About Revenant Ventures

• Founded: 2023

• Headquarters: Boston, Massachusetts

• Strategy: Venture capital secondaries

• Leadership: Ryan Moore, founder and managing partner, previously led seed investment in DraftKings

Revenant Ventures has closed its debut fund at $78.5m, according to a regulatory filing. The fund focuses on secondary purchases of venture-backed positions, a strategy that has drawn increased LP interest as venture exit timelines extend. Moore's track record includes an early stake in DraftKings, which went public via SPAC merger in 2020.

A $78.5m first close positions Revenant in the lower-middle tier of dedicated secondaries managers — large enough to participate in competitive processes but small enough to remain flexible on check size and ownership concentration. The firm has not disclosed whether it targets specific sectors or stage exposure, though Moore's background suggests familiarity with consumer-facing technology. Deployment pace will be the clearest signal of whether the fund pursues opportunistic deals across vintages or concentrates in a narrower band.

Secondaries fundraising has bifurcated sharply over the past 18 months. Established managers with multi-billion-dollar platforms continue to raise at scale, while newer entrants have faced longer close cycles and smaller final fund sizes than initial targets. Revenant's ability to reach final close at or above this initial amount will depend on whether early portfolio performance validates Moore's sourcing edge — secondaries is a specialist's game, and LP conviction follows demonstrated access to mispriced positions, not pedigree alone.

Source: Venture Capital Journal