Greenspring Associates

Greenspring Associates was a prominent venture capital firm headquartered in Owings Mills, Maryland, known for its distinctive multi-strategy approach within the venture capital asset class. Before its significant merger, the firm managed approximately $17 billion in assets under management (AUM) as of December 31, 2020. Their investment philosophy encompassed three core pillars: investing in venture capital funds, making direct investments in high-growth companies, and engaging in secondary transactions. This comprehensive strategy allowed Greenspring to build a robust portfolio and cultivate deep relationships across the global venture capital ecosystem.

The firm's direct investment arm focused on companies across various stages, from early-stage startups to more mature growth-stage enterprises. While their primary business was often fund-of-funds, their direct investments were significant, often involving co-investments alongside the venture funds they backed. For these direct investments, Greenspring typically deployed first checks ranging from approximately $5 million for early-stage opportunities to upwards of $50 million for later-stage or growth equity rounds, reflecting their capacity to support companies through multiple financing cycles. Their strategic participation often provided portfolio companies with not only capital but also access to a vast network of venture capital firms and industry experts.

A pivotal development for Greenspring Associates occurred in 2021 when it merged with StepStone Group, a global private markets firm. This strategic combination created a formidable platform with over $100 billion in combined private markets AUM, significantly expanding the reach and capabilities of both entities. While the Greenspring Associates name as a standalone entity has been integrated, its legacy and expertise in venture capital investing continue under StepStone's dedicated venture capital platform. This integration ensures that the deep insights, relationships, and investment methodologies cultivated by Greenspring remain a vital component of StepStone's comprehensive private markets offerings.