# PE firms at Series B (2026 list)

> 700 PE firms at Series B, 81% active in the last 12 months. Led by Gaingels, Goldman Sachs, Citibank. Ranked by what they funded.

Source: https://millionrounds.com/lists/pe-firms-at-series-b (Millionrounds; every figure on the page links to its filing or article)

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

# PE firms at Series B

Updated 7 November 2026

PE firms we have watched take part in a Series B round in the last two years.

[See all 700 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-at-series-b)The top 25

**700** investors on the list *+24* this week

**2,916** cheques in 12 months *+25%* against the market

**$55M** median round they joined *+588%* against the market median

**81%** wrote a cheque in 12 months

**39%** have led a round

## The Top 25

Ordered by cheques observed, never by anything anyone paid for

Deploying now (25)

- 1 [Gaingels](https://millionrounds.com/fund/gaingels) *Deploying now* Private equity · United States **1,010** **$8M** median round **Oct 2026** last seen
- 2 [Goldman Sachs](https://millionrounds.com/fund/goldman-sachs) *Deploying now* Private equity · United States **758** **$73M** median round **Oct 2026** last seen
- 3 [Citibank](https://millionrounds.com/fund/citi) *Deploying now* Growth equity · United States **566** **$20M** median round **Oct 2026** last seen
- 4 [Pioneer Fund](https://millionrounds.com/fund/pioneer-fund-2) *Deploying now* Private equity · United States **551** **$2.9M** median round **Nov 2026** last seen
- 5 [IDG Capital](https://millionrounds.com/fund/idg-capital) *Deploying now* Private equity · China **504** **$25M** median round **Oct 2026** last seen
- 6 [OrbiMed](https://millionrounds.com/fund/orbimed) *Deploying now* Private equity · United States **447** **$71M** median round **Oct 2026** last seen
- 7 [DCM Ventures](https://millionrounds.com/fund/dcm-ventures) *Deploying now* Private equity · United States **433** **$16M** median round **Aug 2026** last seen
- 8 [RA Capital Management](https://millionrounds.com/fund/ra-capital-management) *Deploying now* Private equity · United States **395** **$93M** median round **Nov 2026** last seen
- 9 [Summit Partners](https://millionrounds.com/fund/summit-partners) *Deploying now* Private equity · United States **356** **$81M** median round **Oct 2026** last seen
- 10 [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
- 11 [General Atlantic](https://millionrounds.com/fund/general-atlantic) *Deploying now* Private equity · United States **273** **$127M** median round **Oct 2026** last seen
- 12 [Business Growth Fund](https://millionrounds.com/fund/bgf) *Deploying now* Private equity · United Kingdom **260** **$9.9M** median round **Nov 2026** last seen
- 13 [HSBC](https://millionrounds.com/fund/hsbc) *Deploying now* Growth equity · United Kingdom **234** **$45M** median round **Oct 2026** last seen
- 14 [Idinvest Partners](https://millionrounds.com/fund/idinvest-partners) *Deploying now* Private equity · France **217** **$20M** median round **Apr 2026** last seen
- 15 [TCV](https://millionrounds.com/fund/tcv) *Deploying now* Private equity · United States **200** **$100M** median round **Oct 2026** last seen
- 16 [K5 Global](https://millionrounds.com/fund/k5-global) *Deploying now* Private equity · United States **199** **$11M** median round **Oct 2026** last seen
- 17 [Franklin Templeton](https://millionrounds.com/fund/franklin-templeton) *Deploying now* Private equity · United States **198** **$64M** median round **Nov 2026** last seen
- 18 [Altair Capital](https://millionrounds.com/fund/altair-capital-2) *Deploying now* Private equity · Singapore **196** **$2.9M** median round **Oct 2026** last seen
- 19 [CDH Investments](https://millionrounds.com/fund/cdh-investments) *Deploying now* Private equity · Hong Kong SAR China **190** **$30M** median round **Oct 2026** last seen
- 20 [Janus Henderson Investors](https://millionrounds.com/fund/janus-henderson-investors) *Deploying now* Private equity · United Kingdom **178** **$115M** median round **Oct 2026** last seen
- 21 [Cormorant Asset Management](https://millionrounds.com/fund/cormorant-asset-management) *Deploying now* Private equity · United States **176** **$102M** median round **Oct 2026** last seen
- 22 [DST Global](https://millionrounds.com/fund/dst-global) *Deploying now* Private equity · United Kingdom **158** **$81M** median round **Oct 2026** last seen
- 23 [Bond](https://millionrounds.com/fund/bond) *Deploying now* Growth equity · United States **154** **$47M** median round **Sept 2026** last seen
- 24 [Eurazeo](https://millionrounds.com/fund/eurazeo) *Deploying now* Private equity · France **150** **$28M** median round **Oct 2026** last seen
- 25 [Invus](https://millionrounds.com/fund/invus) *Deploying now* Private equity · United States **148** **$81M** median round **Oct 2026** last seen

