Late-stage investing sits closest to the public markets, backing companies in the final stretch before IPO or acquisition, where firms need genuine expertise in capital markets timing alongside traditional venture judgment.
$175B (platform assets, 2022)
Assets Managed
DoorDash's 2020 IPO, which implied a fully diluted valuation of $71.2 billion - CEO Alex Clavel later called it SVF1's best-performing asset, with a $7.3 billion gain on full exit
AIEnterprise SoftwareConsumer InternetLogistics
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Menlo Park, CA
Founded 2009
Coinbase's 2021 direct listing on Nasdaq - one of the largest crypto IPOs ever
AICryptoFintechConsumer
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New York, NY
Founded 1995
Shopify's 2015 IPO, one of the defining e-commerce software exits of the decade
SoftwareSaaSCybersecurity
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New York, NY
Founded 2001
An early pre-IPO stake in Facebook that helped define Tiger Global's hybrid public-private strategy
InternetFintechConsumer Tech
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Menlo Park, CA
Founded 1972
Nvidia - an early investor that rode the company to become one of the most valuable in the world
Enterprise SoftwareConsumerAISemiconductors
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Menlo Park, CA
Founded 1995
~$24B raised since inception
Assets Managed
Netflix's 2002 Nasdaq IPO - TCV owned roughly 43% of the company pre-IPO and co-founder Jay Hoag has served on Netflix's board since 1999, watching it grow into a company worth more than $400 billion
Consumer InternetSaaSFintechMedia
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Menlo Park, CA
Founded 1972
Google's 2004 IPO - the firm's $12.5 million bet alongside Sequoia Capital remains one of the most celebrated investments in venture capital history
Enterprise SoftwareConsumer InternetHealthcareAI
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New York, NY
Founded 1989
No single confirmed signature exit - OrbiMed is instead widely regarded in biotech as a 'stamp of validation' and IPO accelerator, with many companies specifically seeking its backing to help secure Nasdaq or HKEX listin…
BiotechPharmaceuticalsHealthcareDiagnostics
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Menlo Park, CA
Founded 1961
Spotify's 2018 direct listing on the NYSE - one of several major exits, including Lending Club's 2014 IPO, where Norwest was the largest institutional investor
Enterprise SoftwareConsumer InternetFintechHealthcare
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San Francisco, CA
Founded 2012
$15B (2025)
Assets Managed
Coupang's 2021 NYSE listing - Greenoaks was an early backer and co-founder Neil Mehta sits on Coupang's board
Consumer InternetFintechLogistics
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Wayfair's 2014 IPO - Battery led the company's first institutional financing round in 2011, after General Partner Neeraj Agrawal recognized the opportunity through a decade-long friendship with co-founder Niraj Shah
Enterprise SoftwareSaaSConsumer InternetIndustrial Technology
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San Francisco, CA
Founded 2018
No traditional Paradigm-portfolio IPO exit - the firm's clearest proof points are Fund III bets Zipline (drone delivery, valued at $7.6 billion) and True Anomaly (space defense, valued at $2.2 billion), both still privat…
CryptoAIDeep TechFintech
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Menlo Park, CA
Founded 1996
MuleSoft's 2018 acquisition by Salesforce for $6.5 billion - a portfolio company Sapphire backed from SAP Ventures days through its own independent era
Enterprise SoftwareSaaSAICybersecurity
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Redwood City, CA
Founded 1911
$10B+ (recent fund)
Assets Managed
LinkedIn's 2011 IPO, followed by its 2016 acquisition by Microsoft
Cloud SoftwareConsumerHealthcare
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Amazon's 2012 acquisition of Kiva Systems - Ajay Agarwal led BCV's first institutional round in the warehouse robotics startup in 2004, and its technology now powers Amazon Robotics across more than 2,000 fulfillment cen…
Enterprise SoftwareFintechSaaSCybersecurity
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Manhattan Beach, CA
Founded 2015
$9.0B (2026)
Assets Managed
Leading a 2026 investor consortium with CalPERS to acquire Russell Investments, a nearly century-old asset manager overseeing more than $400 billion - a rare case of a venture-founded firm taking control of a legacy fina…
Enterprise SoftwareFintechHealthcareClimate
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Beijing, China
Founded 2014
