Greenspring Associates, a venture capital investment platform, led a recapitalization of Altos Ventures IV, LP., a 2008 vintage fund.
As part of the transaction, existing Altos IV limited partners were given the option to tender all or a portion of their holdings to the Greenspring buyer syndicate or to roll their commitment into a continued iteration of the fund.
A second pool of capital was created to support the fund’s remaining companies through follow-on financing rounds or secondary purchases of additional securities.
In aggregate, capital commitments to the two new vehicles totaled approximately $450m. Concurrently, existing investors, together with the General Partner of Altos IV, elected to roll forward more than $250 million in net asset value in the continuation vehicle.
Greenspring Associates was founded in 2000 to focus solely on venture capital investments. Through a comprehensive platform, the firm serves as a lifecycle partner for fund managers and entrepreneurs both on a primary and secondary basis across multiple stages, sectors and geographies.
It currently manages approximately $8.8 billion in committed capital across a variety of specialized venture strategies on behalf of a diverse group of global investors.