# Funds of funds (2026 list)

> 365 funds of funds, 6% active in the last 12 months. Led by Mirae Asset Venture Investment, StepStone Group, HarbourVest Partners. Ranked by what they funded.

Source: https://millionrounds.com/lists/funds-of-funds (Millionrounds; every figure on the page links to its filing or article)

[Investor Lists](https://millionrounds.com/lists)

# Funds of funds

Updated 7 November 2026

Funds of funds, ordered by what we have observed them do. Type is read from the firm's own website wherever we could reach it.

[See all 365 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Ffunds-of-funds)The top 25

**365** investors on the list No change this week

**82** cheques in 12 months *+0%* against the market

**$15M** median round they joined *+92%* against the market median

**6%** wrote a cheque in 12 months

**3%** have led a round

## The Top 25

Ordered by cheques observed, never by anything anyone paid for

Deploying now (10)

- 1 [Mirae Asset Venture Investment](https://millionrounds.com/fund/mirae-asset-venture-investment) *Deploying now* Fund of funds · South Korea **113** **$9.1M** median round **Nov 2026** last seen
- 2 [StepStone Group](https://millionrounds.com/fund/stepstone-group) *Deploying now* Fund of funds · United States **111** **$60M** median round **Sept 2026** last seen
- 3 [HarbourVest Partners](https://millionrounds.com/fund/harbourvest-partners) *Deploying now* Fund of funds · United States **93** **$54M** median round **Jun 2026** last seen
- 4 [Eight Capital](https://millionrounds.com/fund/eight-capital) *Deploying now* Fund of funds · United Arab Emirates **73** **$500K** median round **Sept 2026** last seen
- 5 [Florida Opportunity Fund](https://millionrounds.com/fund/florida-opportunity-fund) *Deploying now* Fund of funds · United States **35** **$5.5M** median round **Aug 2026** last seen
- 6 [Top Tier Capital Partners](https://millionrounds.com/fund/top-tier-capital-partners) *Deploying now* Fund of funds · United States **28** **$50M** median round **Oct 2026** last seen
- 7 [Qianhai Fund of Funds](https://millionrounds.com/fund/qianhai-fund-of-funds) quiet Fund of funds · China **25** **$14M** median round **Nov 2025** last seen
- 8 [Columbia Partners Private Capital](https://millionrounds.com/fund/columbia-partners-private-capital) quiet Fund of funds · United States **21** **$16M** median round **Jul 2015** last seen
- 9 [J & W Seligman](https://millionrounds.com/fund/j-and-w-seligman) quiet Fund of funds · United States **20** **$37M** median round **Jul 2011** last seen
- 10 [Pacific Corporate Group](https://millionrounds.com/fund/pacific-corporate-group) quiet Fund of funds · United States **13** **$50M** median round **Apr 2010** last seen
- 11 [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
- 12 [Cendana Capital](https://millionrounds.com/fund/cendana-capital) quiet Fund of funds · United States **8** **$25M** median round **Nov 2019** last seen
- 13 [Everbright](https://millionrounds.com/fund/everbright) dormant Fund of funds · Hong Kong SAR China **8** **$300M** median round **Nov 2019** last seen
- 14 [MedFocus Fund](https://millionrounds.com/fund/medfocus-fund) quiet Fund of funds · United States **8** **$12M** median round **Aug 2011** last seen
- 15 [S.G.E.C.R.](https://millionrounds.com/fund/s-g-e-c-r) dormant Fund of funds · Spain **8** **$1.3M** median round **May 2010** last seen
- 16 [Pacific Venture Capital](https://millionrounds.com/fund/pacific-venture-capital) quiet Fund of funds · United States **7** **$7M** median round **May 2014** last seen
- 17 [Accolade Partners](https://millionrounds.com/fund/accolade-partners) quiet Fund of funds · United States **6** **$23M** median round **May 2019** last seen
- 18 [InVenture Capital](https://millionrounds.com/fund/inventure-capital-2) quiet Fund of funds · Germany **5** **$2.4M** median round **Jun 2015** last seen
- 19 [Saminvest AB](https://millionrounds.com/fund/saminvest-ab) quiet Fund of funds · Sweden **5** **$427K** median round **Oct 2010** last seen
- 20 [China Environmental Fund](https://millionrounds.com/fund/china-environmental-fund) quiet Fund of funds · China **5** **$25M** median round **Apr 2012** last seen
- 21 [Fireball Capital](https://millionrounds.com/fund/fireball-capital) *Deploying now* Fund of funds · South Africa **4** **$9.6M** median round **Nov 2025** last seen
- 22 [KfW Capital](https://millionrounds.com/fund/kfw-capital) *Deploying now* Fund of funds · Germany **4** **$291M** median round **Sept 2026** last seen
- 23 [Swedfund International](https://millionrounds.com/fund/swedfund-international) *Deploying now* Fund of funds · Sweden **4** **$62M** median round **Jul 2026** last seen
- 24 [Cathaya Capital](https://millionrounds.com/fund/cathaya-capital) quiet Fund of funds · China **4** **$35M** median round **Apr 2015** last seen
- 25 [Falcon Capital](https://millionrounds.com/fund/falcon-capital) dormant Fund of funds · United Kingdom **4** **$7.7M** median round **May 2018** last seen

**340 more on this list**

All 365 are in the app, with filters for stage, sector and market. A free account shows 10 per search, Pro up to 1,000.

