# PE firms backing Govtech (2026 list)

> 15 PE firms backing Govtech, 100% active in the last 12 months. Led by Gaingels, Citibank, HSBC. Ranked by what they funded.

Source: https://millionrounds.com/lists/pe-firms-govtech (Millionrounds; every figure on the page links to its filing or article)

[Investor Lists](https://millionrounds.com/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 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-govtech)The top 15

**15** investors on the list *+2* this week

**438** cheques in 12 months *-9%* against the market

**$45M** median 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 [Gaingels](https://millionrounds.com/fund/gaingels) *Deploying now* Private equity · United States **1,010** **$8M** median round **Oct 2026** last seen
- 2 [Citibank](https://millionrounds.com/fund/citi) *Deploying now* Growth equity · United States **566** **$20M** median round **Oct 2026** last seen
- 3 [HSBC](https://millionrounds.com/fund/hsbc) *Deploying now* Growth equity · United Kingdom **234** **$45M** median round **Oct 2026** last seen
- 4 [TCV](https://millionrounds.com/fund/tcv) *Deploying now* Private equity · United States **200** **$100M** median round **Oct 2026** last seen
- 5 [K5 Global](https://millionrounds.com/fund/k5-global) *Deploying now* Private equity · United States **199** **$11M** median round **Oct 2026** last seen
- 6 [JMI Equity](https://millionrounds.com/fund/jmi-equity) *Deploying now* Private equity · United States **116** **$50M** median round **Sept 2026** last seen
- 7 [Vista Equity Partners](https://millionrounds.com/fund/vista-equity-partners) *Deploying now* Private equity · United States **64** **$40M** median round **Oct 2026** last seen
- 8 [CPP Investments](https://millionrounds.com/fund/cpp-investments) *Deploying now* Growth equity **59** **$200M** median round **Oct 2026** last seen
- 9 [The Global Emerging Markets Gem](https://millionrounds.com/fund/the-global-emerging-markets-group-gem) *Deploying now* Private equity · United States **53** **$48M** median round **Jun 2026** last seen
- 10 [Gresham House Ventures](https://millionrounds.com/fund/gresham-house-ventures) *Deploying now* Growth equity · United Kingdom **40** **$6.6M** median round **Sept 2026** last seen
- 11 [British Columbia Investment Management Corporation (BCI)](https://millionrounds.com/fund/british-columbia-investment-management-corporation-bci) *Deploying now* Growth equity **6** **$149M** median round **Sept 2026** last seen
- 12 [Tru Arrow Partners](https://millionrounds.com/fund/tru-arrow-partners) *Deploying now* Private equity · United States **5** **$45M** median round **Jun 2026** last seen
- 13 [Bicycle Capital](https://millionrounds.com/fund/bicycle-capital) *Deploying now* Private equity · United States **4** **$205M** median round **Jun 2026** last seen
- 14 [3xP Global](https://millionrounds.com/fund/3xp-global) *Deploying now* Private equity · Portugal **1** **-** median round **Nov 2026** last seen
- 15 [Celtis Venture Partners](https://millionrounds.com/fund/celtis-venture-partners) *Deploying now* Private equity · Portugal **1** **-** median round **Nov 2026** last seen

## The Newest Cheques

Rounds this list's investors joined most recently

- **3** Nov **[Granter](https://millionrounds.com/company/granter)** Seed *Led by* [3xP Global](https://millionrounds.com/fund/3xp-global)
- **30** Oct **[Neoen](https://millionrounds.com/company/neoen)** Debt · $1.3B *With* [HSBC](https://millionrounds.com/fund/hsbc)
- **29** Oct **[Upwind](https://millionrounds.com/company/upwind)** Series C · $400M *With* [TCV](https://millionrounds.com/fund/tcv)
- **28** Oct **[Wealthsimple](https://millionrounds.com/company/wealthsimple)** Growth · $425M *With* [CPP Investments](https://millionrounds.com/fund/cpp-investments)
- **28** Oct **[Wealthsimple](https://millionrounds.com/company/wealthsimple)** $302M *With* [CPP Investments](https://millionrounds.com/fund/cpp-investments)
- **27** Oct **[Hyperbolic](https://millionrounds.com/company/hyperbolic)** Series A · $30M *With* [Vista Equity Partners](https://millionrounds.com/fund/vista-equity-partners)

## Stages This Year

425 rounds

- Venture **24%**
- Debt **20%**
- Series A **11%**
- Seed **8%**
- Series B **8%**
- Other **28%**

## What They Backed

Sectors, last 12 months

- AI **128**
- Fintech **49**
- Aerospace & Space **37**
- Financial Services **29**
- Biotech **22**
- Energy **22**

## Cheques by Quarter

Led Joined

114 Q1 25

128 Q2 25

131 Q3 25

162 Q4 25

144 Q1 26

136 Q2 26

82 Q3 26

19 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 government and defence

- The Hour of the Predator Giuliano da Empoli · 2025 3.94 from 5,140 ratings on Goodreads Government and defence About the book A chilling assessment of international politics in our time, from an internationally bestselling author whose work has sparked controversy and debate across the worldBlending the author’s personal insight with startling historical comparisons to the days of Machiavelli and the… On AmazonListen on Audible
- Written Out of History: The Forgotten Founders Who Fought Big Government Mike Lee · 2017 4.05 from 728 ratings on Goodreads Government and defence Company building About the book Senator Mike Lee tells the story of the Founders whose warnings about the dangers of an all-powerful federal government helped shape our Constitution--but are being ignored today. Today, most Americans are familiar only with the "big names" associated with the Founding -… On AmazonListen on Audible
- Unit X: How the Pentagon and Silicon Valley Are Transforming the Future of War Raj M. Shah · 2024 3.82 from 1,608 ratings on Goodreads Government and defence Company building Innovation About the book Shortlisted for the 2024 Financial Times Business Book of the Year “An exceedingly important book!”, General David Petraeus, US Army (Ret.), former Director of the CIA “Essential reading for understanding how technology will change the future of warfare.”, Chris Miller, New York… On AmazonListen on Audible
- The Sirens' Call: How Attention Became the World's Most Endangered Resource Christopher L. Hayes · 2025 3.93 from 8,942 ratings on Goodreads Government and defence About the book An Instant #1 New York Times BestsellerFrom the New York Times bestselling author and MSNBC and podcast host, a powerful wide-angle reckoning with how the assault from attention capitalism on our minds and our hearts has reordered our politics and the very fabric of our… On AmazonListen on Audible

More books for founders and investors on the [Reading List](https://millionrounds.com/reading-list?role=founder&industry=government).

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](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)