# TCV: portfolio, investments and team

> TCV is a private equity based in United States. 200 investments on record, 24 in the last 12 months, latest Oct 2026. Portfolio, stages, co-investors and team.

Source: https://millionrounds.com/fund/tcv (Millionrounds; every figure on the page links to its filing or article)

United States · [Investor](https://millionrounds.com/investors)

# TCV

Last cheque observed Oct 2026; 200 cheques on record.

Email

Deploying now New fund $38M, Sept 2023 Private equity

Seed Series A Series B Technology

Follow TCV and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Ftcv)

Deploying now

**96%** of best year **24** **cheques in 12 months**, 200 on record

Since the last cheque **2** days **00** hrs **00** min **00** sec

Median round **$100M** Rounds led **17 of 200** Sole investor **34 rounds** Exits **21 from the portfolio** Mostly in **United States, 53%**

Pitch TCV

## TCV highlights

- 01 24 cheques in the last 12 months
- 02 Mostly Venture and Series C: 48% of its rounds
- 03 Sole investor in 34 rounds, median $56M
- 04 21 exits from the portfolio

## What they do

> Partnering with exceptional teams to build category-defining technology companies From their own website

- **Type:** Private equity (from a list, unverified)
- **Cheque size:** Not stated
- **Stages:** Seed Series A Series B Growth Pre-IPO
- **Sectors:** Technology
- **Based in:** Menlo Park, United States
- **Cold pitches:** Not accepted

## The record

Every round we can evidence, newest first **200 appearances**

- **2026** 19 rounds
- **Oct** **[Upwind](https://millionrounds.com/company/upwind)** Series C · US · Google News search **$400M** With 12 others
- **Oct** **[Albert](https://millionrounds.com/company/albert)** Series B · US · Pulse 2.0 **$55M** *Led*
- **Sept** **[Archy](https://millionrounds.com/company/archy)** Series C · US · JMI Equity **$50M** With 6 others
- **Sept** **[Upwind Security](https://millionrounds.com/company/upwind-security)** Series C · US **$300M** With 3 others
- **Aug** **[Higgsfield](https://millionrounds.com/company/higgsfield)** Series B · US · Google News search **$400M** With 20 others
- **Jul** **[Onyx Security](https://millionrounds.com/company/onyx-security)** Series B · Ventureburn **$113M** With 7 others
- **Jul** **[Fireworks AI](https://millionrounds.com/company/fireworks-ai)** Series D · US · Menlo Ventures **$1.5B** *Led*
- **Jun** **[ICEYE](https://millionrounds.com/company/iceye)** Series F · FI · Promus Ventures **$521M** With 9 others
- **May** **[Mercury](https://millionrounds.com/company/mercury)** Series D · US · Crunchbase News **$200M** *Led*
- **May** **[Nourish](https://millionrounds.com/company/nourish)** Series C · US · Ventureburn **$100M** With 10 others
- **May** **[Corgi](https://millionrounds.com/company/corgi)** Series B · US · Silicon Canals **$106M** *Led*
- **May** **[Allica Bank](https://millionrounds.com/company/allica-bank)** Debt · GB **$20M** With 2 others
- **Apr** **[Actively](https://millionrounds.com/company/actively)** Series B · US · TechStartups **$45M** *Led*
- **Apr** **[Cloudsmith](https://millionrounds.com/company/cloudsmith)** Series C · US · TechStartups **$72M** *Led*
- **Mar** **[Grow Therapy](https://millionrounds.com/company/grow-therapy)** Series D · US · AlleyWatch **$150M** *Led*
- **Feb** **[Allica](https://millionrounds.com/company/allica)** Series D · GB · Cogito Capital Partners **$155M** With 6 others
- **Feb** **[Neara](https://millionrounds.com/company/neara)** Growth · AU · Startup Daily **$63M** *Led*
- **Jan** **[Upwind](https://millionrounds.com/company/upwind)** Series B · IL · TechCrunch **$250M** With 4 others
- **Jan** **[Pennylane](https://millionrounds.com/company/pennylane)** Series E · FR **$204M** With 4 others
- **2025** 23 rounds
- **Dec** **[Spryker](https://millionrounds.com/company/spryker)** Venture · DE **Undisclosed** With 2 others
- **Nov** **[Revolut](https://millionrounds.com/company/revolut)** GB · Crunchbase News **Undisclosed** With 10 others
- **Nov** **[Celonis](https://millionrounds.com/company/celonis)** Venture · DE **Undisclosed** With 4 others
- **Nov** **[Clio](https://millionrounds.com/company/clio)** Growth · CA · TechStartups **$500M** With 6 others
- **Nov** **[ByteDance](https://millionrounds.com/company/bytedance)** Secondary **$300M** With 4 others
- **Oct** **[Archy](https://millionrounds.com/company/archy)** Series B · US · Crunchbase News **$20M** *Led*
- **Oct** **[Wealthsimple](https://millionrounds.com/company/wealthsimple)** Series E · CA **$393M** With 4 others
- **Sept** **[LayerX](https://millionrounds.com/company/layerx)** Series B · JP · TechCrunch **$100M** *Led*
- **Aug** **[First Due](https://millionrounds.com/company/first-due)** Growth · US · Crunchbase News **$355M** With 4 others
- **Aug** **[Squint](https://millionrounds.com/company/squint)** Series B · US **$40M** With 2 others
- **Aug** **[Darwinbox](https://millionrounds.com/company/darwinbox)** Series D **$40M** With 4 others
- **Jul** **Aidoc** Venture **$110M** With 3 others
- **May** **[Strava](https://millionrounds.com/company/strava)** US · Crunchbase News **Undisclosed** With 3 others
- **May** **[Jane Software](https://millionrounds.com/company/jane-software)** Venture · CA **Undisclosed** With 2 others
- **Apr** **[Nourish](https://millionrounds.com/company/nourish)** Series B · US · AlleyWatch **$70M** With 5 others
- **Apr** **[Zepz](https://millionrounds.com/company/zepz)** Debt · GB **$165M** With 2 others
- **Mar** **[Cloudsmith](https://millionrounds.com/company/cloudsmith)** Series B · GB · Frontline Ventures **$23M** *Led*
- **Feb** **[Albert Invent](https://millionrounds.com/company/albert-invent)** Series A · US **$20M** With 3 others
- **Feb** **[Klook](https://millionrounds.com/company/klook)** Series F · SG **$100M** With 6 others
- **Feb** **[Arize AI](https://millionrounds.com/company/arize-ai)** Series C · US **$70M** With 5 others
- **Feb** **[Employment Hero](https://millionrounds.com/company/employment-hero)** Secondary · AU **$60M** With 3 others

