# PE firms backing B2B (2026 list) > 48 PE firms backing B2B, 77% active in the last 12 months. Led by Gaingels, Goldman Sachs, Citibank. Ranked by what they funded. Source: https://millionrounds.com/lists/pe-firms-b2b (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/lists) # PE firms backing B2B Updated 7 November 2026 PE firms we have observed in a B2B round in the last two years. [See all 48 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-b2b)The top 25 **48** investors on the list *+1* this week **888** cheques in 12 months *-6%* against the market **$26M** median round they joined *+230%* against the market median **77%** wrote a cheque in 12 months **63%** have led a round ## The Top 25 Ordered by cheques observed, never by anything anyone paid for Deploying now (23) - 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 [RA Capital Management](https://millionrounds.com/fund/ra-capital-management) *Deploying now* Private equity · United States **395** **$93M** median round **Nov 2026** last seen - 6 [General Atlantic](https://millionrounds.com/fund/general-atlantic) *Deploying now* Private equity · United States **273** **$127M** median round **Oct 2026** last seen - 7 [Warburg Pincus](https://millionrounds.com/fund/warburg-pincus) *Deploying now* Private equity · United States **260** **$124M** median round **Oct 2026** last seen - 8 [TPG](https://millionrounds.com/fund/tpg) *Deploying now* Private equity · United States **205** **$91M** median round **Nov 2026** last seen - 9 [TCV](https://millionrounds.com/fund/tcv) *Deploying now* Private equity · United States **200** **$100M** median round **Oct 2026** last seen - 10 [K5 Global](https://millionrounds.com/fund/k5-global) *Deploying now* Private equity · United States **199** **$11M** median round **Oct 2026** last seen - 11 [Altair Capital](https://millionrounds.com/fund/altair-capital-2) *Deploying now* Private equity · Singapore **196** **$2.9M** median round **Oct 2026** last seen - 12 [Bond](https://millionrounds.com/fund/bond) *Deploying now* Growth equity · United States **154** **$47M** median round **Sept 2026** last seen - 13 [Better Capital](https://millionrounds.com/fund/better-capital) *Deploying now* Private equity · United Kingdom **97** **$2.5M** median round **Oct 2026** last seen - 14 [Catalyst Fund](https://millionrounds.com/fund/catalyst-fund-2) *Deploying now* Growth equity · United States **96** **$3M** median round **Oct 2026** last seen - 15 [GIC](https://millionrounds.com/fund/gic) *Deploying now* Private equity · Singapore **92** **$200M** median round **Oct 2026** last seen - 16 [RTW Investments LLC](https://millionrounds.com/fund/rtw-investments-lp) *Deploying now* Growth equity · United States **88** **$123M** median round **Nov 2026** last seen - 17 [Pavilion Capital](https://millionrounds.com/fund/pavilion-capital) *Deploying now* Private equity · United States **67** **$28M** median round **Jul 2026** last seen - 18 [Atlantic](https://millionrounds.com/fund/atlantic) *Deploying now* Private equity · Germany **53** **$35M** median round **Oct 2026** last seen - 19 [Raptor Group](https://millionrounds.com/fund/raptor-group) *Deploying now* Private equity · United States **50** **$15M** median round **Sept 2026** last seen - 20 [Five V Capital](https://millionrounds.com/fund/five-v-capital) *Deploying now* Private equity · Australia **32** **$13M** median round **Jun 2026** last seen - 21 [Goldman Sachs Alternatives](https://millionrounds.com/fund/goldman-sachs-alternatives) *Deploying now* Growth equity **24** **$110M** median round **Oct 2026** last seen - 22 [3TS Capital Partners](https://millionrounds.com/fund/3ts-capital-partners) *Deploying now* Private equity · Finland **23** **$11M** median round **Apr 2026** last seen - 23 [Silversmith Capital Partners](https://millionrounds.com/fund/silversmith-capital-partners) quiet Private equity · United States **15** **$64M** median round **Jul 2025** last seen - 24 [AAC Capital Partners](https://millionrounds.com/fund/aac-capital) quiet Private equity · Netherlands **11** **$1.1M** median round **Feb 2025** last seen - 25 [Council Capital](https://millionrounds.com/fund/council-capital) *Deploying now* Private equity · United States **10** **$3.2M** median round **Oct 2026** last seen **23 more on this list** All 48 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-b2b) ## The Newest Cheques Rounds this list's investors joined most recently - **7** Nov **[Arka Fincap](https://millionrounds.com/company/arka-fincap)** Other *Led by* [TPG](https://millionrounds.com/fund/tpg) - **5** Nov **[Nyquis](https://millionrounds.com/company/nyquis)** Seed · $6.3M *With* [Pioneer Fund](https://millionrounds.com/fund/pioneer-fund-2) - **5** Nov **[Alethio Therapeutics](https://millionrounds.com/company/alethio-therapeutics)** Series A · $90M *Led by* [RA Capital Management](https://millionrounds.com/fund/ra-capital-management) - **5** Nov **[Anaheim Bio](https://millionrounds.com/company/anaheim-bio)** Series A · $45M *With* [RTW Investments