TCV
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TCV is the OG crossover shop — they literally invented the model of investing in both private and public companies from the same fund back in 1995. Jay Hoag has been on Netflix's board for over 20 years and they owned 43% pre-IPO, which tells you everything about their conviction and staying power. These aren't spray-and-pray investors — they write big checks ($3M-$300M range) and stick around for the long haul. The crossover model gives them unique flexibility during market downturns when they can buy undervalued public tech stocks. With $25B+ AUM and a track record spanning three decades, they're about as blue-chip as growth equity gets. The downside? You're getting institutional-grade rigor, not scrappy startup energy, and they're hunting for category leaders, not early-stage bets.
- —Best for: Growth-stage companies ready for $50M+ rounds seeking patient capital and board expertise
- —Known for: 30-year track record, crossover investing model, staying involved post-IPO
- —Watch out for: Institutional process, high bar for 'category leadership', not for early-stage companies
Since their founding in 1995, their mission is to identify innovators capturing shifts in technology and behavior reshaping their industries. They provide entrepreneurs with the expertise and resources required to climb the mountain of category leadership. They focus on building 'category-defining, generational companies' through sustained crossover support.
TCV makes investments ranging from $3 million to $300 million and mainly invests in public and private growth-stage companies in the technology industry. They are primarily a Late Stage Investor majorly investing in Series B, Series C, and Series D rounds with average round sizes ranging from $1.7B to $5.64B. Portfolio spans Enterprise Applications, Consumer, FinTech, Vertical SaaS and Enterprise Infrastructure.
Jay has been a technology investor for over 40 years. He and Rick Kimball co-founded TCV in 1995. Jay has been on Netflix's board for 20 years since 1999, and TCV owned roughly 43% of Netflix before IPO. The original crossover investing pioneer who stays deeply involved long-term.
Rick has been a venture capitalist and technology investor for 40 years. He and Jay Hoag co-founded TCV in 1995. Prior to TCV, Rick was a Managing Director at Montgomery Securities for over 10 years focusing on telecommunications and data communications.
Neil first joined TCV in 2011 and rejoined in 2020 as General Partner. He was a Partner at Francisco Partners from 2016-2020 and has both investment and operating experience specifically in the consumer internet space. Focuses on consumer/SME investments across digital entertainment, health, fintech.
John holds the position of General Partner, with a focus on expanding TCV's global investment footprint, particularly after relocating from London to Silicon Valley in 2025 to lead U.S.-based efforts. In recent interviews, Doran has emphasized rigorous assessments of category leadership and company quality as key to TCV's investment decisions.
TCV general partner Woody Marshall is still on the Spotify board. Long-tenured partner focused on TCV's music/entertainment investments and board roles.
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