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The team

Named by the firm itself, on a filing, its Form ADV or its company registration **12 named**

ES **Erez S.a Elisha** Class A Manager of the GP i Filing they signed

FD **Frederic David Fenton** Director of the General Partner of the GP i Filing they signed

JC **Jay Crandall Hoag** Director of the General Partner of the General Partner i Filing they signed

JS **Joachim S.a Kuske** Class B Manager of the GP i Filing they signed

JA **John Andrew Doran** Director of Tcmi, Inc. i Form ADV

JQ **John Q. Reynolds, Jr** Director of the General Partner of the GP i Filing they signed

JQ **Jon Q. Reynolds, Jr** Director of the General Partner of the GP i Filing they signed

JQ **Jon Q. Reynolds, Jr.** Director of the General Partner of the General Partner i Filing they signed

JL **Justin Lioi** Senior Vice President of Sole Member of General Partner i Filing they signed

MS **Michael Stanton** Authorized Signatory of the General Partner i Filing they signed

SE **Sarah Elizabeth Ball** Chief Compliance Officer i Form ADV

WS **William S.a Blackwell** Class B Manager of the GP i Filing they signed

We also hold **113** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

## What the register says

From the firm's own filings with the SEC, which it must file accurately by law

**$23B** assets it manages Oct 2026

**Registered** investment adviser full reporting to the SEC

- **Legal name:** Tcmi, Inc.
- **SEC number:** CRD 160389

Funds on its Form ADV

**30** private funds, **$20B** in gross assets · filed Mar 2024

- TCV X, L.P. *Private equity* 85 investors $4.5B
- TCV XI, L.P. *Private equity* 72 investors $2.5B
- TCV IX, L.P. *Private equity* 65 investors $2.3B
- TCV VIII, L.P. *Private equity* 61 investors $2.3B
- TCV XII, L.P. *Private equity* 56 investors $1.5B
- TCV X (A), L.P. *Private equity* 43 investors $1.1B
- TCV XI (A), L.P. *Private equity* 53 investors $801M
- TCV XII (A), L.P. *Private equity* 45 investors $777M
- TCV IX (A), L.P. *Private equity* 36 investors $628M
- TCV VIII (A), L.P. *Private equity* 34 investors $581M

And 20 more on the filing.

