BlackRock Prepares to Enter Venture Secondaries Market with New Fund

BlackRock is preparing to launch a venture secondaries fund, its first focused on buying discounted venture capital stakes from other investors. The fund, led by executives Jarid Colucci, Derek Krouner, and Lisa Sun, will aim to capitalize on the hot market for private fund stakes. BlackRock is expanding into private markets and has set a goal of raising $400 billion in private market funds by 2030.

BlackRock, one of the world's largest asset management firms, is poised to launch its first venture secondaries fund. Led by executives Jarid Colucci, Derek Krouner, and Lisa Sun, this fund aims to capitalize on the burgeoning market for discounted venture capital stakes. The move underscores BlackRock's strategic expansion into private markets, with a goal of raising $400 billion in private market funds by 2030.

The venture secondaries market has experienced significant growth, with transaction volumes reaching $152 billion in 2024, a 39% increase from the previous year [1]. This growth is driven by the scarcity of traditional exits such as IPOs and M&A, which have slowed to a crawl. The venture capital secondary market has become a vital pressure valve, offering flexible and faster paths to liquidity when traditional exits are unavailable.

BlackRock's entry into this market signals a structural shift in venture capital dynamics. The fund will focus on buying discounted stakes in private funds, providing liquidity to limited partners (LPs) and general partners (GPs) alike. This strategy aligns with BlackRock's broader objective to offer investors a diversified portfolio of private market assets.

The venture secondaries market has evolved from a niche corner of the industry to a core pillar of modern venture strategy. It offers flexibility, speed, and strategic control, allowing GPs to hold onto winners, manage risk, and align incentives. LPs can actively manage exposure and rebalance portfolios without waiting for a formal exit.

BlackRock's venture secondaries fund will likely benefit from the market's growing maturity. Higher pricing, bigger buyers, and more participants have made the secondary market more robust and reliable. The average discount for venture assets has narrowed to around 75% of net asset value (NAV) in 2025, up from the high 60s in 2023 [1]. Firms like StepStone, BlackRock, and Coller Capital are raising multi-billion-dollar vehicles focused on secondaries, further driving growth.

The launch of BlackRock's venture secondaries fund is a significant milestone in the evolution of the venture capital industry. It reflects the increasing importance of secondaries as a strategic lever, rather than just a liquidity lifeline. As the market continues to mature and grow, BlackRock's entry is likely to be a catalyst for further innovation and investment.

References:

[1] https://www.thevccorner.com/p/vc-secondary-market