GP-led structured secondary provides flexible liquidity to prominent venture investor, preserving long-term upside participation
SAN FRANCISCO, CA / ACCESS Newswire / March 11, 2026 / 3Spoke Capital ("3SPOKE"), a venture capital secondaries firm providing bespoke liquidity solutions across General Partner, Limited Partner, and direct interests in the venture capital and growth equity ecosystem, announced the closing of Project Redwood, a $45 million GP-led structured secondary transaction.
The transaction provided flexible capital to a prominent venture capital GP (the "Counterparty") to address near-term liquidity objectives without requiring the sale of its interests in a traditional secondary transaction.
Under the terms of Project Redwood, 3SPOKE obtained exposure to (i) the GP's carried interest in multiple high-performing venture funds, (ii) a diversified portfolio of LP interests, and (iii) direct holdings in more than 30 venture-backed companies. Select portfolio exposures include Databricks, Deel, Axiado, and TAE Technologies.
"Project Redwood is a milestone transaction for 3SPOKE," said Chris Hsuan, Director at 3SPOKE. "We structured a customized solution that met the Counterparty's objectives while providing our investors differentiated exposure to a diversified set of high-growth assets.
Steve Gold, Co-Founder and Managing Partner of 3Spoke Capital, added, "Across late-stage venture and growth equity, stakeholders increasingly need liquidity without locking in discounts, transferring title, or giving up upside participation. 3SPOKE's structured approach can provide meaningful access to capital while maintaining long-term alignment with the underlying funds and companies. This transaction represents exactly what we built 3SPOKE to do: execute complex, time-sensitive solutions when conventional secondary paths are not the right fit.
Increasing Strategic Importance of the Secondary Market Resulting in Strong Market Growth
The private capital secondary market has continued to expand as exit timelines lengthen and liquidity needs rise across private portfolios. Global secondaries transaction volume reached approximately $226 billion in 2025, according to Evercore Private Capital Advisory, the first year the market surpassed the $200 billion threshold.
About 3Spoke Capital
3Spoke Capital provides bespoke liquidity solutions designed to address liquidity needs across venture capital and growth equity assets, while preserving participation in future value creation. The firm collaborates with general partners, limited partners, shareholders, and management teams to structure bespoke transactions across GP, LP, and direct interests.
For more information, visit https://3spokecapital.com
Solutions:
GP Solutions - Fund-level liquidity for add-on investments, LP distributions, and GP carry advances
LP Solutions - Liquidity alternatives without a current sale, while maintaining upside participation
Shareholder Solutions - Option exercise financing and tax-efficient liquidity in lieu of a current sale
Contacts
Steve Gold
Managing Partner
Ian Leisegang
Managing Partner
Media Inquiries:
Craig White
investments@3spokecapital.com | +1 415.322.5096
This press release is for informational purposes only and does not constitute a recommendation or an offer to buy or sell securities in any 3Spoke fund or any other 3Spoke product or to pursue any particular investment strategy. Statements contained herein are based on current expectations, estimates, projections, opinions, and beliefs of 3Spoke. Such statements involve known and unknown risks, uncertainties, and other factors, and this information should not be relied upon in evaluating any investment or any particular investment strategy. Moreover, the statements contained herein represent solely the opinion or belief of 3Spoke and are not expressed herein as the opinion or belief of any other entity or of members of the 3Spoke team or other persons. All views expressed and any statement relating to expectations regarding future events or the possible future activities, opportunities, or performance of any 3Spoke funds or investments represent 3Spoke's own assessment and interpretation of information available to it as of the date of this press release and are subject to change without notice. Any discussion of general market activity, industry, or sector trends, or other broad-based economic or market conditions, should not be construed as research or investment advice. You should consult your own advisers as to financial, tax, legal, and all other related matters concerning any investment. Past performance is not a guarantee, projection, or prediction and is not necessarily indicative of future results, and there can be no assurance that any 3Spoke fund or any of its portfolio investments will achieve comparable results. Neither 3Spoke nor any other person has any obligation to update this press release or correct inaccuracies or omissions in it.
SOURCE: 3Spoke Capital
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