**675 more on this list**

All 700 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%2Fpe-firms-at-series-b)

## The Newest Cheques

Rounds this list's investors joined most recently

- **6** Nov **[Ocient](https://millionrounds.com/company/ocient)** Series C · $100M *With* [PSP Growth](https://millionrounds.com/fund/psp-growth)
- **6** Nov **[Harbinger](https://millionrounds.com/company/harbinger)** Series D+ · $240M *With* [THOR Industries](https://millionrounds.com/fund/thor-industries)
- **5** Nov **[T-Therapeutics](https://millionrounds.com/company/t-therapeutics)** Series B · $133M *With* [Business Growth Fund](https://millionrounds.com/fund/bgf)
- **5** Nov **[Soter Insure](https://millionrounds.com/company/soter-insure)** Series B *With* [Franklin Templeton](https://millionrounds.com/fund/franklin-templeton)
- **5** Nov **[firmly](https://millionrounds.com/company/firmly)** Series A · $15M *With* [• Ark Invest](https://millionrounds.com/fund/ark-invest)
- **5** Nov **[Nyquis](https://millionrounds.com/company/nyquis)** Seed · $6.3M *With* [Pioneer Fund](https://millionrounds.com/fund/pioneer-fund-2)

## Stages This Year

2,058 rounds

- Series B **17%**
- Venture **16%**
- Series A **12%**
- Other **11%**
- Debt **11%**
- Other **33%**

## What They Backed

Sectors, last 12 months

- AI **706**
- Biotech **273**
- Fintech **162**
- Healthcare **153**
- Energy **102**
- Pharma **102**

## Cheques by Quarter

Led Joined

580 Q1 25

532 Q2 25

646 Q3 25

846 Q4 25

877 Q1 26

775 Q2 26

602 Q3 26

321 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)
- [Solo angels at early stage 653](https://millionrounds.com/lists/solo-angels-at-early-stage)

[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 PE firms at Series B

### Who are the most active PE firms at Series B?

By cheques observed, the most active are Gaingels, Goldman Sachs, Citibank, Pioneer Fund and IDG Capital.

### How many PE firms at Series B are there?

700 are on record. 81% made an investment in the last 12 months and 39% have led a round.

### Which stages do PE firms at Series B back?

Of the rounds with a named stage in the last 12 months, mostly Series B (24%) and Series A (17%).

### How big are the rounds PE firms at Series B join?

The typical (median) round among the leading investors here is $47M.

### Which sectors do PE firms at Series B back most?

In the last 12 months, mostly AI, Biotech and Fintech.

### Which PE firms at Series B lead the most rounds?

General Atlantic (32 led), Goldman Sachs (22 led) and TCV (17 led).

### Where are PE firms at Series B based?

Among the most active, most are based in the United States (16), the United Kingdom (4) and France (2).

### What have PE firms at Series B invested in recently?

Recent rounds include Ocient (Series C, Nov 2026, with PSP Growth), Harbinger (Series D+, Nov 2026, with THOR Industries) and T-Therapeutics (Series B, Nov 2026, with Business Growth Fund).

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