Who backs their funds

## 4 LPs on record in TCV's funds

- **Committed:** $1.8B
- **Funds:** 6
- **Vintages:** 2006 to 2021

The institutions that put money into its funds, which the firm then invests in companies. Source: the pension's own report, latest Mar 2026.

- [**Washington State Investment Board** 4 funds *$800M*](https://millionrounds.com/fund/washington-state-investment-board) Fund Vintage Committed TCV XI 2021 $250M TCV X 2019 $200M TCV IX 2016 $200M TCV VIII 2014 $150M
- [**California State Teachers Retirement System** 3 funds *$488M*](https://millionrounds.com/fund/california-state-teachers-retirement-system) Fund Vintage Committed TCV XI 2021 $200M TCV X 2019 $88M TCV VII 2008 $200M
- [**California Public Employees' Retirement System (CalPERS)** 2 funds *$418M*](https://millionrounds.com/fund/california-public-employees) Fund Vintage Committed TCV XI 2021 $261M TCV X 2019 $157M
- [**Oregon Public Employees Retirement Fund** 2 funds *$100M*](https://millionrounds.com/fund/oregon-public-employees) Fund Vintage Committed TCV VII 2007 $75M TCV VI 2006 $25M

## Exits from the portfolio

Companies it backed that were later bought or listed **21 in all**

**[Actifio](https://millionrounds.com/company/actifio)** Bought by [Google](https://millionrounds.com/fund/google-assistant-investments) **Undisclosed** Dec 2020

**[HomeAway](https://millionrounds.com/company/homeaway)** Bought by [Expedia](https://millionrounds.com/fund/expedia) **$3.9B** Nov 2015

**[TOA Technologies](https://millionrounds.com/company/toa-technologies)** Bought by [Oracle Corporation](https://millionrounds.com/fund/oracle) **Undisclosed** Jul 2014

**[Fiberlink](https://millionrounds.com/company/fiberlink)** Bought by [IBM (International Business Machines)](https://millionrounds.com/fund/ibm-international-business-machines) **Undisclosed** Nov 2013

**[ExactTarget](https://millionrounds.com/company/exacttarget)** Bought by Salesforce **$2.5B** Jun 2013

**[ExactTarget](https://millionrounds.com/company/exacttarget)** Listed **Undisclosed** Mar 2012

**[Groupon](https://millionrounds.com/company/groupon)** Listed **Undisclosed** Nov 2011

**[SolArc](https://millionrounds.com/company/solarc)** Bought by OpenLink Financial **Undisclosed** Oct 2011

**[Zillow](https://millionrounds.com/company/zillow)** Listed **$205M** Jul 2011

**[HomeAway](https://millionrounds.com/company/homeaway)** Listed **$216M** Jun 2011

**[Continuous Computing](https://millionrounds.com/company/continuous-computing)** Bought by Radisys **Undisclosed** May 2011

**[Tiny Prints](https://millionrounds.com/company/tiny-prints)** Bought by Shutterfly **$333M** Mar 2011

**[2Wire](https://millionrounds.com/company/2wire)** Bought by [Pace](https://millionrounds.com/fund/pace) **$475M** Jul 2010

**[Techwell](https://millionrounds.com/company/techwell)** Bought by [Intersil](https://millionrounds.com/fund/intersil) **Undisclosed** Apr 2010

**[Business Engine](https://millionrounds.com/company/business-engine)** Bought by Planview **Undisclosed** Feb 2010

**[Thinkorswim Group](https://millionrounds.com/company/thinkorswim-group)** Bought by [TD Ameritrade](https://millionrounds.com/fund/td-ameritrade) **Undisclosed** Jan 2009

**[BeVocal](https://millionrounds.com/company/bevocal)** Bought by [Nuance Communications](https://millionrounds.com/fund/nuance-communications) **Undisclosed** Apr 2007

**[Fandango](https://millionrounds.com/company/fandango)** Bought by [Comcast](https://millionrounds.com/fund/comcast) **$200M** Apr 2007

**[XACCT Technologies](https://millionrounds.com/company/xacct-technologies)** Bought by [Amdocs](https://millionrounds.com/fund/amdocs-ventures) **Undisclosed** Feb 2004

**[WebTone Technologies](https://millionrounds.com/company/webtone-technologies)** Bought by Fidelity Information Services **Undisclosed** Sept 2003

The latest 20 here. An exit counts when it came after the firm's first round in the company. From historical deal records.

