# Institutional LPs at growth (2026 list) > 12 institutional LPs at growth, 83% active in the last 12 months. Led by Gates Foundation, Khazanah Nasional, Varma Mutual Pension Insurance Company. Source: https://millionrounds.com/lists/institutional-lps-at-growth (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/lists) # Institutional LPs at growth Updated 7 November 2026 Institutional LPs we have watched take part in a growth round in the last two years. [See all 12 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Finstitutional-lps-at-growth)The top 12 **12** investors on the list No change this week **20** cheques in 12 months Too few cheques to tell **$92M** median round they joined *+1052%* against the market median **83%** wrote a cheque in 12 months **50%** have led a round ## The Top 12 Ordered by cheques observed, never by anything anyone paid for Deploying now (10) - 1 [Gates Foundation](https://millionrounds.com/fund/bill-and-melinda-gates-foundation) *Deploying now* Institutional LP · United States **60** **$21M** median round **Oct 2026** last seen - 2 [Khazanah Nasional](https://millionrounds.com/fund/khazanah-impact-innovation-challenge) *Deploying now* Institutional LP · Malaysia **10** **$73M** median round **Dec 2025** last seen - 3 [Varma Mutual Pension Insurance Company](https://millionrounds.com/fund/varma) *Deploying now* Institutional LP · Finland **7** **$64M** median round **Sept 2026** last seen - 4 [Ireland Strategic Investment Fund](https://millionrounds.com/fund/ireland-strategic-investment-fund) *Deploying now* Institutional LP · Ireland **5** **$57M** median round **Oct 2026** last seen - 5 [HESTA](https://millionrounds.com/fund/hesta) *Deploying now* Institutional LP · Australia **3** **$27M** median round **Jan 2026** last seen - 6 [Brighter Super](https://millionrounds.com/fund/brighter-super) *Deploying now* Institutional LP · Australia **2** **$111M** median round **Mar 2026** last seen - 7 [California Public Employees' Retirement System (CalPERS)](https://millionrounds.com/fund/california-public-employees) quiet Institutional LP · United States **2** **$450M** median round **Oct 2025** last seen - 8 [EGS Beteiligungen](https://millionrounds.com/fund/egs-beteiligungen-egsb) *Deploying now* Institutional LP · Switzerland **2** **$137M** median round **Jan 2026** last seen - 9 [Pershing Square Foundation](https://millionrounds.com/fund/pershing-square-foundation) quiet Institutional LP **2** **$153M** median round **Nov 2024** last seen - 10 [Funds SA](https://millionrounds.com/fund/funds-sa) *Deploying now* Institutional LP · Australia **1** **$217M** median round **Jan 2026** last seen - 11 [Ilmarinen](https://millionrounds.com/fund/ilmarinen) *Deploying now* Institutional LP · Finland **1** **$521M** median round **Jun 2026** last seen - 12 [PenSam](https://millionrounds.com/fund/pensam) *Deploying now* Institutional LP · Denmark **1** **$35M** median round **Oct 2026** last seen ## The Newest Cheques Rounds this list's investors joined most recently - **29** Oct **[Kenya](https://millionrounds.com/company/kenya)** Grant · $2.1M *With* [Gates Foundation](https://millionrounds.com/fund/bill-and-melinda-gates-foundation) - **25** Oct **[Summix Capital](https://millionrounds.com/company/summix-capital)** $32M *With* [Ireland Strategic Investment Fund](https://millionrounds.com/fund/ireland-strategic-investment-fund) - **13** Oct **[GreenCell Mobility](https://millionrounds.com/company/greencell-mobility)** Growth · $35M *With* [PenSam](https://millionrounds.com/fund/pensam) - **22** Sept **[Verda](https://millionrounds.com/company/verda)** Series B · $189M *With* [Varma Mutual Pension Insurance Company](https://millionrounds.com/fund/varma) - **19** Aug **[Nybro](https://millionrounds.com/company/nybro)** Seed · $14M *With* [Gates Foundation](https://millionrounds.com/fund/bill-and-melinda-gates-foundation) - **12** Jun **[CameraMatics](https://millionrounds.com/company/cameramatics)** Growth · $57M *With* [Ireland Strategic Investment Fund](https://millionrounds.com/fund/ireland-strategic-investment-fund) ## Stages This Year 17 rounds - Series A **24%** - Growth **24%** - Series B **18%** - Series D+ **12%** - series_f **6%** - Other **18%** ## What They Backed Sectors, last 12 months - AI **6** - Agtech **3** - Cleantech **3** - Manufacturing **3** - Biotech **2** - Aerospace & Space **2** ## Cheques by Quarter Led Joined 4 Q1 25 Q2 25 3 Q3 25 4 Q4 25 8 Q1 26 5 Q2 26 2 Q3 26 3 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 institutional LPs at growth ### Who are the most active institutional LPs at growth? By cheques observed, the most active are Gates Foundation, Khazanah Nasional, Varma Mutual Pension Insurance Company, Ireland Strategic Investment Fund and HESTA. ### How many institutional LPs at growth are there? 12 are on record. 83% made an investment in the last 12 months and 50% have led a round. ### Which stages do institutional LPs at growth back? Of the rounds with a named stage in the last 12 months, mostly Series A (27%) and Growth (27%). ### How big are the rounds institutional LPs at growth join? The typical (median) round among the leading investors here is $111M. ### Which sectors do institutional LPs at growth back most? In the last 12 months, mostly AI, Agtech and Cleantech. ### Which institutional LPs at growth lead the most rounds? Gates Foundation (2 led), Khazanah Nasional (2 led) and Varma Mutual Pension Insurance Company (1 led). ### Where are institutional LPs at growth based? Among the most active, most are based in Australia (3), the United States (2) and Finland (2). ### What have institutional LPs at growth invested in recently? Recent rounds include Kenya (Grant, Oct 2026, with Gates Foundation), Summix Capital (Oct 2026, with Ireland Strategic Investment Fund) and GreenCell Mobility (Growth, Oct 2026, with PenSam). Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)