# Investors that also back other funds (2026 list) > 1,117 investors that also back other funds, 7% active in the last 12 months. Led by Enterprise Ireland, Temasek Holdings, Sapphire Ventures. Source: https://millionrounds.com/lists/invest-in-funds-too (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/lists) # Investors that also back other funds Updated 7 November 2026 Firms that family-office lists assess as limited partners in other funds as well as direct investors. Useful to a founder, and to a fund manager raising. [See all 1,117 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Finvest-in-funds-too)The top 25 **1,117** investors on the list No change this week **747** cheques in 12 months *+1%* against the market **$19M** median round they joined *+136%* against the market median **7%** wrote a cheque in 12 months **5%** have led a round ## The Top 25 Ordered by cheques observed, never by anything anyone paid for Deploying now (24) - 1 [Enterprise Ireland](https://millionrounds.com/fund/enterprise-ireland) *Deploying now* Government · Ireland **447** **$1.8M** median round **Nov 2026** last seen - 2 [Temasek Holdings](https://millionrounds.com/fund/temasek) *Deploying now* VC firm · Singapore **384** **$100M** median round **Oct 2026** last seen - 3 [Sapphire Ventures](https://millionrounds.com/fund/sapphire-ventures) *Deploying now* VC firm · United States **292** **$75M** median round **Oct 2026** last seen - 4 [Morgan Stanley Investment Management](https://millionrounds.com/fund/morgan-stanley-investment-management) *Deploying now* Private equity · United States **288** **$56M** median round **Oct 2026** last seen - 5 [International Finance Corporation](https://millionrounds.com/fund/international-finance-corporation-ifc) *Deploying now* Government · United States **283** **$39M** median round **Oct 2026** last seen - 6 [European Investment Bank](https://millionrounds.com/fund/european-investment-bank) *Deploying now* Government · Luxembourg **246** **$37M** median round **Nov 2026** last seen - 7 [CDP Venture Capital](https://millionrounds.com/fund/cdp-venture-capital) *Deploying now* VC firm · Italy **227** **$3.9M** median round **Oct 2026** last seen - 8 [Kapor Capital](https://millionrounds.com/fund/kapor-capital) *Deploying now* VC firm · United States **224** **$10M** median round **Jul 2026** last seen - 9 [Atomico](https://millionrounds.com/fund/atomico) *Deploying now* VC firm · United Kingdom **215** **$30M** median round **Oct 2026** last seen - 10 [Novo Holdings](https://millionrounds.com/fund/novo-ventures) *Deploying now* VC firm · Denmark **203** **$60M** median round **Oct 2026** last seen - 11 [Pantera Capital](https://millionrounds.com/fund/pantera-capital) *Deploying now* VC firm · United States **196** **$13M** median round **Oct 2026** last seen - 12 [Houston Angel Network](https://millionrounds.com/fund/houston-angel-network) quiet Angel network · United States **165** **$3.3M** median round **Mar 2017** last seen - 13 [Eurazeo](https://millionrounds.com/fund/eurazeo) *Deploying now* Private equity · France **150** **$28M** median round **Oct 2026** last seen - 14 [Pritzker Group](https://millionrounds.com/fund/pritzker-group) *Deploying now* Private equity · United States **146** **$17M** median round **Nov 2026** last seen - 15 [StepStone Group](https://millionrounds.com/fund/stepstone-group) *Deploying now* Fund of funds · United States **111** **$60M** median round **Sept 2026** last seen - 16 [British Business Bank](https://millionrounds.com/fund/national-security-strategic-investment-fund) *Deploying now* Corporate VC · United Kingdom **105** **$6.3M** median round **Nov 2026** last seen - 17 [KfW](https://millionrounds.com/fund/kfw) *Deploying now* Government · Germany **88** **$13M** median round **Jan 2026** last seen - 18 [British International Investment](https://millionrounds.com/fund/british-international-investment-bii) *Deploying now* Government · United Kingdom **84** **$20M** median round **Nov 2026** last seen - 19 [Axon Partners Group](https://millionrounds.com/fund/axon-partners-group) *Deploying now* Corporate VC · Spain **72** **$5M** median round **Jul 2026** last seen - 20 [Pavilion Capital](https://millionrounds.com/fund/pavilion-capital) *Deploying now* Private equity · United States **67** **$28M** median round **Jul 2026** last seen - 21 [PROfounders Capital](https://millionrounds.com/fund/profounders-capital) *Deploying now* VC firm · United Kingdom **65** **$7M** median round **May 2026** last seen - 22 [Atinum Investment](https://millionrounds.com/fund/atinum-investment) *Deploying now* VC firm · South Korea **58** **$11M** median