New fund on file

**$38M**

raised in Sept 2023

From its SEC filing, not a journalist: a firm that has just raised has money to deploy.

## The cheque

Seed Series A Series B

Median round joined **$100M** the round, not its cheque Alone, median **$56M**

Led 17 of 200 rounds **9%**

- **Sole investor:** 34 rounds
- **Last cheque:** Oct 2026
- **Exits:** 21 from the portfolio

Rounds by stage said on their site

- Venture *34*
- Series C *29*
- Series D *27*
- Series B said *25*
- Series E *17*
- Seed said *-*
- Series A said *-*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [Bessemer Venture Partners](https://millionrounds.com/fund/bessemer-venture-partners) 18
- [Accel](https://millionrounds.com/fund/accel) 12
- [Tiger Global Management](https://millionrounds.com/fund/tiger-global-management) 12
- [Sequoia Capital](https://millionrounds.com/fund/sequoia-capital) 11
- [Index Ventures](https://millionrounds.com/fund/index-ventures) 10
- [Insight Partners](https://millionrounds.com/fund/insight-venture-partners) 10

**Pitching TCV?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque.

Add to your CRM *→*

## Who they invest alongside

The investors most often in the same rounds as TCV. A count of rooms they were both in, not a relationship either has claimed.

[**Bessemer Venture Partners** VC firm **18** rounds together](https://millionrounds.com/fund/bessemer-venture-partners)[**Accel** VC firm **12** rounds together](https://millionrounds.com/fund/accel)[**Tiger Global Management** VC firm **12** rounds together](https://millionrounds.com/fund/tiger-global-management)[**Sequoia Capital** VC firm **11** rounds together](https://millionrounds.com/fund/sequoia-capital)[**Index Ventures** VC firm **10** rounds together](https://millionrounds.com/fund/index-ventures)[**Insight Partners** VC firm **10** rounds together](https://millionrounds.com/fund/insight-venture-partners)[**Goldman Sachs** Private equity **9** rounds together](https://millionrounds.com/fund/goldman-sachs)[**Coatue** VC firm **8** rounds together](https://millionrounds.com/fund/coatue-management)[**General Atlantic** Private equity **8** rounds together](https://millionrounds.com/fund/general-atlantic)[**Salesforce Ventures** Corporate VC **8** rounds together](https://millionrounds.com/fund/salesforce-ventures)[**Menlo Ventures** VC firm **7** rounds together](https://millionrounds.com/fund/menlo-ventures)[**Andreessen Horowitz** VC firm **6** rounds together](https://millionrounds.com/fund/andreessen-horowitz)

## Recently backed

The latest companies TCV put money into.

[**Albert** $55M · Oct 2026](https://millionrounds.com/company/albert)[**Archy** $50M · Sept 2026](https://millionrounds.com/company/archy)[**Upwind Security** $300M · Sept 2026](https://millionrounds.com/company/upwind-security)[**Higgsfield** $400M · Aug 2026](https://millionrounds.com/company/higgsfield)[**Fireworks AI** $1.5B · Jul 2026](https://millionrounds.com/company/fireworks-ai)[**ICEYE** $521M · Jun 2026](https://millionrounds.com/company/iceye)

## Quick answers about TCV

### What does TCV invest in?

TCV invests most often at Venture and Series C (48% of the rounds on record), in sectors such as Technology.

### How active is TCV?

200 investments on record, 24 of them in the last 12 months, and it led 17. The most recent was in Oct 2026.

### What has TCV invested in recently?

Its most recent investments on record: Upwind (Series C, Oct 2026), Albert (Series B, Oct 2026) and Archy (Series C, Sept 2026).

### How big are TCV's cheques?

The median round it joins is $100M.

### Does TCV lead rounds?

Sometimes: it led 17 of its 200 investments on record (9%).

### Where does TCV invest?

Most of the companies it backs are in the United States (53%), the United Kingdom (14%) and Canada (8%).

### Is TCV investing now?

Yes: it is actively investing, with 24 investments in the last 12 months.

### Who does TCV invest alongside?

Most often Bessemer Venture Partners (18 rounds together), Accel (12 rounds together) and Tiger Global Management (12 rounds together).

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