SecondQuarter Ventures, the Australian secondary venture capital firm, has announced plans to raise a third fund, targeting what it estimates to be a US$2.6 billion demand for liquidity among local tech founders and early investors over the next three years.

The fund aims to meet growing appetite from employees and shareholders of high-growth companies seeking exits without public listings.

Since its founding in 2019, SecondQuarter has become a key liquidity provider for privately held technology firms across Australia and New Zealand, supporting a range of companies — from fintech firms to software-as-a-service platforms — that have reached advanced growth stages.

Its previous funds provided liquidity to early backers and employees, helping retain talent and reward stakeholders.

The planned third fund reflects deepening confidence in the region’s startup ecosystem, where valuations remain elevated and many firms aim to stay private longer.

The firm said the liquidity crunch faced by founders and staff was becoming more acute as more companies postponed public listings, while demand for secondary sales continued to rise.

Analysts view the move as an indicator that Australian venture-backed tech — often overshadowed by global peers — is entering a more mature phase where secondary markets are needed to sustain growth.

With this fund, SecondQuarter positions itself as a bridge between early-stage investors and long-term company ambitions, offering an alternative path for capital realisation while supporting ongoing expansion and innovation across the sector.

If successful, the new fund could reshape how liquidity is managed in Australia’s tech industry — granting founders and early employees the option to cash out without forcing companies into premature exits, while keeping capital flowing to reinvest in the next generation of startups.