[See the whole list *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Ffunds-of-funds)

## The Newest Cheques

Rounds this list's investors joined most recently

- **4** Nov **[Nums AI](https://millionrounds.com/company/nums-ai)** Pre-seed · $1.5M *With* [Mirae Asset Venture Investment](https://millionrounds.com/fund/mirae-asset-venture-investment)
- **30** Oct **[NanoForge AI](https://millionrounds.com/company/nanoforge-ai)** Seed · $11M *Led by* [Mirae Asset Venture Investment](https://millionrounds.com/fund/mirae-asset-venture-investment)
- **26** Oct **[Omnichat](https://millionrounds.com/company/omnichat)** Series A · $10M *With* [Darwin Ventures](https://millionrounds.com/fund/darwin-ventures)
- **13** Oct **[Reach Security](https://millionrounds.com/company/reach-security)** Series B · $50M *Led by* [Top Tier Capital Partners](https://millionrounds.com/fund/top-tier-capital-partners)
- **8** Oct **[Waymo](https://millionrounds.com/company/waymo)** Debt · $5B *With* [Oaktree Capital Management](https://millionrounds.com/fund/oaktree-capital-management)
- **8** Oct **[DailyObjects](https://millionrounds.com/company/dailyobjects)** Series C · $35M *Led by* [Axiom Asia Private Capital](https://millionrounds.com/fund/axiom-asia-private-capital)

## Stages This Year

82 rounds

- Series A **18%**
- Series C **16%**
- Series B **12%**
- Growth **11%**
- Other **9%**
- Other **34%**

## What They Backed

Sectors, last 12 months

- AI **37**
- Energy **9**
- Big Data & Analytics **9**
- Fintech **9**
- Cybersecurity **7**
- Automotive & EVs **6**

## Cheques by Quarter

Led Joined

17 Q1 25

21 Q2 25

22 Q3 25

30 Q4 25

28 Q1 26

18 Q2 26

19 Q3 26

6 Q4 26

The last bar is the quarter still running.

## Lists Like This

- [VC firms 63,814](https://millionrounds.com/lists/vc-firms)
- [PE firms 29,284](https://millionrounds.com/lists/pe-firms)
- [Solo angels 6,544](https://millionrounds.com/lists/solo-angels)
- [Family offices 6,263](https://millionrounds.com/lists/family-offices)
- [Corporate VCs 5,452](https://millionrounds.com/lists/corporate-vcs)
- [Growth equity firms 3,838](https://millionrounds.com/lists/growth-equity-firms)
- [Incubators and accelerators 3,523](https://millionrounds.com/lists/incubators-accelerators)
- [Institutional LPs 2,744](https://millionrounds.com/lists/institutional-lps)
- [Startup studios 2,384](https://millionrounds.com/lists/startup-studios)

[All investor lists *→*](https://millionrounds.com/lists)

## Quick answers about funds of funds

### Who are the most active funds of funds?

By cheques observed, the most active are Mirae Asset Venture Investment, StepStone Group, HarbourVest Partners, Eight Capital and Florida Opportunity Fund.

### How many funds of funds are there?

365 are on record. 6% made an investment in the last 12 months and 3% have led a round.

### Which stages do funds of funds back?

Of the rounds with a named stage in the last 12 months, mostly Series A (23%) and Series C (20%).

### How big are the rounds funds of funds join?

The typical (median) round among the leading investors here is $23M.

### Which sectors do funds of funds back most?

In the last 12 months, mostly AI, Energy and Big Data & Analytics.

### Which funds of funds lead the most rounds?

StepStone Group (5 led), HarbourVest Partners (4 led) and Top Tier Capital Partners (4 led).

### Where are funds of funds based?

Among the most active, most are based in the United States (11), China (3) and the United Arab Emirates (2).

### What have funds of funds invested in recently?

Recent rounds include Nums AI (Pre-seed, Nov 2026, with Mirae Asset Venture Investment), NanoForge AI (Seed, Oct 2026, with Mirae Asset Venture Investment) and Omnichat (Series A, Oct 2026, with Darwin Ventures).

Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)