What is VanEck's Private Growth strategy?

VanEck's Private Growth strategy focuses on mid- and late-stage private companies - providing investors access to high-growth businesses that have remained private longer than historical norms. Led by Portfolio Manager Christian Munafo, the strategy targets direct company securities, secondary transactions, and complex GP-led structures across the private innovation ecosystem.

Who manages VanEck's Private Growth strategy?

Christian Munafo serves as Portfolio Manager of Growth Equity at VanEck. He brings over 20 years of private markets experience, including roles as CIO at Liberty Street Advisors (The Private Shares Fund, GAM LSA Private Shares Fund), Co-Head of Global Secondaries at HQ Capital, and Head of Secondaries at Thomas Weisel Partners. He joined VanEck in 2026.

What types of transactions does VanEck's Private Growth strategy execute?

The strategy encompasses direct investments in company securities, purchases of limited partnership interests, and complex GP-led transactions - including fund restructurings, recapitalizations, wind-downs, tender programs, and preferred equity or loan facilities. This breadth reflects the team's deep secondaries expertise.

How does VanEck source private growth investment opportunities?

VanEck Capital leverages an active network of founders, managers, and institutional relationships to improve deal sourcing, due diligence, and selection. In private markets, relationship access is as critical as analytical rigor - and Christian Munafo's networks across the private innovation ecosystem are a core differentiator.

How does Private Growth differ from VanEck Ventures?

VanEck Ventures Fund I is an early-stage strategy (pre-seed, seed, Series A) investing at the intersection of crypto, fintech, and AI. The Private Growth strategy targets mid- and late-stage companies across the broader private innovation ecosystem, including secondaries - a more mature point in a company's private lifecycle with a different risk/return profile.

VanEck Capital Private Growth Equity

Access Late-Stage Innovation and Growth Opportunities

The Opportunity in Private Markets

Shrinking Public Markets

The number of listed U.S. companies has declined by approximately 50% from its peak. Today, there are more $1B+ companies held privately than exist in the entire Russell 2000 Index.¹

Supply-Demand Imbalance

Prolonged exit timelines and constrained liquidity have created a supply-demand imbalance, driving demand for growth capital and creating multiple new access points for experienced investors.

AI and Technology Disruption

Innovation is being driven by private companies that continue scaling outside listed markets. Investors who remain focused solely on public equities risk missing a meaningful and growing portion of the modern growth lifecycle.

Staying Private for Longer

As companies stay private longer, more value creation is occurring before IPOs, reshaping where investors access growth opportunities. This research examines the drivers behind the trend and its implications for portfolio construction, private markets, and long-term return potential.

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Why VanEck for Private Markets

Experienced Private Markets Team

Decades of experience across the venture and growth ecosystem, the team brings strong origination, due diligence, and execution capabilities.

Global Platform Focused on Technology and Fintech Disruption

Deep relationships across public and private markets, including VC/growth firms, founders, and operators provide differentiated access, proprietary sourcing, and insights into emerging trends.

Institutional Foundation and Resources

Supported by extensive capabilities across research, operations, compliance, and distribution, the platform offers institutional stability and knowledge.

Our Approach

VanEck aims to build a concentrated, high-conviction portfolio of late-stage venture capital and growth-oriented private innovation companies. Leveraging proprietary research and industry relationships, we identify high-quality companies with strong growth potential. Each opportunity undergoes rigorous due diligence to pursue differentiated access and favorable investment terms.

Mining Opportunities Across the Venture/Growth Ecosystem

Private Companies →

Monitor extensive universe of private technology and innovation companies across multiple sectors

VC/Growth Backed →

Utilize databases and relationships across VC/Growth ecosystem to identify high-performing companies led by visionary founders and seasoned operators with experience scaling and exiting businesses

Late-Stage Growth →

Leverage direct and indirect origination channels to identify secondary and/or primary investment opportunities in these companies

Due Diligence →

Conduct a robust due diligence process that includes analyzing company fundamentals, assessing the competitive landscape and evaluating various investment factors to determine optimal point of entry

Multiple Vector Access

Through direct secondaries, new financing rounds and structured solutions, construct an actively monitored portfolio designed to generate capital appreciation through M&A/IPO/Private Market exits

Portfolio Companies

With a sole focus on select themes within the innovation economy, VanEck targets companies building disruptive technologies that have proven product market fit and the ability to scale at low marginal costs, providing an opportunity for attractive risk-adjusted returns.

Focus Innovation Themes

The investment themes referenced are illustrative and not exhaustive. The Strategy may invest in companies operating across a broader range of sectors and themes.

