Greenspring Associates closes $430 million venture fund

Greenspring Associates closed a $430 million venture fund, which is the Owings Mills firm’s seventh such closing since it launched in 2000.
Known as a “fund of funds,” the firm uses the money to back other venture managers, as well as venture-backed companies.
The money will be used to back “early stage technology-focused funds and will also invest alongside those fund managers in expansion stage portfolio companies,” Greenspring said in a press release. The fund also be used to invest in secondary interests of venture capital funds and companies.
Greenspring, which also has offices in Palo Alto, Calif., declined to name the investors in the fund.
“While technology has advanced rapidly over the past decade, we believe that we’re still in the early stages of the technology innovation cycle, and that there are a substantial number of disruptive startups out there competing to be leaders in large expanding industries such as cloud and mobile,” Jim Lim, managing general partner of Greenspring Associates, said in the release.