Vintage raises $920 million as private markets reshape venture capital
The Israeli-founded investment firm has brought assets under management to more than $4.8 billion as companies stay private longer and investors seek access to venture-backed businesses before they reach public markets.
Vintage Investment Partners has raised $920 million in new capital, bringing its assets under management to more than $4.8 billion, as the venture capital industry adapts to a market in which technology companies are creating more of their value before going public.
The firm, founded in 2003 and focused exclusively on venture capital, invests both in venture funds and directly in venture-backed companies. Its strategies include backing fund managers, buying existing stakes in funds and private companies, and investing alongside venture firms in their portfolio companies.
The latest fundraising comes as companies remain private for longer, extending the period during which early investors, employees and other shareholders may have limited opportunities to sell their stakes. Vintage says demand for both exposure to venture capital and liquidity for existing investments is growing as a result.
Artificial intelligence is adding to the shift. AI companies can reach significant scale while remaining private, increasing the amount of value that accumulates outside public markets. At the same time, venture capital is becoming more concentrated among a relatively small group of firms.
According to the Q2 2026 PitchBook-NVCA Venture Monitor, cited by Vintage, just three firms accounted for nearly half of all venture capital raised in the first half of 2026. That concentration can make it harder for investors to secure allocations in sought-after funds, while increasing the importance of long-standing relationships with leading venture managers.
“More value is being created in private markets, over shorter timelines, than at any point in the history of venture,” said Asaf Horesh, Vintage’s co-managing partner. He said many successful founders continue to work with a relatively small group of highly sought-after venture firms, making access to those managers central to Vintage’s strategy.
“With more than $1.1 billion raised over the past three years across primary, secondary and co-investment strategies, we can support fund managers, companies and investors in more ways, while helping address the growing demand for liquidity across the venture ecosystem,” Horesh said.
Vintage’s secondary investments offer one way to address that demand. Rather than buying newly issued shares directly from a company, secondary investors acquire existing stakes from shareholders, potentially providing liquidity without requiring a company to go public or raise fresh capital. Vintage also invests in venture funds and participates in growth rounds alongside managers it backs.
The fundraising was accompanied by changes to the firm’s leadership. Tzlil Kovetz has been promoted to partner after more than five years at Vintage, while Ilan Leiferman, who leads the Value+ platform, has also been promoted to partner. Brachie Sprung has joined as chief investor relations officer, bringing two decades of experience in venture capital, fundraising and strategic communications.
Founded in 2003, Vintage has offices in Tel Aviv, London and New York.
