Vintage Investment Partners Raises $920M, Tops $4.8B AUM

TL;DR

Vintage Investment Partners, the Tel Aviv-founded venture fund-of-funds and secondaries manager, has raised $920 million in new capital, pushing total assets under management past $4.8 billion. This is a fund-of-funds and secondaries story, not a direct-to-startup VC fund, and we're covering it as a deliberate exception: fundmomentum.vc's audience of GPs and emerging managers has a direct stake in understanding where LP capital for venture funds themselves is flowing, and Vintage is one of the larger allocators writing those checks. The raise comes alongside two partner promotions, Tzlil Kovetz and Ilan Leiferman, and the hire of Brachie Sprung as the firm's first Chief Investor Relations Officer, and it lands at a moment when, per PitchBook-NVCA data cited in the firm's own release, three mega-firms captured nearly half of all U.S. venture dollars raised in the first half of 2026.

Key Takeaways

This is an LP-of-LPs story, which makes it unusually relevant to fund managers rather than founders. Vintage doesn't write checks directly into startups as its primary activity; it invests in venture funds (fund-of-funds), buys secondary stakes in funds and portfolio companies, and co-invests alongside the managers it backs in growth rounds. For a GP raising a fund, understanding how a firm like Vintage allocates $920 million across primaries, secondaries, and growth is more actionable than another seed-fund close.

The venture capital concentration story cuts both ways here. Vintage's own release cites the Q2 2026 PitchBook-NVCA Venture Monitor showing three firms captured nearly half of all U.S. venture capital raised in H1 2026. That concentration is exactly the dynamic that makes a fund-of-funds like Vintage valuable to its own LPs: access to the biggest, hardest-to-get-into managers is scarce, and a firm with two decades of relationships is selling precisely that access, rather than trying to compete with the mega-funds directly.

The leadership moves matter more than they would at a typical fund close. Alan Feld, the firm's founder, has shifted to "Mentor in Residence & Founder & Emeritus Managing Partner," a title that signals a genuine step back from day-to-day management, not just an honorary add-on; the firm is now run by Co-Managing Partners Abe Finkelstein and Asaf Horesh. Promoting Tzlil Kovetz (five-plus years at the firm) and Ilan Leiferman (who leads the Value+ platform) to Partner, and bringing in a dedicated Chief Investor Relations Officer for the first time in Brachie Sprung, reads as succession planning and institutionalization at a firm managing nearly $5 billion, not just routine title inflation.

Treat the AUM figure as a moving target across sources. The firm's own press release and the trade coverage we reviewed both cite "more than $4.8 billion" as the new AUM figure following this raise, while the firm's own homepage, likely not yet updated post-announcement, still shows $4.7 billion. That's a normal lag between a press release and a website refresh, not a discrepancy worth reading into, but it's a reminder to always check the dated announcement over a static site page when the two disagree.

Fund Overview

Fund Name: Not a single named fund; this is a firm-level capital raise across Vintage's fund-of-funds, secondaries, and growth/co-investment strategies
Fund Size: $920 million raised in new capital; total firm AUM now exceeds $4.8 billion ($1.1B+ raised across the past three years per the firm)
Stage: Not applicable in the traditional sense; Vintage invests in venture funds and buys secondary positions, rather than investing directly at a single startup stage
Check Size: Not disclosed
Geography: Invests in leading and emerging venture managers across the U.S., Europe, and Israel; headquartered in Tel Aviv with offices in London and New York
Focus: Fund-of-funds (primary commitments to venture managers), secondaries (LP stakes in funds and shares in private tech companies), and growth/co-investment alongside the managers it backs
Key LPs: Not disclosed by the firm

Why This Fund Matters

The venture asset class has spent the last several years getting more top-heavy, and Vintage's own framing of this raise leans directly into that. When three firms can absorb nearly half of all U.S. venture dollars in a single half-year, the implication for an LP trying to build a diversified venture allocation is that access, not capital, is the binding constraint. A fund-of-funds with two decades of relationships and proprietary data on, per the firm, thousands of funds and companies is selling exactly that access, and a $920 million raise in this environment is a signal that institutional LPs still believe that access premium is worth paying for, even as direct allocations to venture broadly have gotten more selective.

The secondaries and growth/co-investment legs of Vintage's strategy are the more structurally interesting part of the story for 2026 specifically. Companies are staying private for longer, which means more value accrues before any liquidity event, and LPs in older vintage funds increasingly want an exit path that doesn't depend on an IPO window. A firm like Vintage sitting between those two needs, as both a fund-of-funds and a secondaries buyer, is well positioned to keep growing regardless of whether the IPO market opens up, which is a real diversification benefit relative to a firm purely dependent on new fund formation.

