BlackRock is preparing to launch its first dedicated venture secondaries fund, signalling the firm’s growing focus on private markets and opportunistic plays in discounted venture capital interests, according to a report by Bloomberg.
According to recent regulatory filings, the new vehicle will be managed by BlackRock executives Jarid Colucci, Derek Krouner, and Lisa Sun, and will target the acquisition of venture capital fund interests on the secondary market.
The venture secondaries market, though still a niche within the broader secondary space, is gaining traction as traditional exit avenues remain subdued.
BlackRock has identified the segment as a “more permanent” investment opportunity, offering access to quality assets at more favourable discounts compared to buyout stakes. According to the firm, venture interests are currently trading at an average of 75% of NAV, versus approximately 94% for buyout-focused secondaries.
Despite accounting for just 8% of the $47bn GP-led secondaries market in H1 2025 (Jefferies), venture secondaries are increasingly attracting institutional capital as sponsors seek liquidity alternatives amid a sluggish dealmaking environment.
BlackRock’s move comes as part of a wider private markets push. The firm is targeting $400bn in private capital fundraising by 2030, bolstered by recent acquisitions including Global Infrastructure Partners and HPS Investment Partners. These transactions have elevated BlackRock into a top-five position across both infrastructure and private credit markets.
The secondaries effort, while previously disrupted by senior departures to Apollo in 2022, has since regained momentum. BlackRock has raised over $2.5bn for a separate secondaries strategy and established a Private Financing Solutions platform, led by former HPS executives, to further scale its private markets offerings.
In the venture secondaries space, BlackRock will compete with established players such as Lexington Partners (Franklin Resources), StepStone Group, and Industry Ventures, along with emerging managers including Pinegrove Capital Partners and NewView Capital.
