G Squared VII closed on August 5 with $2.3 billion, nearly doubling its predecessor fund ($1.1 billion in 2024) and marking the largest raise in the Chicago-based venture firm’s 15-year history. The fund targets growth-stage technology companies through private secondary transactions, company-led tender offers, and structured investments. The global secondary market hit a record $240 billion in transaction volume in 2025, representing a 48% year-over-year increase. G Squared’s portfolio includes positions in Anthropic, Airbnb, and Brex, notably acquiring approximately 4.5 million Anthropic shares for $135 million as part of an opportunistic secondary deal linked to the FTX bankruptcy estate in 2024.
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