# PE firms backing Generative AI (2026 list) > 63 PE firms backing Generative AI, 92% active in the last 12 months. Led by Pioneer Fund, IDG Capital, Summit Partners. Ranked by what they funded. Source: https://millionrounds.com/lists/pe-firms-genai (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/lists) # PE firms backing Generative AI Updated 7 November 2026 PE firms we have observed in a generative AI round in the last two years. [See all 63 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-genai)The top 25 **63** investors on the list No change this week **675** cheques in 12 months *+18%* against the market **$446M** median round they joined *+5475%* against the market median **92%** wrote a cheque in 12 months **54%** have led a round ## The Top 25 Ordered by cheques observed, never by anything anyone paid for Deploying now (25) - 1 [Pioneer Fund](https://millionrounds.com/fund/pioneer-fund-2) *Deploying now* Private equity · United States **551** **$2.9M** median round **Nov 2026** last seen - 2 [IDG Capital](https://millionrounds.com/fund/idg-capital) *Deploying now* Private equity · China **504** **$25M** median round **Oct 2026** last seen - 3 [Summit Partners](https://millionrounds.com/fund/summit-partners) *Deploying now* Private equity · United States **356** **$81M** 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 [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 [K5 Global](https://millionrounds.com/fund/k5-global) *Deploying now* Private equity · United States **199** **$11M** median round **Oct 2026** last seen - 8 [Altair Capital](https://millionrounds.com/fund/altair-capital-2) *Deploying now* Private equity · Singapore **196** **$2.9M** median round **Oct 2026** last seen - 9 [CDH Investments](https://millionrounds.com/fund/cdh-investments) *Deploying now* Private equity · Hong Kong SAR China **190** **$30M** median round **Oct 2026** last seen - 10 [DST Global](https://millionrounds.com/fund/dst-global) *Deploying now* Private equity · United Kingdom **158** **$81M** median round **Oct 2026** last seen - 11 [Eurazeo](https://millionrounds.com/fund/eurazeo) *Deploying now* Private equity · France **150** **$28M** median round **Oct 2026** last seen - 12 [T. Rowe Price](https://millionrounds.com/fund/t-rowe-price) *Deploying now* Private equity · United States **136** **$400M** median round **Nov 2026** last seen - 13 [Blackstone Group](https://millionrounds.com/fund/blackstone-group) *Deploying now* Private equity · United States **98** **$200M** median round **Sept 2026** last seen - 14 [GIC](https://millionrounds.com/fund/gic) *Deploying now* Private equity · Singapore **92** **$200M** median round **Oct 2026** last seen - 15 [Iconiq Capital](https://millionrounds.com/fund/iconiq-capital-3) *Deploying now* Growth equity · Sri Lanka **87** **$75M** median round **Sept 2026** last seen - 16 [Space Capital](https://millionrounds.com/fund/space-capital-2) *Deploying now* Private equity · Italy **79** **$12M** median round **Oct 2026** last seen - 17 [Advent International](https://millionrounds.com/fund/advent-international) *Deploying now* Private equity · United States **59** **$740M** median round **Oct 2026** last seen - 18 [Atlantic](https://millionrounds.com/fund/atlantic) *Deploying now* Private equity · Germany **53** **$35M** median round **Oct 2026** last seen - 19 [Dragoneer Investment](https://millionrounds.com/fund/dragoneer-investment-group) *Deploying now* Private equity · United States **39** **$500M** median round **Oct 2026** last seen - 20 [Qatar Ban](https://millionrounds.com/fund/qatar-ban) *Deploying now* Growth equity · Qatar **33** **$548M** median round **Sept 2026** last seen - 21 [Providence Equity Partners](https://millionrounds.com/fund/providence-equity-partners-2) *Deploying now* Private equity · United States **19** **$88M** median round **Sept 2026** last seen - 22 [Samsung Electronics](https://millionrounds.com/fund/samsung-electronics) *Deploying now* Growth equity · South Korea **18** **$145M** median round **Sept 2026** last seen - 23 [Jane Street](https://millionrounds.com/fund/jane-street) *Deploying now* Growth equity **17** **$1B** median round **Oct 2026** last seen - 24 [MGX](https://millionrounds.com/fund/mgx) *Deploying now* Growth equity · India **16** **$5.5B** median round **Oct 2026** last seen - 25 [NFDG](https://millionrounds.com/fund/nfdg) *Deploying now* Growth equity · United States **12** **$113M** median round **Jun 2026** last seen **38 more on this list** All 63 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-genai) ## 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 **[Sand.ai](https://millionrounds.com/company/sand-ai)** Series A · $200M *With* [Pudong Venture Capital](https://millionrounds.com/fund/pudong-venture-capital) - **3** Nov **[fal](https://millionrounds.com/company/fal)** $1.3B *With* [T. Rowe Price](https://millionrounds.com/fund/t-rowe-price) - **31** Oct **[OpenAI](https://millionrounds.com/company/openai)** Other · $20B *With* [MGX](https://millionrounds.com/fund/mgx) - **31** Oct **[OpenAI](https://millionrounds.com/company/openai)** Other · $11B *Led by* [T. Rowe Price](https://millionrounds.com/fund/t-rowe-price) ## Stages This Year 573 rounds - Venture **19%** - Seed **14%** - Series A **11%** - Growth **10%** - Series B **9%** - Other **36%** ## What They Backed Sectors, last 12 months - AI **285** - Fintech **42** - Big Data & Analytics **37** - Biotech **35** - Healthcare **29** - Cloud **24** ## Cheques by Quarter Led Joined 146 Q1 25 120 Q2 25 183 Q3 25 202 Q4 25 228 Q1 26 165 Q2 26 134 Q3 26 46 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 Generative AI ### Who are the most active PE firms backing Generative AI? By cheques observed, the most active are Pioneer Fund, IDG Capital, Summit Partners, Morgan Stanley Investment Management and General Atlantic. ### How many PE firms backing Generative AI are there? 63 are on record. 92% made an investment in the last 12 months and 54% have led a round. ### Which stages do PE firms backing Generative AI back? Of the rounds with a named stage in the last 12 months, mostly Seed (21%) and Series A (17%). ### How big are the rounds PE firms backing Generative AI join? The typical (median) round among the leading investors here is $88M. ### Which sectors do PE firms backing Generative AI back most? In the last 12 months, mostly AI, Fintech and Big Data & Analytics. ### Which PE firms backing Generative AI lead the most rounds? General Atlantic (32 led), GIC (17 led) and DST Global (12 led). ### Where are PE firms backing Generative AI based? Among the most active, most are based in the United States (12), Singapore (2) and China (1). ### What have PE firms backing Generative AI invested in recently? Recent rounds include Arka Fincap (Other, Nov 2026, with TPG), Nyquis (Seed, Nov 2026, with Pioneer Fund) and Sand.ai (Series A, Nov 2026, with Pudong Venture Capital). Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)