Analysis
Vintage Investment Partners raised $920 million in new capital, pushing the Tel Aviv-founded venture investment platform's assets under management past $4.8 billion, according to Pulse 2.0. The firm, founded in 2003 with offices in Tel Aviv, London and New York, invests through fund-of-funds, secondaries and co-investment strategies, building relationships with venture managers across the US, Europe and Israel rather than writing checks directly into startups.
Co-Managing Partners Asaf Horesh and Abe Finkelstein framed the raise against a consolidating venture market: Vintage cited Q2 2026 PitchBook-NVCA Venture Monitor data showing three firms accounted for nearly half of all US venture capital raised in the first half of the year. That concentration is precisely the dynamic fund-of-funds managers are built to exploit -- when LPs can't get direct allocation into the handful of funds capturing outsized share, a platform like Vintage that already holds those relationships becomes the access point instead.
Where the capital goes
Horesh said Vintage has now raised more than $1.1 billion across primary, secondary and co-investment strategies over the past three years -- meaning this single $920 million close represents most of that three-year total in one round, a sign LP demand for access vehicles has accelerated as direct fund access has tightened. The firm also promoted Tzlil Kovetz and Ilan Leiferman to Partner and named Brachie Sprung Chief Investor Relations Officer, moves pointed at building out the secondaries and LP-servicing side of the business rather than simply scaling check size.
Vintage's Value+ platform, which connects its existing portfolio funds' companies to more than 650 global enterprises, is the firm's pitch for differentiation beyond capital -- it says those connections have generated "hundreds of millions of dollars" in commercial opportunities, though it discloses no company-level breakdown of that figure.
The raise lands in a year when several other fund-of-funds and secondaries platforms have also closed large vehicles, a sign institutional capital is flowing toward access and liquidity strategies rather than direct primary investing as venture dollars concentrate among fewer brand-name GPs. For LPs weighing Vintage against direct fund commitments, the test will be whether its secondaries pricing and Value+ connections actually outperform simply buying into the concentrated winners PitchBook's own data describes.