For the fundmomentum.vc audience specifically, the practical takeaway is less about Vintage's own fund and more about what it signals for fundraising GPs: large, well-capitalized fund-of-funds allocators are still actively deploying into venture managers, and a firm like Vintage, with direct relationships across the U.S., European, and Israeli markets, is a plausible LP target worth researching for any manager raising a fund that fits its "leading and emerging" manager mandate.

The Team

Abe Finkelstein and Asaf Horesh are Vintage's Co-Managing Partners, running the firm day to day. Alan Feld, who founded the firm in 2003, has moved into a "Mentor in Residence & Founder & Emeritus Managing Partner" role, a clear step back from active management rather than a departure or a demotion dressed up as a promotion. The Partner bench now includes Ilan Leiferman (also Chief Value Officer, leading the firm's Value+ platform), Iren Reznikov, Leyla Holterud, and newly promoted Tzlil Kovetz, who spent more than five years at the firm before this promotion. Amit Frenkel holds the title of General Partner on the investment team. Brachie Sprung joins as Chief Investor Relations Officer, a newly created role at the firm, bringing roughly two decades of venture capital, fundraising, and strategic communications experience.

Early Portfolio

Not applicable in the usual sense for a fund-of-funds; Vintage's "portfolio" is a mix of fund commitments, secondary positions, and co-investments rather than a startup roster. The firm's Value+ platform, which connects its portfolio companies and the managers it backs to a network of more than 650 enterprises, is cited by the firm as having generated hundreds of millions of dollars in commercial opportunities, though no specific company names or deal figures were disclosed in the announcement.

What This Means for Founders

This one is squarely more relevant to fund managers than to founders raising directly. If you're a GP raising a new venture fund, particularly one the firm would characterize as "leading" or "emerging," in the U.S., European, or Israeli markets, Vintage's $920 million raise means there's freshly committed capital looking for primary fund commitments, secondary positions, and co-investment opportunities alongside its manager relationships. Founders raising growth rounds at companies backed by a Vintage-affiliated manager may also see Vintage show up as a co-investor rather than a lead.

For founders not already in a Vintage-backed fund's portfolio, the more useful signal is indirect: this raise is more evidence that institutional capital is still flowing into venture broadly, just increasingly through intermediated structures like fund-of-funds and secondaries rather than direct primary checks, which is worth keeping in mind when mapping out who actually controls capital access in the current market.

Fund Momentum Take

We don't normally cover fund-of-funds here, and we're flagging that explicitly rather than quietly treating this as a normal VC fund close. The reason it's worth the exception: Vintage sits at a genuinely different and increasingly important layer of the venture stack than the funds we usually write up, and the firms writing checks into other GPs' funds are exactly the firms our GP readers need to understand, arguably more than they need another seed fund's thesis statement.

The leadership succession signal here is the most durable part of the story. Founder Alan Feld stepping back into an emeritus role while Finkelstein and Horesh run the firm, two internal promotions to Partner, and a first-ever Chief IR Officer hire are the moves of a firm planning to exist in its current form for another decade, not just celebrating a fundraise milestone. That's a more interesting data point about institutional durability in venture fund-of-funds than the $920 million figure itself, which, while large, is a firm-level multi-strategy raise rather than a single fund with a clean step-up number to compare against a predecessor vehicle.

Our bet: expect to see more capital flow through intermediated structures like Vintage's over the next several years, not less, as direct access to top-tier managers keeps getting harder to win and as the secondaries market matures into a permanent feature of venture rather than a distressed-cycle workaround. The risk worth watching is concentration risk in reverse: a fund-of-funds this large is now itself a must-have relationship for GPs raising funds, which is a form of gatekeeping power that didn't exist at this scale a decade ago.

Frequently Asked Questions

What kind of fund is Vintage Investment Partners?
Vintage is a venture capital fund-of-funds and secondaries manager, not a firm that invests directly in startups as its primary strategy. It invests in venture funds, buys secondary stakes in funds and private companies, and co-invests alongside the managers it backs.

How much did Vintage raise and what's its AUM now?
Vintage raised $920 million in new capital, bringing total assets under management to more than $4.8 billion.

Who runs Vintage Investment Partners?
Abe Finkelstein and Asaf Horesh are Co-Managing Partners. Founder Alan Feld has moved into a Mentor in Residence and Emeritus Managing Partner role.

What leadership changes came with this raise?
Tzlil Kovetz and Ilan Leiferman were promoted to Partner, and Brachie Sprung joined as the firm's first Chief Investor Relations Officer.

Why is a fund-of-funds relevant to founders and GPs reading about VC fund closes?
Fund-of-funds like Vintage are a major source of LP capital for venture funds themselves, so a large raise signals fresh capital available for GPs raising primary funds, secondary sellers, and growth-stage co-investment opportunities, even though it doesn't translate into direct startup checks the way a typical VC fund close does.

---

Have a fund closing to announce? Submit your fund here.

Need help raising capital? Check out our Fundraising Advisory services.