Light Street Capital
Light Street Capital Management is a Palo Alto-based, SEC-registered investment adviser that runs public-equity hedge funds and a series of closed-end venture funds (Beacon I/II/III) focused on disruptive technology businesses globally for institutional and accredited investors.
- Company typePrivate
- Founded2010
- HeadquartersPalo Alto, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Light Street Capital does
Light Street Capital Management, LLC is a Palo Alto-based SEC-registered investment adviser founded in 2010 that invests globally in public and private equities with a focus on disruptive technology businesses. The firm operates a dual-strategy platform: (1) Light Street Public Funds, a long/short hedge fund business distributed through the Matrix MS fund administrator, and (2) Light Street Private Funds, a series of closed-end venture and growth vehicles distributed through the ARK PES platform. The private side is anchored by the Beacon fund series — Beacon I (launched 2019, 43% annualized IRR), Beacon II (launched 2021 as a late-stage growth vehicle writing approximately $25 million checks into companies two to four years from IPO), and Beacon III (currently being raised).
The firm's investment portfolio includes both exited and active positions across software, fintech, consumer internet, and infrastructure. Notable exits via IPO include Uber, Lyft, Pinterest, Slack (acquired by Salesforce), GitLab, BlackBuck, Chime, Toast, and Unity. Current private holdings span Clari (revenue intelligence), Contentful (headless CMS), EzCater (online catering), Harry's (consumer grooming), Illumio (data center and cloud security), Lumin Digital (digital banking), MadeiraMadeira (Brazilian home goods e-commerce), Scale AI (data labeling for ML), SmartHR (Japanese HR software), Solv Health (healthcare scheduling), Toss (Korean fintech), and Ayar Labs (silicon photonics for AI infrastructure, unicorn valuation from December 2024 Series D). The firm is led by Founder and CIO Glen Kacher, a 'Tiger Grandcub' from the Julian Robertson / Tiger Management alumni network.
Light Street generates revenue through two primary streams: traditional hedge fund management fees (typically 2% on AUM) on its public fund vehicles, and carried interest on successful venture and growth investments in its Beacon fund series. Clients are institutional investors, family offices, and accredited high-net-worth individuals who meet eligibility criteria for private fund participation. Distribution is intentionally restricted — Light Street does not engage in general solicitation, relying instead on institutional referral networks and gated investor portals. As of December 2024, assets under management stood at approximately $796 million, down significantly from $3.25 billion at end-2020 following steep 2021-2022 losses and subsequent LP redemptions, though the firm has since delivered top-decile hedge fund returns in 2023, 2024, and 2025.
Light Street Capital firmographics
Firmographics- Name
- Light Street Capital
- Legal name
- Light Street Capital Management, LLC
- Website
- http://www.lightstreet.com
- Company type
- Private
- Founded year
- 2010
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Light Street Capital Management is a Palo Alto-based, SEC-registered investment adviser that runs public-equity hedge funds and a series of closed-end venture funds (Beacon I/II/III) focused on disruptive technology businesses globally for institutional and accredited investors.
- Ownership category
- akta.pro rank
Where Light Street Capital is headquartered
LocationHeadquarters
- HQ city
- Palo Alto
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Light Street Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Others, Technology or R&D
Revenue model
- Investment Management Fees: Light Street Capital generates revenue through traditional hedge fund and venture capital management fee structures, charging management fees on assets under management and performance allocations/carry on investment returns.
- Venture Capital Carried Interest: The firm earns carried interest on successful venture capital investments, as evidenced by Beacon I generating a 43% annualized internal rate of return.
Distribution channels2 records
Marketing channels3 records
Light Street Capital product offering
Product offeringCore offering
Light Street Capital Management, LLC is an SEC-registered investment adviser that invests globally in public and private equities with a focus on disruptive technology and media businesses. The firm manages hedge fund vehicles (Light Street Public Funds), closed-end private funds (Light Street Private Funds), and a series of venture capital funds (Beacon I, Beacon II, and Beacon III), serving institutional investors, family offices, and accredited investors.
Product overview
Light Street Capital Management is an investment adviser registered with the SEC that offers two primary product lines: (1) Light Street Public Funds for public equity investments and (2) Light Street Private Funds for closed-end fund investments targeting disruptive technology companies globally. The firm also operates a venture capital subsidiary with three funds—Beacon I (2019, 43% IRR), Beacon II (2021, late-stage growth), and Beacon III (currently raising). The private funds include both current portfolio companies (Ayar Labs, Clari, Contentful, Illumio, Scale, SmartHR, Solv) and exited investments (Blackbuck, Chime, GitLab, Lyft, Pinterest, Slack, Toast, Uber, Unity via IPO).
