending the firm’s strategy of providing capital and liquidity during the increasingly long period between early financing rounds and an eventual exit.
– The global private secondary market reached $240 billion in transaction volume in 2025, up 48% year-on-year and the largest annual total on record, according to Jefferies.
– Company-led tender offers are increasingly being used to manage employee liquidity, shareholder duration and complex private-company ownership structures.
– G Squared VII represents the largest fund to date dedicated to this strategy, enabling the firm to make concentrated investments and support increasingly complex private-market transactions globally.
– Earlier this year, G Squared formed a strategic alliance with Nasdaq Private Market (NPM) to combine G Squared’s secondary capital with NPM’s execution platform for company-led liquidity programs.
– Larry Aschebrook, Founder & Managing Partner, said the private-company lifecycle has been fundamentally rewritten, with companies creating significant value and building global businesses well before entering public markets.
– Spencer McLeod, Partner & Head of Research, highlighted the expanding opportunity set but emphasized that access alone is not an investment strategy, with information, selectivity and the ability to identify durable value creation remaining key differentiators.
– With Fund VII, G Squared will continue pursuing concentrated investments in category-defining technology companies while expanding its capacity for company-led liquidity programs and complex direct secondary transactions worldwide.
