Investor Lists

PE firms backing Govtech

Updated 7 November 2026

PE firms we have observed in a govtech round in the last two years.

See all 15 →The top 15
15investors on the list+2 this week
438cheques in 12 months-9% against the market
$45Mmedian round they joined+464% against the market median
100%wrote a cheque in 12 months
73%have led a round

The Top 15

Ordered by cheques observed, never by anything anyone paid for

Deploying now (15)

  1. 1GaingelsDeploying nowPrivate equity · United States1,010$8Mmedian roundOct 2026last seen
  2. 2CitibankDeploying nowGrowth equity · United States566$20Mmedian roundOct 2026last seen
  3. 3HSBCDeploying nowGrowth equity · United Kingdom234$45Mmedian roundOct 2026last seen
  4. 4TCVDeploying nowPrivate equity · United States200$100Mmedian roundOct 2026last seen
  5. 5K5 GlobalDeploying nowPrivate equity · United States199$11Mmedian roundOct 2026last seen
  6. 6JMI EquityDeploying nowPrivate equity · United States116$50Mmedian roundSept 2026last seen
  7. 7Vista Equity PartnersDeploying nowPrivate equity · United States64$40Mmedian roundOct 2026last seen
  8. 8CPP InvestmentsDeploying nowGrowth equity59$200Mmedian roundOct 2026last seen
  9. 9The Global Emerging Markets GemDeploying nowPrivate equity · United States53$48Mmedian roundJun 2026last seen
  10. 10Gresham House VenturesDeploying nowGrowth equity · United Kingdom40$6.6Mmedian roundSept 2026last seen
  11. 11British Columbia Investment Management Corporation (BCI)Deploying nowGrowth equity6$149Mmedian roundSept 2026last seen
  12. 12Tru Arrow PartnersDeploying nowPrivate equity · United States5$45Mmedian roundJun 2026last seen
  13. 13Bicycle CapitalDeploying nowPrivate equity · United States4$205Mmedian roundJun 2026last seen
  14. 143xP GlobalDeploying nowPrivate equity · Portugal1-median roundNov 2026last seen
  15. 15Celtis Venture PartnersDeploying nowPrivate equity · Portugal1-median roundNov 2026last seen

Reading for founders in government and defence

More books for founders and investors on the Reading List.

As an Amazon Associate we earn from qualifying purchases.

Quick answers about PE firms backing Govtech

Who are the most active PE firms backing Govtech?

By cheques observed, the most active are Gaingels, Citibank, HSBC, TCV and K5 Global.

How many PE firms backing Govtech are there?

15 are on record. 100% made an investment in the last 12 months and 73% have led a round.

Which stages do PE firms backing Govtech back?

Of the rounds with a named stage in the last 12 months, mostly Debt (31%) and Series A (17%).

How big are the rounds PE firms backing Govtech join?

The typical (median) round among the leading investors here is $45M.

Which sectors do PE firms backing Govtech back most?

In the last 12 months, mostly AI, Fintech and Aerospace & Space.

Which PE firms backing Govtech lead the most rounds?

TCV (17 led), JMI Equity (7 led) and Gresham House Ventures (7 led).

Where are PE firms backing Govtech based?

Among the most active, most are based in the United States (9), the United Kingdom (2) and Portugal (2).

What have PE firms backing Govtech invested in recently?

Recent rounds include Granter (Seed, Nov 2026, with 3xP Global), Neoen (Debt, Oct 2026, with HSBC) and Upwind (Series C, Oct 2026, with TCV).

Built from the rounds we watched, refreshed every night. How we count · Report a correction