Key Takeaways
- • Vintage Investment Partners raised a $920 million fund-of-funds, lifting its assets under management past $4.8 billion.
- • The Israeli-founded firm plans to back fewer venture managers while reserving more capital for secondary deals, which it says reflects demand for selectivity and liquidity.
- • Vintage says companies staying private longer is driving demand for both venture exposure and liquidity for early investors, employees, and shareholders.
- • Co-managing partner Asaf Horesh argues access to a small group of sought-after venture firms is key, as successful founders keep working with them.
- • Vintage is modest in scale beside specialist rivals: CVC Secondary Partners recently closed a $10 billion fund, and StepStone's venture-secondaries vehicle passed $1.3 billion in commitments.
Summary
Vintage Investment Partners has raised a $920 million fund-of-funds, taking its assets under management past $4.8 billion, according to Calcalist Tech, which reported the story and was republished by Dealroom. The Israeli-founded firm invests in venture funds, buys secondary stakes, and co-invests in growth rounds. Under the new strategy, it plans to back fewer venture managers and direct more capital toward secondary transactions.
Vintage links the strategy to a structural shift in venture markets. Companies are staying private for longer and creating more value before they go public, which leaves early investors, employees, and shareholders with fewer opportunities to sell. The firm says this dynamic is increasing demand for both venture exposure and liquidity. Asaf Horesh, Vintage's co-managing partner, said more value is being created in private markets, over shorter timelines, than at any point in the history of venture. He added that successful founders tend to stay with a small group of sought-after firms, making access to those managers central to Vintage's approach.
The firm also made personnel changes. Brachie Sprung joined as chief investor relations officer, bringing two decades of experience in venture capital, fundraising, and communications. Vintage promoted Tzlil Kovetz and Ilan Leiferman, who leads the firm's Value+ platform, to partner.
Vintage's raise is modest compared with specialist competitors targeting the same liquidity demand. CVC Secondary Partners recently closed a $10 billion fund, and StepStone's latest venture-secondaries vehicle passed $1.3 billion in commitments. The broader market is also consolidating: US venture funds raised $74.8 billion in the first half of 2026, with billion-dollar funds capturing most of that capital. Against this backdrop, the report characterizes Vintage's raise as notable less for its size than for its strategy of fewer bets and greater emphasis on secondaries.
Vintage links the strategy to a structural shift in venture markets. Companies are staying private for longer and creating more value before they go public, which leaves early investors, employees, and shareholders with fewer opportunities to sell. The firm says this dynamic is increasing demand for both venture exposure and liquidity. Asaf Horesh, Vintage's co-managing partner, said more value is being created in private markets, over shorter timelines, than at any point in the history of venture. He added that successful founders tend to stay with a small group of sought-after firms, making access to those managers central to Vintage's approach.
The firm also made personnel changes. Brachie Sprung joined as chief investor relations officer, bringing two decades of experience in venture capital, fundraising, and communications. Vintage promoted Tzlil Kovetz and Ilan Leiferman, who leads the firm's Value+ platform, to partner.
Vintage's raise is modest compared with specialist competitors targeting the same liquidity demand. CVC Secondary Partners recently closed a $10 billion fund, and StepStone's latest venture-secondaries vehicle passed $1.3 billion in commitments. The broader market is also consolidating: US venture funds raised $74.8 billion in the first half of 2026, with billion-dollar funds capturing most of that capital. Against this backdrop, the report characterizes Vintage's raise as notable less for its size than for its strategy of fewer bets and greater emphasis on secondaries.
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