BlackRock is set to launch a venture secondaries fund targeting discounted stakes in venture capital portfolios, expanding its presence in the fast-growing secondary market, according to a report by Bloomberg.

The new vehicle, disclosed in recent regulatory filings, will be led by BlackRock executives Jarid Colucci, Derek Krouner, and Lisa Sun. It marks the firm’s first fund focused exclusively on secondhand venture positions, which typically trade at around 75% of net asset value compared with 94% for buyout stakes.

The launch comes as private equity managers increasingly turn to secondary transactions to deliver liquidity amid muted M&A and IPO activity. Venture secondaries accounted for just 8% of the $47bn GP-led secondary market in the first half of 2025, according to Jefferies, but activity is accelerating as demand rises.

BlackRock, the world’s largest asset manager, is targeting $400bn in private market fundraising by 2030. Its expansion has been bolstered by acquisitions of Global Infrastructure Partners and HPS Investment Partners, propelling it into the top tier of infrastructure and private credit managers. The firm has already raised more than $2.5bn for another secondaries fund and recently launched a Private Financing Solutions platform to expand its reach across private debt and secondaries.

The new fund will compete with established venture secondary specialists including Franklin Resources’ Lexington Partners, StepStone Group, and Industry Ventures, alongside newer entrants such as Pinegrove Capital Partners and NewView Capital.

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