Greenspring Associates
TypePrivate
IndustryVenture capital
Founded2000 (2000)
Defunct2021 (2021)
Key people
C. Ashton Newhall,
James "Jim" Lim,
John Avirett,
Hunter Somerville,
Eric Thompson
AUM$17B
Number of employees
150
Websitewww.greenspringassociates.com

Greenspring Associates was a venture capital firm that invested primarily in the information technology,[1] biotechnology, healthcare and telecommunications[2] sectors. The firm was based in Owings Mills, Maryland[3] and maintained offices in Palo Alto, CA, Miami, FL, London, and Beijing. The company was led by two Managing General Partners, C. Ashton Newhall and James "Jim" Lim, along with General Partners Hunter Somerville, John Avirett, and Lindsay Redfield, as well as Chief Operating Officer Eric Thompson, Chief Financial Officer Carrie McIntyre, and Partners Seyonne Kang and Adair Newhall.[2][4] In 2021, the Firm agreed to be acquired by StepStone Group in a transaction valued north of $725 million, bringing the combined firm's assets under management to a figure around $27 billion.

Greenspring Associates pioneered the "flywheel" of venture capital investing, blending fund, direct and secondary investments while also providing bespoke solutions on behalf of large institutions.[2] As of July 2021, in combination with StepStone Group's venture capital outfit, the combined firm managed over $17B USD in assets under management (AUM)[5] on behalf of a wide range of global institutions.

History

Greenspring Associates was founded in 2000 as Montagu Newhall Associates by C. Ashton Newhall, son of New Enterprise Associates' co-founder, venture capitalist Chuck Newhall,[6] and Rupert Montagu.

In 2010, the firm became "Greenspring Associates".[7]

The firm's historical direct investments include Chewy.com,[8] Fuze,[9] Everything But The House,[10] ExactTarget (now Salesforce Marketing Cloud), NeoTract, Inc. (now Teleflex),[11] euNetworks,[12] GrubHub, Cologix,[13] Cvent, Gigya,[14] Intarcia Therapeutics, Workfront, Teamviewer, DemandBase,[15] Proofpoint, ChannelAdvisor, Cameron Health (now part of Boston Scientific), ScanSafe and Assent Compliance.[16][17][18]

References

  1. ↑ Wells, Carrie. "Greenspring Associates raises $430 million to invest in technology funds". baltimoresun.com. Retrieved 2017-03-04.
  2. 1 2 3 "Greenspring Associates Inc: Company Profile". Bloomberg L.P. Retrieved 2017-03-04.
  3. ↑ "Executives, networking helped make 2015 a watershed year for VC funding". Indianapolis Business Journal, January 23, 2016 Jared Council
  4. ↑ "Our Team of Investment Professionals | Greenspring Associates". www.greenspringassociates.com. Retrieved 2017-11-21.
  5. ↑ "Greenspring Associates Raises $800 Million for Fourth Secondaries Fund". Yahoo Finance. Retrieved 2020-02-05.
  6. ↑ Michael Yockel (Jul 28, 2011). "Clear-Eyed Capitalists: The Next Generation of Local Leaders"". Baltimore Fishbowl.
  7. ↑ "Montagu Newhall becomes Greenspring Associates". www.bizjournals.com. Retrieved 2017-03-04.
  8. ↑ "Pet food retailer Chewy.com has seen fantastic growth. But can it keep up the pace? | Miami Herald". www.miamiherald.com. Retrieved 2017-04-19.
  9. ↑ "Fuze Closes $104 Million in New Funding to Fuel Growth and Expansion as the Cloud Communications Platform for Global Enterprises". Retrieved 2017-03-04.
  10. ↑ "Exclusive: This Startup for Estate Sales Just Raised $41.5 Million". Fortune. Retrieved 2017-03-04.
  11. ↑ "Neotract Funding & Neotract Investors - CB Insights". Retrieved 2017-11-21.
  12. ↑ "Stonepeak Infrastructure Partners signs agreement to acquire majority interest in euNetworks - euNetworks". euNetworks. 2017-11-06. Retrieved 2017-11-21.
  13. ↑ Kang, Jaewon (2016-11-30). "Private-Equity Backed Data Center Operator Cologix Explores a Sale". Wall Street Journal. ISSN 0099-9660. Retrieved 2017-03-09.
  14. ↑ "With 700 Customers And 1.5B Uniques, Gigya Lands $25M To Help Businesses Manage Consumer Data". TechCrunch Sep 19, 2013 by Rip Empson
  15. ↑ "Demandbase, an account-based marketing specialist, raises $30 million". Fortune. Retrieved 2017-03-09.
  16. ↑ "citybizlist : Baltimore : Greenspring Associates Leads $40M Funding Round for Assent Compliance". baltimore.citybizlist.com. Retrieved 2017-11-21.
  17. ↑ "Montagu Newhall could see payday after ScanSafe sale". www.bizjournals.com. Retrieved 2017-03-04.
  18. ↑ "Greenspring Associates | Our Current Investment Portfolio". www.greenspringassociates.com. Retrieved 2017-03-09.
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