No single named exit - Source Code's earliest and most consequential bet, ByteDance, remains private and globally dominant, while portfolio companies Meituan, KE Holdings, and Li Auto have all completed IPOs backed by mu…
AIEnterprise SoftwareConsumerHealthcare
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Menlo Park, CA
Founded 1980
Twitter's 2013 IPO - Todd Chaffee led IVP's $44 million investment in 2009 at a $220 million valuation, a stake that grew into a return of nearly $5 billion by 2018
Consumer InternetMediaTravelFintech
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San Francisco, CA
Founded 2013
Looker's 2020 acquisition by Google for $2.6 billion - announced in June 2019 and completed the following February, with CapitalG's Gene Frantz counting it among his major outcomes
AIEnterprise SoftwareCybersecurityFintech
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Tokyo, Japan
Founded 1973
$6.8B (¥1 trillion, 2025)
Assets Managed
Mercari's 2018 Tokyo Stock Exchange IPO - one of over 1,041 portfolio IPOs JAFCO has facilitated since its founding, more than any other Japanese venture firm
Enterprise SoftwareFintechRoboticsHealthcare
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San Francisco, CA
Founded 2009
$6B+ deployed capital
Assets Managed
Vlocity's February 2020 acquisition by Salesforce itself for $1.33 billion - an unusually direct proof point, since Salesforce Ventures backed the industry-cloud software company before its own parent acquired it
AIEnterprise SoftwareFintechCybersecurity
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San Francisco, CA
Founded 2018
No confirmed public exit yet for Bond's own portfolio - the firm's clearest proof point remains Canva, backed since 2019 at a $70 million investment and now valued at $42 billion while still privately held
Enterprise SoftwareConsumerDeep Tech
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Montreal, Canada
Founded 1953
$3B (across venture and growth funds)
Assets Managed
No focus on traditional exits - as Canada's national development bank's venture arm, BDC Capital measures success through co-investment reach; Lightspeed Commerce's 2020 NYSE IPO is among the notable companies it helped …
Enterprise SoftwareAIClimate
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Munich, Germany
Founded 2000
Zalando's IPO on the Frankfurt Stock Exchange - HV Capital (then Holtzbrinck Ventures) was Zalando's first institutional investor
Consumer InternetEnterprise SoftwareFintech
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Montreal, Quebec, Canada
Founded 2007
Lightspeed Commerce's 2019 dual listing on the NYSE and TSX - Inovia was Lightspeed's first Canadian investor and helped lead a 2017 buyout that kept the Montreal point-of-sale company from a foreign takeover ahead of it…
AICybersecurityDigital HealthFintech
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Zurich, Switzerland
Founded 2012
€2B+ ($2B+)
Assets Managed
Spotify's 2018 New York Stock Exchange direct listing - one of Klaus Hommels' early European conviction bets, made years before the streaming company reached mainstream household status
FintechDeep TechDefense & Dual-UseConsumer Internet
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£1.525B gross portfolio value / £1.324B net assets (as of March 31, 2026)
Assets Managed
UiPath, which Molten highlights at a $35.8 billion closing price post-IPO
Enterprise SoftwareFintechDeep TechHealthcare
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Santa Clara, CA
Founded 2021
Not publicly disclosed (invests directly off NVIDIA's balance sheet; reported $872M+ in investments over a single nine-month period in 2023)
Assets Managed
No traditional exit framework applies - as a strategic corporate fund investing directly off NVIDIA's balance sheet, NVentures measures success through ecosystem growth rather than fund-style liquidity events; its portfo…
AIDeep TechIndustrial Tech
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San Francisco, CA
Founded 2010
Not disclosed (150+ investments since launch; 200+ and ~30 exits at 15-year mark)
Assets Managed
No single dollar-verified signature exit - Arvind Purushotham's tenure has included Silver Tail Systems' acquisition by EMC among more than 120 investments, with the broader firm marking its 15th year at more than 200 in…
FintechAIEnterprise SoftwareCybersecurity
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Landshut, Germany
Founded 1995
Not publicly disclosed
Assets Managed
Deep TechHealthcareClimateEnterprise Software
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Cambridge, UK
Founded 1997
Not publicly disclosed
Assets Managed
Deep TechAICybersecurityHealthcare
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