G Squared raises $2.3B for seventh flagship fund targeting tech investments

G Squared just closed the biggest fund in its 15-year history. The Chicago-based venture capital firm pulled in $2.3 billion for its seventh flagship fund, nearly doubling the size of its predecessor and betting heavily on the idea that the best tech companies are in no rush to go public.

G Squared VII closed on August 5 and will target growth-stage technology companies through private secondary transactions, company-led tender offers, structured investments, and selective primary financings. In English: the firm buys shares in late-stage startups from existing shareholders who want cash, rather than waiting for an IPO that may never come.

A fund that’s riding a structural shift

The $2.3 billion raise is a significant step up from G Squared VI, which closed at $1.1 billion in August 2024. That’s roughly a 109% increase in fund size in just two years.

Founder and Managing Partner Larry Aschebrook has built the firm around this thesis since its founding in 2011.

The secondary market is having a moment

The global secondary market hit a record $240 billion in transaction volume in 2025, representing a 48% year-over-year increase.

The firm’s portfolio reads like a greatest-hits compilation of tech’s most valuable private (and now public) companies. G Squared has held positions in Anthropic, Airbnb, and Brex, among others. The Anthropic position is particularly notable: the firm acquired approximately 4.5 million shares for $135 million as part of an opportunistic secondary deal linked to the FTX bankruptcy estate back in 2024.

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