Company Evaluation and Key Target Metrics

Featured Investments

Individual holdings referenced herein are for illustrative purposes only and are not intended to represent a recommendation to buy or sell any security.
Future portfolio holdings may differ materially.

Our Funds

VanEck Private Growth Select Fund: A traditional LP/GP Drawdown Fund for Qualified Purchasers that invests in late-stage private companies through primary financings, secondary transactions, and structured solutions.

Meet the Team

Our team combines more than two decades of dedicated private market experience with the scale and infrastructure of VanEck's global platform.

Christian Munafo

Portfolio Manager, Private Growth Equity

Christian Munafo leads the Private Growth Equity team, bringing over 20 years of experience across secondary transactions, late-stage growth companies, and complex fund structures. Previously, he served as CIO of Liberty Street Advisors and Co-Head of Global Secondaries at HQ Capital ($10B+ AUM), with additional senior roles at Stifel and Thomas Weisel Partners. He has raised several billion dollars from institutional investors and overseen hundreds of transactions across direct securities, LP interests, and GP-led deals.

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David Gutierrez

Vice President, Private Growth Equity

David Gutierrez is a Vice President on the Private Growth Equity team, joining the firm in 2026. Before VanEck, he was a Vice President at Liberty Street Advisors (The Private Shares Fund), with additional experience spanning FP&A at Veev, Investment Banking at CS Capital Advisors, and Valuations at Ernst & Young. He holds an MS in Finance from the University of Rochester's Simon Business School and a BS in Economics from the University of Oregon.

Kyle Jonas

Senior Associate, Private Growth Equity

Kyle Jonas is a Senior Associate on the Private Growth Equity team, having joined the firm in 2025. Prior to VanEck, he held roles at Vista Equity Partners, Silicon Valley Bank in Leveraged Finance, and HQ Capital Private Equity. He holds a BA in Economics & Business with a Statistics focus from St. Lawrence University, graduating Magna Cum Laude.

Laura Vidiella del Blanco

Head of Investor Relations

Laura Vidiella del Blanco leads fundraising and business development as Head of Investor Relations. Prior to VanEck, she served as Head of Business Development and Strategy at MNNC Group. She is also a Director and founding member of Women in Blockchain. Laura holds an MS in Computer Information Systems from Boston University. She can be reached at [email protected].

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Important Definitions & Disclosures

¹Source: Davydiuk, Glover & Szymanski, "The Decline in Public Firms," Carnegie Mellon University (2022); Private Markets Insights, "2025 Private Markets Retail Year in Review".

This is not an offer to buy or sell, or a recommendation to buy or sell any of the securities, financial instruments or digital assets mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, tax advice, or any call to action. Certain statements contained herein may constitute projections, forecasts and other forward-looking statements, which do not reflect actual results, are for illustrative purposes only, are valid as of the date of this communication, and are subject to change without notice. Actual future performance of any assets or industries mentioned are unknown. Information provided by third party sources are believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed. VanEck does not guarantee the accuracy of third party data. The information herein represents the opinion of the author(s), but not necessarily those of VanEck or its other employees.

Private funds are not registered as investment companies under the Investment Company Act of 1940 and are not subject to the same regulatory requirements as mutual funds or ETFs. Private funds are generally available to Qualified Purchasers only. Prospective investors should carefully read all offering documents, including the Private Placement Memorandum ("PPM"), before investing.

Private funds are subject to a high degree of risk, and are not suitable for all investors. They typically invest in illiquid securities including equity and equity-linked securities of private companies, convertible instruments, warrants, structured capital investments, and other privately placed instruments not traded on public markets.

Investing in private funds involves a high degree of risk including: illiquidity and an inability to redeem or transfer interests for extended periods; uncertain valuations; leverage risk; concentration risk; pre-IPO and late-stage investment risk, including the possibility that anticipated liquidity events may not occur or may be delayed; lack of investor control over investment decisions; key person risk; tax risk, including the possibility that investors may incur tax liabilities in excess of cash distributions; and potential conflicts of interest.

Individual investor performance may differ materially from any stated fund or strategy performance due to timing of contributions and withdrawals, participation in certain investments, and differences in fees and expenses.

The foregoing is not an exhaustive description of risks. Prospective investors should review all offering documents carefully and consult their own legal, tax, and financial advisors before investing.

All investing is subject to risk, including the possible loss of the money you invest. As with any investment strategy, there is no guarantee that investment objectives will be met and investors may lose money. Diversification does not ensure a profit or protect against a loss in a declining market. Past performance is no guarantee of future results.