About the fund
StepStone VC Micro III originated as Greenspring Micro III, a product of Greenspring Associates' dedicated micro-VC primary fund-of-funds strategy — one of the earliest and most systematic institutional efforts to aggregate emerging manager VC funds with sub-$100M fund sizes. Greenspring Associates invests in established and emerging venture capital fund managers, in expansion-stage venture-backed companies, and in secondary investments in venture capital funds and companies. On September 20, 2021, StepStone Group completed its acquisition of Greenspring Associates, and the fund's management agreement was subsequently assigned to StepStone Group LP, resulting in the rebranding to StepStone VC Micro III. The VC Micro series sits within StepStone's primary fund investment practice, which identifies and gains meaningful access to highly differentiated fund managers, backing established and emerging seed, early-stage and growth equity firms across multiple geographies and industries. The fund's rationale rests on a structural inefficiency: micro-VC funds (typically sub-$50M) are too small for most institutional LPs to diligence and monitor efficiently on a direct basis, but have historically delivered strong returns because their small size disciplines GPs to focus on truly early-stage, high-ownership investing. By aggregating LP positions across a portfolio of micro-VC managers, StepStone VC Micro III offers institutional LPs diversified access to this segment with the benefit of Greenspring/StepStone's 20+ year relationships with emerging managers. The VC Micro series has been raised through at least five vintages (Micro I through V), with Micro IV and V continuing under StepStone branding post-acquisition. Specific fund size and vintage details for Fund III are not publicly disclosed.
