EQT is preparing a continuation fund to move assets from its first venture capital vehicle, EQT Ventures I, into a new vehicle. The firm plans to transfer five to 10 investments, including U.S. HR software company Handshake, from the €505m fund launched in 2016. Jefferies is advising on the process, which aims to raise at least $500m.

This move reflects a broader trend in private markets where exit timelines are lengthening. As startups delay IPOs, investors are seeking liquidity through secondary transactions. While venture secondaries remain a small segment—accounting for roughly $8bn of last year’s $226bn total market—interest is growing. Firms are now extending continuation fund structures beyond traditional buyouts into venture capital.

The final fund size will depend on negotiations with buyers and existing investors rolling their stakes. This strategy allows EQT to hold onto promising assets longer while providing liquidity to early backers. The trend signals a maturing venture landscape where firms are creatively managing portfolios amid a slower exit environment.