G Squared raises $2.3B for seventh fund, targeting private secondaries

What's the deal? G Squared, an early backer of Anthropic, has raised $2.3 billion for its seventh fund. The fund will target the private secondaries market, buying stakes in late-stage companies.

Why now? Companies are staying private for longer, pushing investors towards secondaries to find liquidity and exposure.

The context: The private secondaries market reached $240 billion in deals last year, according to Jefferies Financial GroupDealroom has a profile for this one. Try Dealroom →. SpaceXDealroom has a profile for this one. Try Dealroom →'s record-setting IPO — at a valuation far above where it had raised privately for over a decade — delivered outsize returns to tech investors.

The signal: As startups delay public listings, secondaries have become a core route to returns. G Squared's raise underscores how investors are chasing exposure to top private companies before they list.

Read more: Financial Post

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