Founded in 1982, Venture Capital Fund of America, Inc., VCFA Group, became the first firm formed to acquire interests in private equity funds on a secondary basis. Before VCFA Group, a private equity investor needing liquidity had very few options available. VCFA Group pioneered the concept of secondary purchases of limited partnership interests, providing liquidity to limited partners in venture capital, leveraged buyout and other private equity funds.

Over the years, VCFA Group and then the secondary industry have both grown in size and significance. To date, VCFA Group has raised nine funds totaling over $730 million dedicated to the purchase of interests in venture capital, leveraged buyout and mezzanine funds, as well as portfolios of direct interests in operating companies.