To be continued…
GP-led or continuation funds are set to be the next area of focus for Sequoia Heritage, as it looks to invest in complex opportunities. This will be the private investment firm’s second foray into PE secondaries, having established Pinegrove Capital Partners last August with Brookfield to acquire stakes in VC funds. This new investment sees Sequoia Heritage continue its journey by pledging upwards of $200 million to Cody Kittle’s RenWave Kore, whose inaugural fund will invest in continuation fund deals; specifically complex situations where the assets are difficult to value, and which GPs feel have further value to unlock. This is just the latest of many more chapters, as the GP secondaries marketplace builds its heritage.