TCV
TCV is a private growth equity firm founded in 1995 that invests $10M–$500M in growth-stage technology companies across infrastructure software, fintech, consumer/SME, and application software, managing approximately $22 billion in assets.
- Company typePrivate
- Founded1995
- HeadquartersMenlo Park, United States
- Headcount51–100
- GTM typeB2B
- OfferingServices
What TCV does
TCV is a private growth equity investment firm founded in 1995, headquartered in Menlo Park, California, with additional offices in New York and London. The firm manages approximately $22 billion in assets under management and provides growth-stage equity capital, typically in checks ranging from $10 million to $500 million, to technology companies. Over its 30-year history, TCV has executed more than 350 investments across five continents, generating 82 IPOs and 79 strategic exits, with a portfolio that historically includes category-defining companies such as Netflix, Facebook, Spotify, Uber, and Airbnb.
TCV organizes its investment activity around four focus areas: Infrastructure Software, Fintech & Payments, Consumer/SME, and Application Software. The firm maintains a proprietary network of Operating Partners and Executive Advisors — former senior technology operators including Bob Burke, Chuck Davis, Doug Gilstrap, Greg Greeley, and Barry McCarthy — that provides portfolio companies with operational support beyond capital. Co-investors across TCV-led rounds include Blackstone, Sequoia, Andreessen Horowitz, Bessemer, and Goldman Sachs, situating the firm within the upper tier of the growth capital ecosystem.
The firm follows the standard alternative asset manager business model, earning management fees on committed capital (typically 1.5–2.0% of AUM) plus performance-based carried interest on profitable exits. With a team of 51–100 employees, founders Jay Hoag and Rick Kimball remain active in the firm — Hoag was appointed Chairman of Netflix's board in June 2026 — and institutional continuity has been maintained across multiple market cycles.
TCV firmographics
Firmographics- Name
- TCV
- Legal name
- TCMI, Inc.
- Website
- https://tcv.com
- Company type
- Private
- Founded year
- 1995
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- TCV is a private growth equity firm founded in 1995 that invests $10M–$500M in growth-stage technology companies across infrastructure software, fintech, consumer/SME, and application software, managing approximately $22 billion in assets.
- Ownership category
- akta.pro rank
TCV industry classification
Industry- Product category
- Growth Equity / Private Equity Investment Management
- NAICS
- Portfolio Management and Investment Advice (523940), Other Financial Vehicles (52599), Miscellaneous Intermediation (523910)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Miscellaneous Business Credit Institution (6159)
- akta.pro primary industry
- Corporate Strategic Real Assets & Infrastructure Venture Investing (FSANAHAN)
Keywords
Where TCV is headquartered
LocationHeadquarters
- HQ city
- Menlo Park
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
TCV business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Investment advisory / fund management fees: TCV operates as an SEC-registered investment adviser in the US and via Technology Crossover Ventures UK, LLP (FCA-authorised) in the UK, managing privately offered TCV Funds for institutional LPs. Revenue is generated from management fees on committed/invested capital and carried interest (performance fees) on successful exits, the standard economics of a growth equity manager.
Go-to-market motion2 records
Distribution channels6 records
Marketing channels7 records
TCV product offering
Product offeringCore offering
TCV is a global growth equity investment firm that provides long-term minority and majority equity capital, typically $10M to $500M per partnership, to category-defining growth-stage technology companies. The firm invests across four focus areas (Infrastructure Software, Fintech & Payments, Consumer/SME, and Application Software) and supports portfolio companies with an in-house Operating Partner network in addition to capital. TCV manages privately offered pooled investment vehicles (the TCV Funds) for institutional limited partners.
Product overview
TCV (operated by TCMI, Inc. and branded 'Partners in Growth') is a global growth equity investment firm founded in 1995 — not a product technology company — that delivers a single integrated offering: long-term minority and majority growth equity capital and partnership support to category-defining technology companies. Rather than a software platform with modules, TCV's named offerings consist of the TCV Growth Equity Funds (the underlying investment vehicles that deploy $10M–$500M of equity per partnership), the Restricted Investor Login Portal (the citcoone.citco.com portal providing confidential fund and portfolio information to limited partners), the Portfolio Jobs talent network (portfoliojobs.tcv.com), the corporate/legal entity TCMI, Inc. (with TCV UK, LLP as its UK-authorized advisory affiliate), and four named investment Focus Areas that organize how TCV sources, diligencess, and supports companies: Infrastructure Software (home to ICEYE, Cloudsmith, Arize), Fintech & Payments (Allica Bank, Brex, Mercury, Corgi), Consumer/SME (Airbnb, Adevinta, Grow Therapy, onX Maps), and Application Software (Actively AI, Neara, Pennylane, Archy, First Due, Darwinbox, LayerX). All four Focus Areas are presented as the connective portfolio of partnerships that together constitute TCV's service offering, supported by 30 years of investing history, 82 IPOs, 79 strategic exits, and approximately $22 billion in assets under management as of 3/31/2026.
