About VCFA Group

VCFA pioneered the secondary private equity market with its founding in 1982. We believe VCFA was the first firm formed to provide previously unavailable liquidity options to private equity investors. Founded by Dayton Carr, VCFA was initially focused solely on the acquisition of limited partnership interests in venture capital and growth equity funds. As the private equity landscape grew, so did the acceptance and demand for secondary private equity transactions. Dayton Carr and VCFA not only helped shape the secondary market and innovate the various types of secondary transactions that exist today; he also helped many other firms get started and helped build an industry. Today, volume in the secondary private equity market is estimated to exceed $150 billion annually.

While many new firms and funds have entered the market and scaled into very large asset management firms, VCFA Group has stayed small, remaining focused on its original core strategy. The Firm specializes in smaller, complex secondary transactions, including LP- and GP-led deals as well as direct secondary purchases of equity in private, venture backed companies. VCFA continues to be driven by our late Founder’s simple philosophy towards venture and growth equity investing, “buy later and cheaper”. Since its inception, VCFA has raised ten venture / growth equity secondary funds totaling over $1 billion of cumulative AUM.

The firm is now led by David Tom and Andrew Reilly, both with extensive secondary experience and long histories with VCFA and Dayton Carr. Under their ownership, VCFA continues to lead and innovate in its small niche of the secondary private equity industry.