LLC](https://millionrounds.com/fund/rtw-investments-lp) - **4** Nov **[Rivio](https://millionrounds.com/company/rivio)** Series A *With* [Positive Ventures](https://millionrounds.com/fund/positive-ventures) - **31** Oct **[CapGrid](https://millionrounds.com/company/capgrid)** Series B · $5.3M *Led by* [Hero Enterprise Venture Partners](https://millionrounds.com/fund/hero-enterprise-venture-partners) ## Stages This Year 808 rounds - Venture **20%** - Other **12%** - Debt **12%** - Series A **12%** - Seed **10%** - Other **34%** ## What They Backed Sectors, last 12 months - AI **264** - Biotech **114** - Fintech **73** - Pharma **52** - Aerospace & Space **45** - Financial Services **43** ## Cheques by Quarter Led Joined 237 Q1 25 215 Q2 25 267 Q3 25 324 Q4 25 300 Q1 26 253 Q2 26 163 Q3 26 48 Q4 26 The last bar is the quarter still running. ## Lists Like This - [VC firms backing AI 4,329](https://millionrounds.com/lists/vc-firms-ai) - [VC firms backing Fintech 1,856](https://millionrounds.com/lists/vc-firms-fintech) - [VC firms backing Big Data & Analytics 1,248](https://millionrounds.com/lists/vc-firms-big-data) - [VC firms backing Biotech 1,207](https://millionrounds.com/lists/vc-firms-biotech) - [VC firms backing Robotics 1,098](https://millionrounds.com/lists/vc-firms-robotics) - [VC firms backing Construction 1,025](https://millionrounds.com/lists/vc-firms-construction) - [VC firms backing Energy 998](https://millionrounds.com/lists/vc-firms-energy) - [PE firms backing AI 956](https://millionrounds.com/lists/pe-firms-ai) - [VC firms backing Cybersecurity 950](https://millionrounds.com/lists/vc-firms-cybersecurity) [All investor lists *→*](https://millionrounds.com/lists) ## Reading for founders in b2b software and saas - Lean B2B: Build Products Businesses Want Étienne Garbugli · 2014 4.16 from 249 ratings on Goodreads B2B software and SaaS About the book www.leanb2bbook.com « This is a must read for every B2B entrepreneur, SaaS creator or consultant and business school student. It's the kind of book you don't read once, you go back to it on a regular basis. » - Carmen Gerea, CEO & Co-founder, UsabilityChefs Lean B2B helps… On AmazonListen on Audible - The Pricing Roadmap: How to Design B2B SaaS Pricing Models That Your Customers Will Love Ulrik Lehrskov-Schmidt · 2023 4.43 from 207 ratings on Goodreads B2B software and SaaS About the book "The definitive resource on SaaS pricing, I absolutely can not recommend this book enough." Viktor Heide, COO of Contractbook.com, Forbes "30 under 30" A foolproof method to achieve skyrocketing sales, growth, and profits for your software as a service (SaaS) product starts… On AmazonListen on Audible - Integrity: The Courage to Meet the Demands of Reality Henry Cloud · 2006 4.22 from 3,393 ratings on Goodreads B2B software and SaaS About the book Integrity. It is more than simple honesty. It's the key to success. A person with integrity has the -- often rare -- ability to pull everything together, to make it all happen no matter how challenging the circumstances. Drawing on experiences from his work with Fortune 500… On AmazonListen on Audible - Blueprints for a SaaS Sales Organization by Jacco vanderKooij Jacco van der Kooij · 2015 4.33 from 324 ratings on Goodreads B2B software and SaaS About the book Because of their very nature, SaaS companies live and die on revenue growth. And once the service is ready there is a very small window in which to scale. Missing that window is the difference between massive success and mediocrity. With such high stakes, it is crucial to get a… On AmazonListen on Audible More books for founders and investors on the [Reading List](https://millionrounds.com/reading-list?role=founder&model=b2b_software). As an Amazon Associate we earn from qualifying purchases. ## Quick answers about PE firms backing B2B ### Who are the most active PE firms backing B2B? By cheques observed, the most active are Gaingels, Goldman Sachs, Citibank, Pioneer Fund and RA Capital Management. ### How many PE firms backing B2B are there? 48 are on record. 77% made an investment in the last 12 months and 63% have led a round. ### Which stages do PE firms backing B2B back? Of the rounds with a named stage in the last 12 months, mostly Debt (20%) and Series A (19%). ### How big are the rounds PE firms backing B2B join? The typical (median) round among the leading investors here is $28M. ### Which sectors do PE firms backing B2B back most? In the last 12 months, mostly AI, Biotech and Fintech. ### Which PE firms backing B2B lead the most rounds? General Atlantic (32 led), Goldman Sachs (22 led) and TCV (17 led). ### Where are PE firms backing B2B based? Among the most active, most are based in the United States (17), Singapore (2) and the United Kingdom (1). ### What have PE firms backing B2B invested in recently? Recent rounds include Arka Fincap (Other, Nov 2026, with TPG), Nyquis (Seed, Nov 2026, with Pioneer Fund) and Alethio Therapeutics (Series A, Nov 2026, with RA Capital Management). Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)