About Savano Capital Partners

• Founded: 2013

• Headquarters: San Francisco, California

• Strategy: Direct secondaries, technology

• AUM: $650m (as of 2026)

• Track record: Fund I ($75m, 2014), Fund II ($120m, 2017), Fund III ($203m, 2020)

Savano Capital Partners closed its fourth flagship fund at $252m, marking a 24% increase over its predecessor. The firm targets direct secondary purchases of technology company shares, buying positions from employees, early investors, and insiders ahead of liquidity events. The fund attracted commitments from public pension systems for the first time, broadening an LP base previously dominated by family offices and high-net-worth individuals.

The step-up in fund size and the entry of institutional capital reflect sustained demand for pre-IPO secondary liquidity despite a two-year slowdown in tech exit activity. Savano's strategy sits at the intersection of two trends: venture-backed companies staying private longer, creating pent-up seller demand, and institutional allocators hunting for direct exposure to late-stage growth at discounts to primary round pricing. Comparable vehicles — including Industry Ventures' recent $300m direct secondaries close and Vintage Investment Partners' $175m tech-focused fund — have raised similar amounts in the past 18 months, signaling buyer appetite remains concentrated but durable.

The public pension entry is notable. Institutional LPs have historically avoided direct secondaries due to valuation opacity and J-curve concerns, preferring diversified secondaries funds that buy LP stakes across multiple GPs. Savano's ability to attract this capital suggests either improved transparency in its portfolio construction or a willingness among allocators to accept concentrated exposure in exchange for potential outperformance. Worth watching: whether other direct secondaries managers can replicate this LP mix, and whether public pensions maintain commitments if tech valuations compress further from 2021 peaks.

Source: AltAssets