Greenoaks

Greenoaks Capital Partners Research Investment Thesis Greenoaks Capital Partners is a specialized venture capital firm focused on identifying and investing in "generation-defining" technology companies with exceptional long-term growth potential. Founded in 2012 by Neil Mehta and Benny Peretz, the firm employs a concentrated investment strategy, making large initial checks into select companies and maintaining long-term partnership through multiple rounds and market cycles. The firm believes in backing founders with exceptional vision and the ability to create lasting impact across global markets. Company Overview Greenoaks Capital Partners was founded in 2012 when Neil Mehta (then 27) left D.E. Shaw alongside Benny Peretz to start the firm. Based in San Francisco, Greenoaks operates as a Registered Investment Adviser with approximately $15 billion in assets under management. The firm is known for its disciplined, concentrated approach—making large bets on companies where they see exceptional potential for multi-billion dollar outcomes. Investment Strategy & Focus Greenoaks employs a concentrated bet strategy that has become its hallmark. The firm typically: Makes large initial checks ($25M-$75M) into ~15 companies per fund Takes significant ownership stakes (often 10-15%) Maintains positions through multiple funding rounds and exits Focuses exclusively on technology companies with global growth potential Actively holds public equity in portfolio companies post-IPO The firm's most famous concentrated bet was Coupang, where Greenoaks invested early and eventually held ~40% of its $50M initial fund in the Korean e-commerce company, generating approximately $8 billion in returns through its 2021 IPO. Sector & Stage Focus Sectors Greenoaks invests across multiple technology sectors with particular strength in: Enterprise Software & Infrastructure : Scale AI, Databricks E-commerce & Marketplaces : Coupang (historic), Flipkart Fintech & Payments : Stripe, Tempo Cybersecurity & Data Security : Wiz, Cyera Consumer Technology : Discord, Carvana AI/ML Infrastructure : Recent focus on AI security and data protection Stage Focus Primarily Series A and Series B, with selective pre-seed investments. Fund V (2023 vintage) shows: Series A investments: Led multiple rounds in 2025 Series B and beyond: Significant follow-on activity Cross-stage flexibility: From early-stage backing to growth equity Check Size & Capital Deployment Fund Size Evolution: Fund VI (2025): $2.5 billion (closed, exceeding $2.25B target) Fund V: ~$1.5 billion (2023 vintage) Previous funds: Progressive growth from initial $100M+ inception Typical Check Sizes: Initial investment: $25M-$75M (Series A focus) Series B: $50M+ Follow-on reserves: 50% of fund for continued support Public equity: Actively accumulating shares in portfolio companies post-IPO (e.g., Coupang: $38M acquisition in May 2025) Recent Investment Activity 2025-2026 Recent Investments: February 2026: Day.ai (Business/Productivity Software) - participated with Sequoia January 2026: Mytra (Series C) December 2025: Cyera (Series F) - continued support December 2025: Eon (Series D) October 2025: Tempo (Series A) - $500M Series A led with Thrive Capital September 2025: Scale AI participation Q3 2025: Increased Coupang position by $34.4M (7.48% increase) Q3 2025: Added $284M in new positions including $214M Figma stake Fund Status: Fund VI actively deploying (raised 2025) Portfolio Companies & Notable Exits Historic Exits & Significant Returns Coupang (IPO 2021): $8B+ returns; ongoing public equity position Wiz (Security): $300M invested → $2B+ returned; Series B through F participation Stripe : Early-stage investor; company valued at $95B+ (private) Discord : Pre-IPO significant holdings Active Portfolio (Representing Focus Areas) Databricks : Data and AI infrastructure leader, multi-billion valuation Scale AI : AI data infrastructure Flipkart : E-commerce platform (India focus) Brex : B2B financial services CloudPlay : Game streaming (Series A co-lead) Cyera : AI-powered data security and privacy platform (Series F, Dec 2025) Figma : Design platform (Q3 2025: $214M position) Fund Performance Historical IRR & Returns: Overall track record : 33% Net IRR since inception Gross profits generated : $13B+ since 2012 Fund V (2023 vintage) : Early stage, performance metrics building Concentrated return model : Heavily weighted toward few mega-outcomes (Coupang, Wiz) Team & Leadership Founding & Core Team: Neil Mehta (Founder & Managing Partner): Founded at 27 after 8+ years at D.E. Shaw. Previously invested in real estate and special situations across India, Middle East, Southeast Asia at Orient Property Group. Known for strategic long-term thinking and generational founder identification. Benny Peretz (Managing Partner): Co-founder with Mehta from D.E. Shaw. Brings quantitative investing and partnership orientation. Benjamin Solarz (Partner): Extended leadership team Genevieve Kahr (Partner): Extended leadership team Team Size & Structure: ~11 person team with concentrated partnership model (4 partners) Decision Process & Investment Approach Decision Making: Partnership-driven (not solo GP model) Concentrated thesis validation Long-term partnership orientation Hands-on involvement post-investment Decision Timeline: Estimated 4-8 weeks for initial investment decision (based on scale and diligence intensity) Warm Introductions: Strongly preferred. Partnership expects warm introductions from existing network, other VCs, or mutual connections. Founder & Company Preferences Company Profile They Back: Exceptional founders with global ambition Companies with potential to become $100B+ outcomes Technology-first business models Strong product-market fit or very clear path to it Mission-driven with long-term vision Geographic Focus: Global (North America, Asia, Europe) Particular strength in: US (SF Bay Area primary), Asia (Coupang, Flipkart) European exposure: Growing with recent investments Founder Characteristics: Serial entrepreneurs or technical founders High conviction and commitment Ability to execute at scale Vision for generational impact Typical Board Involvement & Support Board Seat : Typically yes for initial investments Support Level : Active partnership through multiple rounds Strategic Involvement : Long-term hold strategy; public equity accumulation post-IPO Operational Support : Primary focus on capital and strategic introduction support rather than operational mentoring Competitive Positioning Comparable Firms: Sequoia Capital, Andreessen Horowitz, Accel Differentiation: Extreme concentration (15 companies per fund vs. 40-50+ at traditional VCs) Long-term holding strategy Willingness to maintain large positions through IPO and beyond Lower fund velocity model aligned with company maturation Proven ability to generate exceptional returns through discipline Key Anti-Theses Not focused on seed-stage or pre-seed rounds (Series A+ primary) Not interested in traditional VC farm strategies Not looking for quick exits Selective on geographic focus despite global investments Recent News & Context Fund VI (2025) : Raised $2.5B, exceeding $2.25B target, positioning for continued deployment Market Position : Emerging as one of the most selective and successful VC firms alongside traditional leaders Public Equity Strategy : Recent accumulation of public tech holdings (Coupang, Figma) suggests evolving multi-stage strategy AI Focus : Increasing participation in cybersecurity and data protection companies powered by AI Investor Profile Summary Greenoaks Capital Partners represents an exceptional example of concentrated venture capital excellence. With $15B AUM, a 33% Net IRR, and positions in some of the world's most valuable private and public companies, the firm combines rigorous founder selection with long-term partnership. Their strategy of making concentrated, large initial bets and maintaining positions through multiple cycles has generated exceptional wealth creation. The firm is selective, strategic, and deeply aligned with founder success over extended timeframes.