Differentiator
Problem solved
Functional benefit
Products and services
- TCV Growth Equity Funds
- TCV Investor Login Portal (Restricted Website)
Quantifiable outcome
- 82 IPOs and 79 strategic exits across the firm's history
- +1 more outcomes
Companies that use TCV
Customer profileSegments5 records
Ideal customer profiles1 record
TCV technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
TCV partnerships and signals
Strategic signalPartnerships
Twelve partnerships are on record, tiered flagship partnership / strategic geographic entry, flagship active portfolio company, active portfolio company, flagship long-term portfolio company and exited partnership after decade of category leadership.
- LayerX (TCV's first investment in a Japanese startup)flagship partnership / strategic geographic entryLayerX is a Japanese AI SaaS startup offering the Bakuraku back-office automation platform; TCV led its $100M Series B (announced September 2025) — marking TCV's first investment in a Japanese startup — with participation from MUFG Bank, Mitsubishi UFJ Innovation Partners, JAFCO Group, Keyrock Capital, Coreline Ventures, and JP Investment. The investment supports LayerX's path to ~$680M ARR by fiscal year 2030.
- Corgi Insurance Services (portfolio company)flagship active portfolio companyCorgi is an AI-native commercial insurance carrier and full-stack platform founded in 2024. TCV led its $160M Series B at a $1.3B valuation (May 6, 2026) and its $106M Series B1 at a $2.6B valuation (May 28, 2026). Corgi is a licensed carrier and reinsurer rebuilding underwriting, claims, and policy administration systems on AI-native infrastructure.
- Mercury Technologies (portfolio company)flagship active portfolio companyMercury is a full-stack banking and financial operations platform for entrepreneurs, founded in 2017 in San Francisco, serving 300K+ US-based businesses. TCV led its $200M Series D at a $5.2B valuation (May 20, 2026), and Mercury recently received conditional OCC approval to establish Mercury Bank, N.A.
- ICEYE (portfolio company)flagship active portfolio companyICEYE is a Finnish SAR satellite company founded in Espoo by Rafal Modrzewski and Pekka Laurila, operating the world's largest commercial SAR constellation with 70+ satellites in orbit and a contracted backlog exceeding €1.5B across seven European government customers. TCV participated in its €1B+ Series F at a >€10B valuation (June 9, 2026).
- Cloudsmith (portfolio company)flagship active portfolio companyCloudsmith is a cloud-native artifact management platform based in Belfast. TCV led its $72M Series C (April 2026) and previously led its Series B — Cloudsmith is positioned as the governance layer for AI-led software supply chains.
- Neara (portfolio company)flagship active portfolio companyNeara is a Sydney-based AI-powered engineering-grade digital twin and grid simulation platform for electric utilities, founded by Dan Danilatos, Jack Curtis, and Karam Singh. TCV led its A$90M (~$63M) Series D at a $1.1B valuation (Feb 2026), bringing total funding to ~A$180M.
- Actively AI (portfolio company)flagship active portfolio companyActively AI is a New York-based 'Intelligence-Led Revenue' platform assigning persistent per-account AI agents to enterprise GTM teams, founded in 2022 by Mihir Garimella and Anshul Gupta. TCV led its $45M Series B at a $250M valuation (April 2026) alongside First Harmonic, Bain Capital Ventures, First Round Capital, and Alkeon.
- Clio (portfolio company)flagship active portfolio companyClio is a Burnaby, Canada-based cloud-based legal practice management company. TCV participated in its $500M Series G at a $5B valuation (November 2025) alongside NEA, Goldman Sachs Asset Management, Sixth Street Growth, and JMI Equity; the round was paired with a $350M debt facility from Blackstone and Blue Owl Capital.
- Allica Bank (portfolio company)active portfolio companyAllica Bank is a London-based cloud-native digital bank serving established UK SMEs, founded in 2019. TCV participated in its $155M Series D at ~$1.2B valuation (Feb 2026) alongside Ventura Capital, GLG, Sona AM, and Blue Owl.
- Netflix (portfolio company — board representation)flagship long-term portfolio companyTCV has been a longstanding investor in Netflix; Founding General Partner Jay Hoag has served on Netflix's board since 1999 and was appointed Chairman in June 2026, succeeding co-founder Reed Hastings.
