Greenspring Associates
{{Short description|American venture capital firm}}
{{Infobox company
| name = Greenspring Associates
| logo = Greenspring_Associates_logo.jpg
| type = Private
| industry = Venture capital
| founded = {{start date|2000}}
| defunct = {{end date|2021}}
| key_people = C. Ashton Newhall,
James "Jim" Lim,
John Avirett,
Hunter Somerville,
Eric Thompson
| aum = $17B
| num_employees = 150
| website = {{URL |http://www.greenspringassociates.com}}
}}
Greenspring Associates was a venture capital firm that invested primarily in the information technology,{{Cite news|url=http://www.baltimoresun.com/business/bs-bz-greenspring-associates-20151105-story.html|title=Greenspring Associates raises $430 million to invest in technology funds|last=Wells|first=Carrie|work=baltimoresun.com|access-date=2017-03-04|language=en-US}} biotechnology, healthcare and telecommunications sectors. The firm was based in Owings Mills, Maryland[http://www.ibj.com/articles/56776-area-firms-tap-into-vc-riches "Executives, networking helped make 2015 a watershed year for VC funding"]. Indianapolis Business Journal, January 23, 2016 Jared Council 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.{{Cite web|url=http://www.greenspringassociates.com/team/|title=Our Team of Investment Professionals {{!}} Greenspring Associates|website=www.greenspringassociates.com|language=en-US|access-date=2017-11-21}} 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.{{Citation needed|date=June 2022}}
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.{{Cite web|url=https://www.bloomberg.com/profiles/companies/3559259Z:US-greenspring-associates-inc|title=Greenspring Associates Inc: Company Profile |website=Bloomberg L.P. |accessdate=2017-03-04}} 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){{Cite web|url=https://finance.yahoo.com/news/greenspring-associates-raises-800-million-222005725.html|title=Greenspring Associates Raises $800 Million for Fourth Secondaries Fund|last=|first=|date=|website=Yahoo Finance|archive-url=|archive-date=|accessdate=2020-02-05}} 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,{{cite web |url=http://www.baltimorefishbowl.com/stories/clear-eyed-capitalists-the-next-generation-of-local-leaders/ |title=Clear-Eyed Capitalists: The Next Generation of Local Leaders" |publisher=Baltimore Fishbowl |author=Michael Yockel |date=Jul 28, 2011}} and Rupert Montagu.{{cn|date=December 2021}}
In 2010, the firm became "Greenspring Associates".{{Cite web |url=http://www.bizjournals.com/baltimore/stories/2010/05/03/daily30.html |title=Montagu Newhall becomes Greenspring Associates |website=www.bizjournals.com|accessdate=2017-03-04}}
The firm's historical direct investments include Chewy.com,{{Cite web|url=http://www.miamiherald.com/news/business/biz-monday/article134938649.html|title=Pet food retailer Chewy.com has seen fantastic growth. But can it keep up the pace? {{!}} Miami Herald|website=www.miamiherald.com|language=en|access-date=2017-04-19}} Fuze,{{Cite news|url=http://finance.yahoo.com/news/fuze-closes-104-million-funding-140000664.html|title=Fuze Closes $104 Million in New Funding to Fuel Growth and Expansion as the Cloud Communications Platform for Global Enterprises|access-date=2017-03-04|language=en-US}} Everything But The House,{{Cite web|url=http://fortune.com/2016/10/31/estate-sales-startup/|title=Exclusive: This Startup for Estate Sales Just Raised $41.5 Million|website=Fortune|access-date=2017-03-04}} ExactTarget (now Salesforce Marketing Cloud), NeoTract, Inc. (now Teleflex),{{Cite news|url=https://www.cbinsights.com/company/neotract-funding|title=Neotract Funding & Neotract Investors - CB Insights|access-date=2017-11-21}} euNetworks,{{Cite news|url=https://www.eunetworks.com/news/stonepeak-infrastructure-partners-signs-agreement-to-acquire-majority-interest-in-eunetworks/|title=Stonepeak Infrastructure Partners signs agreement to acquire majority interest in euNetworks - euNetworks|date=2017-11-06|work=euNetworks|access-date=2017-11-21|language=en-US}} GrubHub, Cologix,{{Cite news |url=https://www.wsj.com/articles/private-equity-backed-data-center-operator-cologix-explores-a-sale-1480513760 |title=Private-Equity Backed Data Center Operator Cologix Explores a Sale |last=Kang |first=Jaewon |date=2016-11-30|work=Wall Street Journal|access-date=2017-03-09|issn=0099-9660}} Cvent, Gigya,[https://techcrunch.com/2013/09/19/with-700-customers-and-1-5b-uniques-gigya-lands-25m-to-help-businesses-manage-consumer-data/ "With 700 Customers And 1.5B Uniques, Gigya Lands $25M To Help Businesses Manage Consumer Data". TechCrunch Sep 19, 2013 by Rip Empson] Intarcia Therapeutics, Workfront, Teamviewer, DemandBase,{{Cite web|url=http://fortune.com/2015/07/15/demandbase-funding/|title=Demandbase, an account-based marketing specialist, raises $30 million|website=Fortune|access-date=2017-03-09}} Proofpoint, ChannelAdvisor, Cameron Health (now part of Boston Scientific), ScanSafe and Assent Compliance.{{Cite web|url=http://baltimore.citybizlist.com/article/429992/greenspring-associates-leads-40m-funding-round-for-assent-compliance|title=citybizlist : Baltimore : Greenspring Associates Leads $40M Funding Round for Assent Compliance|website=baltimore.citybizlist.com|access-date=2017-11-21}}{{Cite web |url=http://www.bizjournals.com/baltimore/stories/2009/10/26/daily19.html |title=Montagu Newhall could see payday after ScanSafe sale |website=www.bizjournals.com|accessdate=2017-03-04}}{{Cite web |url=http://www.greenspringassociates.com/investmentportfolio/ |title=Greenspring Associates {{!}} Our Current Investment Portfolio |website=www.greenspringassociates.com |language=en-US |accessdate=2017-03-09}}