Schroders Capital is tightening its investment criteria in venture secondary markets amid declining pricing attractiveness. Steven Yang, the firm's venture capital chief, confirmed the shift in strategy as market conditions evolve. The British asset manager traditionally active in this space now demands more favorable terms before committing to deals.

Yang's remarks reflect broader market sentiment as VC secondary valuations face downward pressure. This development comes as limited partners increasingly seek liquidity in private markets while general partners resist fire sales. The disconnect between buyer expectations and seller demands has created a challenging environment for secondary transactions.

The pickier approach signals Schroders' disciplined stance amid market uncertainty. Other institutional investors may follow suit, potentially prolonging the secondary market adjustment period. For founders and early investors seeking exit opportunities, this tightening could delay liquidity events until more favorable pricing conditions return.