# PE firms backing Delivery (2026 list) > 44 PE firms backing Delivery, 89% active in the last 12 months. Led by Citibank, DCM Ventures, RA Capital Management. Ranked by what they funded. Source: https://millionrounds.com/lists/pe-firms-delivery (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/lists) # PE firms backing Delivery Updated 7 November 2026 PE firms we have observed in a delivery round in the last two years. [See all 44 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-delivery)The top 25 **44** investors on the list *-1* this week **514** cheques in 12 months *+2%* against the market **$73M** median round they joined *+809%* against the market median **89%** wrote a cheque in 12 months **68%** have led a round ## The Top 25 Ordered by cheques observed, never by anything anyone paid for Deploying now (25) - 1 [Citibank](https://millionrounds.com/fund/citi) *Deploying now* Growth equity · United States **566** **$20M** median round **Oct 2026** last seen - 2 [DCM Ventures](https://millionrounds.com/fund/dcm-ventures) *Deploying now* Private equity · United States **433** **$16M** median round **Aug 2026** last seen - 3 [RA Capital Management](https://millionrounds.com/fund/ra-capital-management) *Deploying now* Private equity · United States **395** **$93M** median round **Nov 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 [General Atlantic](https://millionrounds.com/fund/general-atlantic) *Deploying now* Private equity · United States **273** **$127M** median round **Oct 2026** last seen - 6 [TPG](https://millionrounds.com/fund/tpg) *Deploying now* Private equity · United States **205** **$91M** median round **Nov 2026** last seen - 7 [Bond](https://millionrounds.com/fund/bond) *Deploying now* Growth equity · United States **154** **$47M** median round **Sept 2026** last seen - 8 [S2G Investments](https://millionrounds.com/fund/s2g-investments) *Deploying now* Growth equity · United States **102** **$16M** median round **Oct 2026** last seen - 9 [Sands Capital Ventures](https://millionrounds.com/fund/sands-capital-ventures) *Deploying now* Private equity **99** **$45M** median round **Aug 2026** last seen - 10 [Better Capital](https://millionrounds.com/fund/better-capital) *Deploying now* Private equity · United Kingdom **97** **$2.5M** median round **Oct 2026** last seen - 11 [European Bank for Reconstruction and Development](https://millionrounds.com/fund/ebrd) *Deploying now* Private equity · United Kingdom **91** **$35M** median round **Nov 2026** last seen - 12 [Mubadala](https://millionrounds.com/fund/mubadala) *Deploying now* Private equity · United Arab Emirates **91** **$80M** median round **Sept 2026** last seen - 13 [Space Capital](https://millionrounds.com/fund/space-capital-2) *Deploying now* Private equity · Italy **79** **$12M** median round **Oct 2026** last seen - 14 [Sorenson Capital](https://millionrounds.com/fund/sorenson-capital) *Deploying now* Private equity · United States **74** **$25M** median round **Oct 2026** last seen - 15 [Breyer Capital](https://millionrounds.com/fund/breyer-capital) *Deploying now* Private equity · United States **69** **$24M** median round **Oct 2026** last seen - 16 [Eldridge](https://millionrounds.com/fund/eldridge) *Deploying now* Private equity · United States **53** **$50M** median round **Oct 2026** last seen - 17 [Verdane](https://millionrounds.com/fund/verdane) *Deploying now* Private equity · Norway **36** **$19M** median round **Oct 2026** last seen - 18 [Boyu Capital](https://millionrounds.com/fund/boyu-capital) *Deploying now* Private equity · Hong Kong SAR China **20** **$260M** median round **Oct 2026** last seen - 19 [Amgen Ventures](https://millionrounds.com/fund/amgen-ventures) *Deploying now* Growth equity · United States **19** **$28M** median round **Oct 2026** last seen - 20 [• Ark Invest](https://millionrounds.com/fund/ark-invest) *Deploying now* Growth equity · Georgia **17** **$540M** median round **Nov 2026** last seen - 21 [WCM Investment Management](https://millionrounds.com/fund/wcm-investment-management) *Deploying now* Growth equity · United States **10** **$1.2B** median round **Nov 2026** last seen - 22 [Balyasny Asset Management L.p.](https://millionrounds.com/fund/balyasny-asset-management-2) *Deploying now* Private equity · United States **8** **$244M** median round **Oct 2026** last seen - 23 [GEF Capital Partners](https://millionrounds.com/fund/gef-capital-partners) *Deploying now* Private equity · United States **7** **$66M** median round **Aug 2026** last seen - 24 [Glade Brook](https://millionrounds.com/fund/glade-brook) *Deploying now* Private equity · United States **6** **$265M** median round **Jul 2026** last seen - 25 [Lorax Capital Partners](https://millionrounds.com/fund/lorax-capital-partners) *Deploying now* Private equity · Egypt **4** **$120M** median round **Jul 2026** last seen **19 more on this list** All 44 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-delivery) ## 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 **[firmly](https://millionrounds.com/company/firmly)** Series A · $15M *With* [• Ark Invest](https://millionrounds.com/fund/ark-invest) - **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 **[Zipline](https://millionrounds.com/company/zipline)** Growth · $1.5B *Led by* [WCM Investment Management](https://millionrounds.com/fund/wcm-investment-management) - **3** Nov **[Scatec](https://millionrounds.com/company/scatec)** Debt · $217M *With* [European Bank for Reconstruction and Development](https://millionrounds.com/fund/ebrd) - **28** Oct **[IREN](https://millionrounds.com/company/iren)** Debt · $363M *Led by* [Eldridge](https://millionrounds.com/fund/eldridge) ## Stages This Year 471 rounds - Debt **18%** - Other **17%** - Venture **16%** - Growth **9%** - Series B **9%** - Other **31%** ## What They Backed Sectors, last 12 months - AI **99** - Biotech **94** - Pharma **43** - Fintech **36** - Healthcare **33** - Energy **27** ## Cheques by Quarter Led Joined 102 Q1 25 118 Q2 25 144 Q3 25 177 Q4 25 160 Q1 26 144 Q2 26 98 Q3 26 52 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 Delivery ### Who are the most active PE firms backing Delivery? By cheques observed, the most active are Citibank, DCM Ventures, RA Capital Management, Morgan Stanley Investment Management and General Atlantic. ### How many PE firms backing Delivery are there? 44 are on record. 89% made an investment in the last 12 months and 68% have led a round. ### Which stages do PE firms backing Delivery back? Of the rounds with a named stage in the last 12 months, mostly Debt (29%) and Growth (15%). ### How big are the rounds PE firms backing Delivery join? The typical (median) round among the leading investors here is $50M. ### Which sectors do PE firms backing Delivery back most? In the last 12 months, mostly AI, Biotech and Pharma. ### Which PE firms backing Delivery lead the most rounds? General Atlantic (32 led), RA Capital Management (15 led) and TPG (11 led). ### Where are PE firms backing Delivery based? Among the most active, most are based in the United States (16), the United Kingdom (2) and the United Arab Emirates (1). ### What have PE firms backing Delivery invested in recently? Recent rounds include Arka Fincap (Other, Nov 2026, with TPG), firmly (Series A, Nov 2026, with • Ark Invest) 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)