Riding the continuation fund trend in venture capital

Continuation funds are taking hold in venture capital.

Driving the news: Lightspeed Venture Partners has a term sheet from a lead investor and is hoping to wrap things up by July, while NEA is quietly working on its own vehicle, Axios has learned.

Why it matters: Historically rare in venture capital, they've been getting more attention recently as firms look for new ways to navigate the market downturn and ongoing lack of liquidity.

The big picture: Continuation funds have been a staple of the private equity world, typically used to manage one or a few assets. READ MORE