# Funds of funds at growth (2026 list) > 10 funds of funds at growth, 90% active in the last 12 months. Led by StepStone Group, HarbourVest Partners, Oaktree Capital Management. Source: https://millionrounds.com/lists/funds-of-funds-at-growth (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/lists) # Funds of funds at growth Updated 7 November 2026 Funds of funds we have watched take part in a growth round in the last two years. [See all 10 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Ffunds-of-funds-at-growth)The top 10 **10** investors on the list No change this week **53** cheques in 12 months *+21%* against the market **$177M** median round they joined *+2107%* against the market median **90%** wrote a cheque in 12 months **50%** have led a round ## The Top 10 Ordered by cheques observed, never by anything anyone paid for Deploying now (9) - 1 [StepStone Group](https://millionrounds.com/fund/stepstone-group) *Deploying now* Fund of funds · United States **111** **$60M** median round **Sept 2026** last seen - 2 [HarbourVest Partners](https://millionrounds.com/fund/harbourvest-partners) *Deploying now* Fund of funds · United States **93** **$54M** median round **Jun 2026** last seen - 3 [Oaktree Capital Management](https://millionrounds.com/fund/oaktree-capital-management) *Deploying now* Fund of funds · United Arab Emirates **10** **$400M** median round **Oct 2026** last seen - 4 [KfW Capital](https://millionrounds.com/fund/kfw-capital) *Deploying now* Fund of funds · Germany **4** **$291M** median round **Sept 2026** last seen - 5 [Swedfund International](https://millionrounds.com/fund/swedfund-international) *Deploying now* Fund of funds · Sweden **4** **$62M** median round **Jul 2026** last seen - 6 [British Patient Capital](https://millionrounds.com/fund/british-patient-capital) quiet Fund of funds · United Kingdom **3** **$55M** median round **Aug 2025** last seen - 7 [Oak Hill Advisors](https://millionrounds.com/fund/oak-hill-advisors) *Deploying now* Fund of funds · United States **2** **$513M** median round **Dec 2025** last seen - 8 [Sanabil](https://millionrounds.com/fund/sanabil) *Deploying now* Fund of funds · Saudi Arabia **2** **$49M** median round **Sept 2026** last seen - 9 [Atacama Ventures](https://millionrounds.com/fund/atacama-ventures) *Deploying now* Fund of funds · United States **1** **$462M** median round **Dec 2025** last seen - 10 [Galdana Ventures](https://millionrounds.com/fund/galdana-ventures) *Deploying now* Fund of funds · Spain **1** **$300M** median round **Feb 2026** last seen ## The Newest Cheques Rounds this list's investors joined most recently - **8** Oct **[Waymo](https://millionrounds.com/company/waymo)** Debt · $5B *With* [Oaktree Capital Management](https://millionrounds.com/fund/oaktree-capital-management) - **29** Sept **[SiMa.ai](https://millionrounds.com/company/sima-ai)** Series C · $150M *With* [StepStone Group](https://millionrounds.com/fund/stepstone-group) - **29** Sept **[Reverion](https://millionrounds.com/company/reverion)** Series B · $175M *With* [KfW Capital](https://millionrounds.com/fund/kfw-capital) - **15** Sept **[Exein](https://millionrounds.com/company/exein)** Growth · $270M *With* [KfW Capital](https://millionrounds.com/fund/kfw-capital) - **2** Sept **[FlyAkeed](https://millionrounds.com/company/flyakeed)** Growth · $25M *Led by* [Sanabil](https://millionrounds.com/fund/sanabil) - **1** Sept **[Zanskar](https://millionrounds.com/company/zanskar)** Grant · $40M *With* [StepStone Group](https://millionrounds.com/fund/stepstone-group) ## Stages This Year 53 rounds - Series C **19%** - Growth **17%** - Series A **13%** - Series B **13%** - Other **11%** - Other **26%** ## What They Backed Sectors, last 12 months - AI **22** - Energy **7** - Fintech **7** - Cybersecurity **6** - Construction **5** - Automotive & EVs **5** ## Cheques by Quarter Led Joined 8 Q1 25 14 Q2 25 9 Q3 25 17 Q4 25 20 Q1 26 14 Q2 26 12 Q3 26 1 Q4 26 The last bar is the quarter still running. ## Lists Like This - [VC firms at early stage 6,133](https://millionrounds.com/lists/vc-firms-at-early-stage) - [VC firms at seed 3,708](https://millionrounds.com/lists/vc-firms-at-seed) - [VC