TCV

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.

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

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

• Growth equity investment
• Venture capital firm
• Private equity technology
• Growth-stage funding
• Institutional investment management

Headquarters

HQ city

Menlo Park

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. 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

Core 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

Segments5 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

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 entryStrategic or Co-development PartnerLayerX 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 companyStrategic or Co-development PartnerCorgi 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 companyStrategic or Co-development PartnerMercury 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 companyStrategic or Co-development PartnerICEYE 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 companyStrategic or Co-development PartnerCloudsmith 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 companyStrategic or Co-development PartnerNeara 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 companyStrategic or Co-development PartnerActively 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 companyStrategic or Co-development PartnerClio 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 companyStrategic or Co-development PartnerAllica 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 companyStrategic or Co-development PartnerTCV 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 companyStrategic or Co-development PartnerAirbnb, 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 leadershipStrategic or Co-development PartnerDallas-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

Direct 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

• LinkedInlinkedin.com/company/technology-crossover-ventures
• Xx.com/TCVTech
• Facebookfacebook.com/technologycrossoverventures

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles20 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments617 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TCV