- Airbnb (portfolio company)flagship long-term portfolio companyAirbnb, the San Francisco-based global travel marketplace, is a long-standing TCV portfolio company that went public on NASDAQ in 2020 (ticker ABNB).
- OneSource Virtual (former portfolio company — successful exit)exited partnership after decade of category leadershipDallas-based OneSource Virtual — a provider of HR and payments services for the Workday platform — completed a majority growth investment from TA Associates; as part of the transaction, OSV founders/management/employees retained a significant minority stake while prior investors Halyard Capital and TCV fully exited their positions.
Scale indicators8 records
Recent moves7 records
Expansion highlights6 records
TCV competitors and assessment
Company assessmentDirect peers
- Warburg Pincus: Long-tenured global growth equity firm with similar late-stage technology focus, comparable check sizes, and a global office footprint that overlaps with TCV's US/EMEA coverage.
- General Atlantic: Global growth equity investor with a comparable late-stage technology focus and similar check sizes; co-invested with TCV in ICEYE's Series F. Operates with the same concentration philosophy across consumer, fintech, and software.
- Bessemer Venture Partners: Long-standing venture and growth equity firm with comparable cloud, fintech, and SaaS focus. Co-led Archy's Series B with TCV and led Upwind's $250M Series B in which TCV participated.
- Sequoia Capital: Premier venture and growth equity firm that repeatedly co-invests with TCV across Grow Therapy, Pennylane, Actively AI, Strava, Trade Republic, and Mercury, sharing the same late-stage technology mandate.
- Insight Partners: Large-scale growth equity and venture firm focused on technology and software investing with comparable check sizes and an operating partner model similar to TCV's. Co-invested with TCV in Cloudsmith's Series C.
- Summit Partners: Growth equity investor with similar stage and check size focus on technology and healthcare. TCV and Blackstone Growth acquired Summit's RELEX Solutions stake in December 2025, indicating direct deal overlap.
- TA Associates: Growth equity firm investing in technology, financial services, and healthcare with comparable mid-to-large check sizes. Recently acquired TCV's exited OneSource Virtual position.
- Goldman Sachs Asset Management Growth Equity: Growth equity arm of Goldman Sachs Asset Management that co-led Grow Therapy's $150M Series D with TCV and participated in Clio's $500M Series G, sharing the same late-stage technology thesis.
- Blackstone Growth: Growth equity arm of Blackstone with multi-billion-dollar fund capacity and comparable technology focus. Co-invested with TCV in RELEX Solutions and Pennylane.
Broad incumbents
- Andreessen Horowitz: Premier venture and growth-stage technology investor with a broader venture remit that nonetheless overlaps with TCV at the growth stage, including Mercury's Series D and other recurring co-investments.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat6 records
Key risks5 records
Key highlights6 records
Customer concentration
TCV social profiles
Digital presenceTCV compliance and trust
Trust signalCompliance6 records
TCV financial estimates
Financial estimateRevenue estimate
Valuation estimate
TCV leadership team
Management profileNumber of profiles
Profiles20 records
TCV subsidiaries and ownership
Company hierarchySubsidiaries1 record
TCV funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
TCV M&A and investment
M&A and investmentM&A3 records
Investments617 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about TCV
What does TCV do?
TCV is a global growth equity investment firm that provides long-term minority and majority equity capital, typically $10M to $500M per partnership, to category-defining growth-stage technology companies. The firm invests across four focus areas (Infrastructure Software, Fintech & Payments, Consumer/SME, and Application Software) and supports portfolio companies with an in-house Operating Partner network in addition to capital. TCV manages privately offered pooled investment vehicles (the TCV Funds) for institutional limited partners.
Is TCV a public or private company?
TCV is a private company. It is classified as management employee owned and is currently operating.
When was TCV founded?
TCV was founded in 1995. It employs 51 to 100 people.
Where is TCV based?
TCV is headquartered in Menlo Park, United States, in the North America region.
How does TCV make money?
One revenue line is on record: investment advisory / fund management fees.
Who are TCV's main competitors?
Direct peers on record are Warburg Pincus, General Atlantic, Bessemer Venture Partners, Sequoia Capital, Insight Partners, Summit Partners, TA Associates, Goldman Sachs Asset Management Growth Equity and Blackstone Growth. Andreessen Horowitz is listed as a broad incumbent.
Does TCV have an API?
No public API is recorded for TCV.
What industry is TCV in?
TCV's product category is Growth Equity / Private Equity Investment Management. Its primary akta.pro industry code is FSANAHAN, Corporate Strategic Real Assets & Infrastructure Venture Investing. Its NAICS code is 523940 and its SIC code is 6200.