Scenic Management is a San Francisco-based private equity firm specializing in secondary transactions within the venture capital ecosystem. The firm focuses on acquiring shares of high-growth private companies from existing investors such as VC firms, early employees, and founders. Scenic operates at the late-stage growth end of the private markets, seeking to provide liquidity in an environment where traditional IPOs and M&A activity have slowed significantly.
Scenic Management targets late-stage startups with strong fundamentals that have raised significant venture funding but are not yet public.
The firm focuses on secondary deals, purchasing equity from existing stakeholders rather than directly funding the company. This allows the founders and VCs to access liquidity prior to exit.
These deals often occur at discounts, creating opportunities for returns independent of primary fundraising cycles.
In June 2025, Scenic Management announced the raise of its second flagship vehicle, Scenic Private Access Fund II, totaling $150 million. The fund continues the firm’s strategy of secondary investments, doubling down on its approach to acquiring equity in late-stage startups.
Scenic tapped institutional investors, family offices, and high-net-worth individuals to back the fund.
With exit markets still constrained and primary VC capital flowing more selectively, Scenic positions itself as a bridge for liquidity, stepping in where traditional exits are delayed.
This new fund follows a series of special-purpose vehicles previously used by the firm to complete opportunistic deals across the private market.
Leadership
Scenic Management is led by cofounders Barrett Cohn and Michael Sobel, who bring decades of experience in secondaries, private markets, and institutional investing. They are joined by CIO Peter Christiansen, PhD, and COO Katie Boord. The leadership team combines deep capital markets expertise with operational and quantitative rigor, helping late-stage startups unlock liquidity through well-structured secondary transactions.
Investment Strategy
Scenic Management’s strategy centers on secondaries: acquiring private shares from existing stakeholders rather than through company-led rounds. This allows the firm to capitalize on the growing liquidity crunch in the private markets, offering flexible terms to VC funds, employees, and early founders looking to cash out.
Scenic’s value proposition lies in unlocking partial liquidity for startup shareholders without requiring a full exit or recapitalization event.
The firm’s disciplined approach focuses on companies with product-market fit, late-stage traction, and the potential to endure delayed IPO timelines.
Notable Investments
Specific companies backed by Scenic have not been publicly disclosed. The firm has historically operated via special-purpose vehicles and targeted later-stage technology companies with strong brand recognition and revenue scale.
Notable Exits
No public exits have been announced under Scenic Private Access Fund II. Given the nature of secondary investing, returns are typically realized upon the portfolio company’s exit via IPO or acquisition, which may take several years post-investment.
Other
Scenic Management is part of a growing trend of firms addressing venture capital’s liquidity bottleneck. With traditional exits stalled, the demand for secondary liquidity solutions is increasing, especially among fund managers and startup employees who have been locked into equity for years. Founders and investors seeking partial liquidity in strong but illiquid companies may find Scenic’s model particularly relevant.