Differentiator
Problem solved
Functional benefit
Brands
- Beacon Funds: Light Street's venture capital fund series including Beacon I, Beacon II, and the raising Beacon III.
Products and services
- Light Street Public Funds Public equity investment funds managed by Light Street Capital, accessible to eligible investors through the Matrix MS fund administrator portal.
- Light Street Private Funds Closed-end private investment funds managed by Light Street Capital targeting disruptive technology businesses globally, accessible to qualified investors through the ARK PES fund administrator portal.
- Beacon I (Venture Capital Fund) Light Street's first venture capital fund launched in 2019, which generated a 43 percent annualized internal rate of return.
- Beacon II (Growth Fund) Late-stage growth fund targeting companies two to four years from IPO with approximately $25 million per investment, launched in 2021.
- Beacon III (VC Fund) Third venture capital fund currently being raised by Light Street Capital, led by Tiger Grandcub Glen Kacher.
Companies that use Light Street Capital
Customer profileSegments2 records
Ideal customer profiles2 records
Light Street Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Light Street Capital partnerships and signals
Strategic signalScale indicators6 records
Recent moves5 records
Expansion highlights4 records
Light Street Capital competitors and assessment
Company assessmentDirect peers
- D1 Capital Partners: Tiger Cub-affiliated fund combining long/short public technology equities with private growth-stage investments, operating with a similar dual-strategy mandate.
- Coatue Management: Tiger Cub-founded hedge fund with a $50B+ AUM focused on long/short technology equities and selective late-stage venture investments, the closest comparable in mandate and structure to Light Street.
- Altimeter Capital: Technology-focused long/short hedge fund led by Brad Gerstner that combines public equities with concentrated late-stage venture bets, directly mirroring Light Street's hybrid public/private strategy.
- Whale Rock Capital Management: Tiger Cub-founded hedge fund concentrating on technology and consumer-internet long/short public equities with selective private exposure, operating at comparable scale.
- Maverick Capital: Tiger-affiliated long/short equity manager with a technology sector emphasis and selective venture participation, sharing the Tiger Grandcub DNA and global tech mandate.
- Andra Capital: Technology-focused hedge fund and crossover investor combining public equities with late-stage private investments, comparable to Light Street's hybrid model.
Broad incumbents
- Tiger Global Management: Largest Tiger Cub and the canonical technology long/short + crossover platform; the broader incumbent whose alumni network (including Glen Kacher) spawned Light Street.
Emerging players
- General Catalyst: Major venture capital firm with growing public-equity and crossover capabilities; relevant as a competitor for late-stage tech deals Light Street targets through Beacon funds.
- Bessemer Venture Partners: Long-standing technology-focused venture firm with a public-equity affiliate (Bessemer Securities), providing a comparable tech-private-to-public investment continuum.
- Spark Capital: Technology-focused investment firm spanning early-stage venture and growth/late-stage public and private bets, sharing Light Street's emphasis on disruptive tech.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat3 records
Key risks5 records
Key highlights6 records
Customer concentration
Light Street Capital compliance and trust
Trust signalCompliance1 record
Light Street Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Light Street Capital leadership team
Management profileNumber of profiles
Profiles1 record
Light Street Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Light Street Capital M&A and investment
M&A and investmentM&A
Investments33 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Light Street Capital
What does Light Street Capital do?
Light Street Capital Management, LLC is an SEC-registered investment adviser that invests globally in public and private equities with a focus on disruptive technology and media businesses. The firm manages hedge fund vehicles (Light Street Public Funds), closed-end private funds (Light Street Private Funds), and a series of venture capital funds (Beacon I, Beacon II, and Beacon III), serving institutional investors, family offices, and accredited investors.
Is Light Street Capital a public or private company?
Light Street Capital is a private company. It is classified as management employee owned and is currently operating.
When was Light Street Capital founded?
Light Street Capital was founded in 2010. It employs 11 to 50 people.
Where is Light Street Capital based?
Light Street Capital is headquartered in Palo Alto, United States, in the North America region.
How does Light Street Capital make money?
Two revenue lines are on record. Investment Management Fees are the primary driver. The others are venture Capital Carried Interest.
Who are Light Street Capital's main competitors?
Direct peers on record are D1 Capital Partners, Coatue Management, Altimeter Capital, Whale Rock Capital Management, Maverick Capital and Andra Capital. Tiger Global Management is listed as a broad incumbent. Emerging players are General Catalyst, Bessemer Venture Partners and Spark Capital.
Does Light Street Capital have an API?
No public API is recorded for Light Street Capital.