round **Nov 2026** last seen - 23 [ICONIQ Capital](https://millionrounds.com/fund/iconiq-capital) *Deploying now* Family office · United States **56** **$158M** median round **Oct 2026** last seen - 24 [Molten Ventures](https://millionrounds.com/fund/molten-ventures) *Deploying now* VC firm · United Kingdom **55** **$17M** median round **Nov 2026** last seen - 25 [Evolem](https://millionrounds.com/fund/evolem) *Deploying now* Family office · France **49** **$4.3M** median round **Sept 2026** last seen **1,092 more on this list** All 1,117 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%2Finvest-in-funds-too) ## The Newest Cheques Rounds this list's investors joined most recently - **6** Nov **[Banesco Banco Múltiple](https://millionrounds.com/company/banesco-banco-multiple)** Debt · $25M *Led by* [PROPARCO](https://millionrounds.com/fund/proparco) - **6** Nov **[Ocient](https://millionrounds.com/company/ocient)** Series C · $100M *With* [Pritzker Group](https://millionrounds.com/fund/pritzker-group) - **5** Nov **[ArrayPatch](https://millionrounds.com/company/arraypatch)** Seed · $1.8M *With* [Enterprise Ireland](https://millionrounds.com/fund/enterprise-ireland) - **5** Nov **[T-Therapeutics](https://millionrounds.com/company/t-therapeutics)** Series B · $133M *Led by* [British Business Bank](https://millionrounds.com/fund/national-security-strategic-investment-fund) - **5** Nov **[Potential Sciences](https://millionrounds.com/company/potential-sciences)** Seed *With* [Blue Wire Capital](https://millionrounds.com/fund/blue-wire-capital) - **5** Nov **[Uranium Digital](https://millionrounds.com/company/uranium-digital)** Series A · $17M *With* [Apeiron Investment](https://millionrounds.com/fund/apeiron-investment-group) ## Stages This Year 686 rounds - Venture **13%** - Series A **13%** - Debt **13%** - Seed **12%** - Series B **9%** - Other **39%** ## What They Backed Sectors, last 12 months - AI **212** - Biotech **63** - Healthcare **62** - Fintech **59** - Energy **49** - Big Data & Analytics **36** ## Cheques by Quarter Led Joined 177 Q1 25 172 Q2 25 210 Q3 25 251 Q4 25 220 Q1 26 188 Q2 26 174 Q3 26 74 Q4 26 The last bar is the quarter still running. ## Lists Like This - [Investors whose partners we can name 32,772](https://millionrounds.com/lists/partners-we-can-name) - [Investors who publish their portfolio 17,295](https://millionrounds.com/lists/publish-their-portfolio) - [Investment firms of ten people or fewer 9,452](https://millionrounds.com/lists/small-teams) - [Emerging managers with a new fund under $50M 6,078](https://millionrounds.com/lists/emerging-managers) - [SEC-registered venture advisers 4,344](https://millionrounds.com/lists/sec-registered-venture-advisers) - [Registered investment advisers 4,214](https://millionrounds.com/lists/registered-investment-advisers) - [Investors managing over $1 billion 2,691](https://millionrounds.com/lists/managing-over-a-billion) - [Investors claiming thirty or more companies 2,226](https://millionrounds.com/lists/large-portfolios) - [Investment firms founded since 2022 2,201](https://millionrounds.com/lists/new-investment-firms) [All investor lists *→*](https://millionrounds.com/lists) ## Quick answers about investors that also back other funds ### Who are the most active investors that also back other funds? By cheques observed, the most active are Enterprise Ireland, Temasek Holdings, Sapphire Ventures, Morgan Stanley Investment Management and International Finance Corporation. ### How many investors that also back other funds are there? 1,117 are on record. 7% made an investment in the last 12 months and 5% have led a round. ### Which stages do investors that also back other funds back? Of the rounds with a named stage in the last 12 months, mostly Series A (18%) and Debt (17%). ### How big are the rounds investors that also back other funds join? The typical (median) round among the leading investors here is $17M. ### Which sectors do investors that also back other funds back most? In the last 12 months, mostly AI, Biotech and Healthcare. ### Which investors that also back other funds lead the most rounds? Temasek Holdings (19 led), Atomico (19 led) and Sapphire Ventures (17 led). ### Where are investors that also back other funds based? Among the most active, most are based in the United States (10), the United Kingdom (5) and France (2). ### What have investors that also back other funds invested in recently? Recent rounds include Banesco Banco Múltiple (Debt, Nov 2026, with PROPARCO), Ocient (Series C, Nov 2026, with Pritzker Group) and ArrayPatch (Seed, Nov 2026, with Enterprise Ireland). Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)