# PE firms backing DeFi (2026 list) > 11 PE firms backing DeFi, 55% active in the last 12 months. Led by Goldman Sachs, Apollo, SBI Group. Ranked by what they funded. Source: https://millionrounds.com/lists/pe-firms-defi (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/lists) # PE firms backing DeFi Updated 7 November 2026 PE firms we have observed in a deFi round in the last two years. [See all 11 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-defi)The top 11 **11** investors on the list No change this week **134** cheques in 12 months *+22%* against the market **$12M** median round they joined *+44%* against the market median **55%** wrote a cheque in 12 months **45%** have led a round ## The Top 11 Ordered by cheques observed, never by anything anyone paid for Deploying now (6) - 1 [Goldman Sachs](https://millionrounds.com/fund/goldman-sachs) *Deploying now* Private equity · United States **758** **$73M** median round **Oct 2026** last seen - 2 [Apollo](https://millionrounds.com/fund/apollo-global-management) *Deploying now* Private equity · United States **114** **$55M** median round **Oct 2026** last seen - 3 [SBI Group](https://millionrounds.com/fund/sbi-group) *Deploying now* Growth equity **57** **$14M** median round **Nov 2026** last seen - 4 [Citadel Securities](https://millionrounds.com/fund/citadel-securities) *Deploying now* Growth equity · United States **8** **$240M** median round **Oct 2026** last seen - 5 [ANAGRAM](https://millionrounds.com/fund/anagram) *Deploying now* Private equity · United States **5** **$10M** median round **Nov 2026** last seen - 6 [Tradeweb](https://millionrounds.com/fund/tradeweb) *Deploying now* Growth equity · United States **4** **$136M** median round **Oct 2026** last seen - 7 [Distributed Network Advisors](https://millionrounds.com/fund/dna-fund) quiet Private equity · United States **2** **$7.5M** median round **Oct 2025** last seen - 8 [Frictionless Capital](https://millionrounds.com/fund/frictionless-capital) quiet Private equity · United States **1** **$7M** median round **Sept 2025** last seen - 9 [New Heritage Capital](https://millionrounds.com/fund/new-heritage-capital) quiet Private equity · United States **1** **$10M** median round **Oct 2025** last seen - 10 [StudioB](https://millionrounds.com/fund/studiob) quiet Private equity **1** **$12M** median round **Oct 2025** last seen - 11 [Trident Digital](https://millionrounds.com/fund/trident-digital) quiet Private equity **1** **$5.5M** median round **Oct 2025** last seen ## The Newest Cheques Rounds this list's investors joined most recently - **5** Nov **[Soter Insure](https://millionrounds.com/company/soter-insure)** Series B *With* [SBI Group](https://millionrounds.com/fund/sbi-group) - **5** Nov **[Cowboy](https://millionrounds.com/company/cowboy)** Seed · $5M *With* [ANAGRAM](https://millionrounds.com/fund/anagram) - **29** Oct **[Solink](https://millionrounds.com/company/solink)** Growth · $100M *With* [Goldman Sachs](https://millionrounds.com/fund/goldman-sachs) - **29** Oct **[PhotonPay](https://millionrounds.com/company/photonpay)** Series C · $40M *With* [SBI Group](https://millionrounds.com/fund/sbi-group) - **26** Oct **[SpaceX](https://millionrounds.com/company/spacex)** Debt · $40B *Led by* [Goldman Sachs](https://millionrounds.com/fund/goldman-sachs) - **22** Oct **[Dataline](https://millionrounds.com/company/dataline)** Seed · $11M *With* [ANAGRAM](https://millionrounds.com/fund/anagram) ## Stages This Year 125 rounds - Debt **30%** - Venture **14%** - Series C **14%** - Growth **11%** - Other **8%** - Other **22%** ## What They Backed Sectors, last 12 months - AI **31** - Fintech **23** - Web3 & Crypto **15** - Financial Services **15** - Big Data & Analytics **13** - Cloud **12** ## Cheques by Quarter Led Joined 23 Q1 25 26 Q2 25 29 Q3 25 44 Q4 25 44 Q1 26 42 Q2 26 23 Q3 26 11 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) ## Quick answers about PE firms backing DeFi ### Who are the most active PE firms backing DeFi? By cheques observed, the most active are Goldman Sachs, Apollo, SBI Group, Citadel Securities and ANAGRAM. ### How many PE firms backing DeFi are there? 11 are on record. 55% made an investment in the last 12 months and 45% have led a round. ### Which stages do PE firms backing DeFi back? Of the rounds with a named stage in the last 12 months, mostly Debt (41%) and Series C (20%). ### How big are the rounds PE firms backing DeFi join? The typical (median) round among the leading investors here is $12M. ### Which sectors do PE firms backing DeFi back most? In the last 12 months, mostly AI, Fintech and Web3 & Crypto. ### Which PE firms backing DeFi lead the most rounds? Goldman Sachs (22 led), SBI Group (5 led) and Apollo (3 led). ### Where are PE firms backing DeFi based? Among the most active, most are based in the United States (8). ### What have PE firms backing DeFi invested in recently? Recent rounds include Soter Insure (Series B, Nov 2026, with SBI Group), Cowboy (Seed, Nov 2026, with ANAGRAM) and Solink (Growth, Oct 2026, with Goldman Sachs). Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)