G Squared Closes $2.3B Fund for Private Tech Liquidity

G Squared has successfully concluded fundraising for its latest flagship vehicle, G Squared VII, amassing a substantial $2.3 billion in capital commitments. This marks the firm's largest fund to date and underscores the escalating significance of the private secondary market as a critical component of venture capital infrastructure.

The newly closed fund is earmarked for a multi-faceted investment strategy, encompassing direct secondary purchases of existing stakes, company-initiated tender offers, tailored structured financing arrangements, and select primary investments. This approach is designed to provide essential liquidity to growth-stage technology companies, addressing the extended timelines between early-stage funding and eventual liquidity events like IPOs or acquisitions. This strategy aligns with G Squared's founding vision in 2011, anticipating the growing need for capital solutions beyond traditional venture rounds.

This significant capital raise arrives at a pivotal moment for the private markets. Transaction volumes in the global secondary market surged by 48% in 2025, reaching a record $240 billion, according to industry analysis from Jefferies. This expansion highlights a fundamental shift where private secondaries are transitioning from an occasional liquidity option to a core element of the venture ecosystem. Company-led tender offers, in particular, have become a standard mechanism for managing employee equity, addressing shareholder duration, and navigating the complexities of ownership in privately held firms.

“The trajectory of private company development has been fundamentally altered,” stated Larry Aschebrook, Founder & Managing Partner at G Squared. “Companies are now achieving immense scale and building global operations while remaining private, fostering intricate shareholder bases. Our firm was established on the premise that this evolution would necessitate a new institutional framework for capital and liquidity. The market is now materializing at an unprecedented scale, and G Squared VII empowers us to continue our role as a long-term capital partner, offering the disciplined liquidity needed to maintain alignment among founders, employees, and investors throughout their growth journey.”

G Squared differentiates itself through direct access to company insights, rigorous fundamental analysis, sophisticated transaction structuring, and deep relationships cultivated over various market cycles. The firm has developed the institutional capacity to execute complex private market transactions at scale, enabling it to hold significant, concentrated positions in its portfolio companies. Earlier this year, G Squared forged a strategic alliance with Nasdaq Private Market, integrating its secondary capital with NPM's platform to facilitate company-driven liquidity programs.

“The current opportunity set is exceptionally broad and compelling,” commented Spencer McLeod, Partner & Head of Research at G Squared. “Many of today’s most impactful companies are reaching significant scale before engaging with public markets. This presents opportunities across diverse sectors and stages, but success hinges on more than just access; it requires discerning durable value creation. G Squared VII equips us to pursue these opportunities with the necessary patience, analytical rigor, and conviction.” The fund will continue to focus on concentrated investments in leading technology companies while enhancing its capabilities in supporting company-led liquidity initiatives and complex direct secondary deals globally.