This new fund follows an index that tracks late-stage, venture-backed private companies.
Reddit and its shareholders plan to sell 22 million shares for $31 to $34 each.
This and other funds are testing to see if a two-year IPO drought is ending.
The convertible bond market was a bright spot in U.S. equity capital markets last year.
Investors, burned by IPOs trading under water, are cautiously dipping back in.
There's a lot of pent-up demand for private equity funds to sell down their holdings.
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