SAN FRANCISCO, June 10, 2025 -- Pinegrove Venture Partners ("Pinegrove") today announced that its venture secondaries business, Pinegrove Opportunity Partners, has partnered with DTCP, an investment management firm with $3 billion in assets under management, on a bespoke continuation vehicle designed to deliver liquidity to DTCP's original limited partners while setting the stage for long-term value creation.
This transaction enables DTCP to generate near-term liquidity for its existing investors, including telecommunications firm Deutsche Telekom, while simultaneously repositioning the fund's capital to align incentives and participation for both new and existing stakeholders. The continuation vehicle includes a curated and concentrated portfolio of late-stage private software assets, with weighted average revenues exceeding $300 million. These businesses will continue to be supported by DTCP via this new, flexible, long-duration capital base.
"Our partnership with DTCP reflects Pinegrove's mission to support premier venture and growth managers with creative, scaled, and investor-aligned liquidity solutions," said Eric Yee, Principal at Pinegrove Opportunity Partners. "We're proud to collaborate with DTCP, whose disciplined approach to digital transformation investing has created a compelling portfolio of enterprise software companies poised for continued growth."
DTCP launched this transaction to provide optionality to existing LPs while reaffirming its long-term commitment to its portfolio companies and overall investment strategy.
"We are pleased to work with Pinegrove Opportunity Partners on this highly tailored solution for our investors," said Jack Young, a Managing Partner at DTCP Growth. "This continuation vehicle not only delivers immediate liquidity but also empowers us to continue building value in our most promising investments."
The transaction underscores a growing trend in the venture ecosystem: the use of innovative secondary solutions to balance near-term liquidity with long-term value creation. Pinegrove's investment of nearly $80 million will be used to unlock liquidity for shareholders.
About Pinegrove Venture Partners
Pinegrove specializes in venture capital fund-of-funds, co-investments, credit solutions, and secondaries. Backed by Sequoia Heritage and Brookfield Asset Management, Pinegrove is dedicated to driving innovation across the global venture ecosystem.
About Pinegrove Opportunity Partners
Pinegrove Opportunity Partners is an investment adviser with over $1.4 billion in assets under management, including $500 million from Pinegrove's Sponsors (Sequoia Heritage and Brookfield. Pinegrove Opportunity Partners invests in leading private technology companies by providing scalable secondary solutions to the venture and growth ecosystem, including companies, general partners, and limited partners.
About DTCP
DTCP is an investment management firm with 3 billion US dollars in assets under management and over 50 professionals. DTCP has offices in Hamburg, Frankfurt, Berlin, London, Luxembourg, San Francisco, and Tel Aviv.
DTCP Growth invests in leading cloud-based enterprise software companies. The team has made over 30 investments in Europe, Israel and the US, with notable investments including Aircall, Arctic Wolf Networks, Auth0 (acquired by OKTA), Guardicore (acquired by Akamai), Fastly, LeanIX (acquired by SAP SE), Pipedrive (acquired by Vista Private Equity), and Signavio (acquired by SAP SE).
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