firms at Series A 3,249](https://millionrounds.com/lists/vc-firms-at-series-a) - [VC firms at pre-seed 1,689](https://millionrounds.com/lists/vc-firms-at-pre-seed) - [VC firms at Series B 1,595](https://millionrounds.com/lists/vc-firms-at-series-b) - [VC firms at growth 1,005](https://millionrounds.com/lists/vc-firms-at-growth) - [VC firms at Series C 958](https://millionrounds.com/lists/vc-firms-at-series-c) - [PE firms at growth 772](https://millionrounds.com/lists/pe-firms-at-growth) - [PE firms at Series B 700](https://millionrounds.com/lists/pe-firms-at-series-b) [All investor lists *→*](https://millionrounds.com/lists) ## Reading for founders at Series B and scaling - Blitzscaling: The Lightning-Fast Path to Building Massively Valuable Companies Reid Hoffman · 2018 3.95 from 7,118 ratings on Goodreads Scaling and operations Leading and managing Moats and competition About the book Foreword by Bill Gates LinkedIn cofounder, legendary investor, and host of the award-winning Masters of Scale podcast reveals the secret to starting and scaling massively valuable companies. What entrepreneur or founder doesn’t aspire to build the next Amazon, Facebook, or… On AmazonListen on Audible - One Page Talent Management: Eliminating Complexity, Adding Value Marc Effron · 2010 4.00 from 311 ratings on Goodreads Leading and managing Hiring and culture Scaling and operations About the book A Revolutionary Approach to Talent Management You know that winning in today’s marketplace requires top quality talent. You also know what it takes to build that talent, and you spend significant financial and human resources to make it happen. Yet somehow, your company’s… On AmazonListen on Audible - The Culture Code: The Secrets of Highly Successful Groups Daniel Coyle · 2017 4.24 from 37,412 ratings on Goodreads Hiring and culture Leading and managing About the book What do Pixar, Google and the San Antonio Spurs basketball team have in common?The answer is that they all owe their extraordinary success to their team-building skills. In The Culture Code, Daniel Coyle goes inside some of the most effective organisations in the world and… On AmazonListen on Audible - Scaling Up: How a Few Companies Make It...and Why the Rest Don't Verne Harnish · 2014 4.16 from 6,229 ratings on Goodreads Scaling and operations Leading and managing About the book Winner of the 2015 International Book Awards for General Business Winner of the 2015 National Indie Excellence Award for General Business Winner of the 2015 Readers' Favorite International Book Award Gold Medal for Non-Fiction Business Winner of the 2015 Paris Book… On AmazonListen on Audible More books for founders and investors on the [Reading List](https://millionrounds.com/reading-list?role=founder&stage=scaling). As an Amazon Associate we earn from qualifying purchases. ## Quick answers about funds of funds at growth ### Who are the most active funds of funds at growth? By cheques observed, the most active are StepStone Group, HarbourVest Partners, Oaktree Capital Management, KfW Capital and Swedfund International. ### How many funds of funds at growth are there? 10 are on record. 90% made an investment in the last 12 months and 50% have led a round. ### Which stages do funds of funds at growth back? Of the rounds with a named stage in the last 12 months, mostly Series C (26%) and Growth (23%). ### How big are the rounds funds of funds at growth join? The typical (median) round among the leading investors here is $291M. ### Which sectors do funds of funds at growth back most? In the last 12 months, mostly AI, Energy and Fintech. ### Which funds of funds at growth lead the most rounds? StepStone Group (5 led), HarbourVest Partners (4 led) and Sanabil (2 led). ### Where are funds of funds at growth based? Among the most active, most are based in the United States (4), the United Arab Emirates (1) and Germany (1). ### What have funds of funds at growth invested in recently? Recent rounds include Waymo (Debt, Oct 2026, with Oaktree Capital Management), SiMa.ai (Series C, Sept 2026, with StepStone Group) and Reverion (Series B, Sept 2026, with KfW Capital). Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)