137 Ventures

137 Ventures Research Firm Overview 137 Ventures is a multi-stage, growth-focused investment firm headquartered in San Francisco, CA, founded in 2010 by Justin Fishner-Wolfson and S. Alexander Jacobson — both veterans of Founders Fund. The firm describes itself as partnering with "generational technology companies and their founders" through unconventional, flexible capital structures. As of April 2026, 137 Ventures manages more than $15 billion in assets under management across nine institutional funds, having recently closed over $700 million in two new vehicles. Investment Thesis 137 Ventures pioneered what it calls "structured liquidity" — a differentiated investment model that provides customized liquidity solutions to founders, executives, early employees, and other large shareholders of high-growth private technology companies. The firm operates through three primary mechanisms: Equity loans against shareholder stakes — structured as convertible debt that is tax-efficient for founders and allows them to maintain voting control of their shares. Direct secondary purchases — buying shares from employees, early investors, and large shareholders seeking liquidity. Anchoring company-organized tender offers — stepping in as a committed capital source to backstop founder-organized liquidity events. Beyond structured liquidity, 137 also participates in primary financing rounds in companies it believes will be "category-defining technology companies" of the future. The firm emphasizes decade-long capital structures suited to companies with extended private lifecycles and high complexity. As Justin Fishner-Wolfson stated at the April 2026 fund close: "The next generation of iconic companies will take shape over longer time horizons and with greater complexity. Supporting them requires a different kind of capital." Stage Focus 137 Ventures focuses primarily on growth-stage companies — Series B, Series C, and pre-IPO. The firm's secondary and structured liquidity model gives it access to companies across their entire private lifecycle, including late-stage private companies that have been growing for many years. While the firm occasionally participates in earlier rounds of exceptional companies, its core sweet spot is growth-stage. Check Size Given the firm's focus on growth-stage and structured liquidity transactions, individual check sizes are typically in the $25M–$150M range , with the capacity to deploy significantly more into flagship positions. The firm deployed over $1.7 billion in the 12 months prior to its April 2026 fund announcement, indicating a high deployment pace concentrated in select opportunities. Recent Activity 137 Ventures has been actively deploying from its latest funds, with 6 investments in 2025 and at least 3 in 2026 as of April. Recent first-time investments include: Hermeus (April 2026, Series C) — hypersonic aircraft developer backed at $1B valuation ($350M round) Cape (March 2026, Series C) — private and secure mobile connectivity for enterprises and government ($100M round) Northwood Space (January 2026, Series B) — satellite ground infrastructure, $100M raise + $50M Space Force contract In 2025, the firm concentrated capital in AI and frontier tech: Cognition (AI coding agent), Physical Intelligence (embodied AI/robotics), Impulse Space (in-space logistics), and Hadrian (automated precision manufacturing). They also made a follow-on in Ramp . Portfolio Highlights 137 Ventures has built one of the most iconic private-market portfolios in venture capital, with 21-22 unicorns. Notable companies include: Active portfolio: SpaceX (1%+ stake, $10B+ paper value), Anduril, Stripe, Ramp, Gusto, Flexport, Figma, Brex, Applied Intuition, Lattice, Together AI, Intercom, Physical Intelligence, Cognition, Impulse Space, Hadrian, Northwood Space, Cape, Hermeus, EasyPost, Chainguard, Second Front, Curology, Thirty Madison, Hex, Teleport, EvenUp. Notable exits: IPOs: Palantir, Spotify, Grab, DiDi, Coupang, Planet Labs, Nutanix, Eventbrite, Uber, Airbnb Acquisitions: Brex (2026), Eventbrite (2025), WorkMarket (acquired by ADP), Agari (acquired by HelpSystems) Team Justin Fishner-Wolfson (Managing Partner, co-founder): Stanford BS in Management Science & Engineering and MS in Computer Science; former investor at Founders Fund; Kauffman Fellow; Mayfield Fellow. Built 137 Ventures around the thesis that private-market liquidity would become a permanent asset class. S. Alexander Jacobson (Investment Partner, co-founder): Brown University BS in Cognitive Science; formerly entrepreneur-in-residence at Founders Fund where he led diligence on SpaceX; serial entrepreneur (founded Shop.com, Virtual Office, Interband). Currently a founding investor in ImmuneBridge and founding advisor to Armada. Christian Garrett (Investment Partner): Joined 2019 from Caerus Investment Advisors; University of Kansas; co-founder of The Hill & Valley Forum, one of the largest bipartisan technology-government gatherings; Venture Capital Journal Rising Star (2020). James Pardee (Investment Partner): Duke University BS in Economics; formerly equity research associate at Raymond James covering internet/e-commerce/digital media; recently promoted from principal to partner. Nicholas Procaccini (Investment Partner): UNC Chapel Hill BS in Business Administration (cum laude), CFA; previously senior analyst at UNC Management Company ($6B UNC Investment Fund). Andrew Hansen (Partner, CFO & COO): Manages financial and operational infrastructure of the firm. Lindsay Searer (Head of Fund Strategies): Former Pathstone; joined with the 2026 fund close announcement. Ashley Steinberg (Head of Strategic Initiatives): Former Boring Company; joined with the 2026 fund close announcement. Geographic Focus Primarily United States (27 of 28 first-round investments are US-based), with selective global investments in high-conviction companies (Grab – Southeast Asia, DiDi – China, Coupang – South Korea, Spotify – Sweden). Sector Focus 137 Ventures is a generalist growth-stage firm but has demonstrated clear concentration in: Aerospace & Defense (SpaceX, Anduril, Hermeus, Impulse Space, Northwood Space, Hadrian) Enterprise Software (Ramp, Gusto, Flexport, Figma, Lattice, Applied Intuition, Intercom) Developer Tools & Infrastructure (Together AI, Hex, Exa, Chainguard, Teleport) Fintech & Payments (Brex, Novo, Chipper Cash, AgentSync) Security & Cybersecurity (Second Front, Chainguard, Cape) Consumer (Airbnb, Uber, Turo, Coupang, Grab) With the 2026 fund close announcement, the firm signaled its forward focus on AI agents, space technology, defense, and advanced industrial systems . Decision Process 137 Ventures operates as a partnership with multiple investment partners. Structured liquidity transactions are particularly complex and proprietary, requiring deep relationship-building with founders and company counsel. The firm's unique model means deal sourcing often comes through existing portfolio relationships and founder referrals. Founder Preferences The firm backs founders building "generational" or "category-defining" companies — typically those with defensible technical moats, long-term capital needs, and complex scaling requirements. As a structured liquidity provider, the firm is particularly valuable to founders who want partial liquidity without losing voting control or triggering a full financing round.