Trinity Ventures created the new continuation vehicle to recapitalize a group of portfolio companies from Trinity Ventures XI, a 2012 vintage fund.
The CV would reportedly acquire ByteDance and Ant Group stakes at a roughly 30% discount to their combined $1.5 billion NAV.
The continuation fund will reportedly have its largest exposure to TikTok's parent, ByteDance, alongside Ant Group.
Principal Mineral is the latest Ensemble portfolio company to be involved in a single-asset CV, following similar transactions for CHAOS and Saronic earlier this year.
The growth-oriented investor reportedly offered stakes in companies including OpenAI and SpaceX to attract interest in the CV.
The multi-strategy investment firm is reportedly considering a $350-400 million CV for four portfolio companies.
The single-asset vehicle extends B2B software investor Viking Growth's hold on a recruitment and HR software platform.
The $600 million secondary deal will reportedly comprise stakes in five technology companies, including OpenAI, while providing a new commitment to Anthropic.
Goldman Sachs Alternatives co-led the continuation fund for North American digital infrastructure provider TerraPact Holdings.
The venture capital firm reportedly sought to raise more than $200 million to extend its hold on digital advertising company StackAdapt.
