Glade Brook Secures $1B for Liquidity-Focused Growth Equity Fund

Glade Brook Capital Partners has closed its Glade Brook Gondola Fund with more than $1 billion in capital commitments, securing backing from major institutional investors including funds and accounts managed by StepStone Group and affiliates of BlackRock. 

StepStone served as the lead investor in the oversubscribed fund, which was raised in less than four months and has expanded by more than 100% over the past year. 

The Gondola Fund was created to acquire and manage a portfolio of high-quality growth equity assets from Glade Brook Strategic Growth III, the firm’s 2021 vintage technology growth fund. The structure provided existing investors with the option to generate full or partial liquidity on their invested capital or roll their positions into the new vehicle, while also allowing new investors to access the portfolio. 

“We are grateful for the support from our existing and new partners in the Gondola Fund, which we believe will continue to compound value at an attractive rate through our investments in some of the world’s most innovative technology companies and founders,” said Paul Hudson, Founder and Chief Investment Officer of Glade Brook. 

The new vehicle represents Glade Brook’s sixth dedicated private technology growth equity fund and builds on the firm’s track record across its Strategic Growth I, II, III and IV funds. 

The Gondola Fund will continue supporting investments across sectors including artificial intelligence, spacetech, defensetech, internet and fintech. 

Founded in 2011 and headquartered in Miami and Greenwich, Glade Brook manages more than $4 billion in assets.  

Jefferies, Morgan Stanley and Kirkland & Ellis advised on the transaction.